Considering investing your money in the real estate market and your target is New York City? As a young person, buying a property is a big step, especially in a city such as NYC. One of the first steps is to choose a location where to purchase a home. There are a lot of options and NYC neighborhoods for young homebuyers. Which one you will choose depends on many different factors. Some of them are your budget, lifestyle, and job location.
All the things to consider
Another thing to consider is moving after buying a home. Packing, moving, unpacking, cleaning, and furnishing your new home can be an exciting process. But, before all that, you need to know how to pick the right home for you and where to buy it. Millennials are investing now in real estate, more than ever. Not only in NYC, but also in other cities in the USA.
Things to know before buying a home in NYC
Explore real estate trends in NYC before taking any further steps. As you already know, New York City is one of the most expensive cities in the United States. The median home prices depend on the location, that is why you should pick the location wisely and know how much money you can spend on this purchase. Comparing all 5 boroughs in NYC, Manhattan is the first on the list when it comes to home prices.
High costs of living are not a recent phenomenon. But, on the other hand, the best NYC neighborhoods for young homebuyers have a lot to offer. This amazing city is popular and famous, it is the economic and business center, the nightlife is great, people from all around to world are coming to NYC to visit it.
- Types of homes you can buy in NYC are condos, co-ops, townhouses, fully detached homes, and lofts.
- The best time to buy a home is fall and spring. During the fall, prices are a little bit lower. It is not recommended to buy in December, January, or February. It is because there are not that many listings and home sellers won’t be that open to discounts and negotiating.
- You can buy a home without a real estate agent, but the process will go faster with a professional who knows the market. He/she will secure you get the best deal. It is highly recommended to hire a local real estate agent.
- Get pre-approved and home sellers will take you seriously. Nevertheless, some home sellers won’t show you a home without written proof a pre-approval letter from your lender.
- Looking for an apartment in New York City is hard and homes are not for long on sale. Be fast when making a decision, you don’t have months to decide because that home will be taken. The competition is very strong – for both, buying and renting.
The best NYC neighborhoods for young homebuyers
Where are the most popular New York City neighborhoods for young homebuyers? If you are making this big step, research first. This is the list of places in NY to consider as your new home.
It is affordable and it has a lot of homes on sale and types of homes as well. To move here with ease, rely on experts from the area and experts from Brooklyn. Many young professionals live here. It is not a small and boring neighborhood and it offers residents a dense urban feel. Brooklyn is getting more popular among the younger population.
If you want to live in Queens, consider buying a home in Astoria. It has a lot of parks where you can ride a bike, walk, and play, the restaurants are great and the people are nice. For moving to Astoria, skilled people can assist you to settle in.
If you want to have kids or you already have kids and looking for a safe and quiet place in New York City where you can raise them, Riverdale is one of the options. The median home price is $400,000. Here you can buy a place near the Hudson River and an amazing view will be there every morning.
One of the best neighborhoods for young homebuyers in NYC that is very affordable is Forest Hills. The median home price is around $500k which is cheap for NYC. If you have more money, you can combine apartments in New York City and make more space for you. 52% of people here own homes because of their affordability.
As a younger person, you probably want to be in the center of all big events and to have plenty of entertainment options near. Manhattan is a borough where you can have a great social life, but it is known as an expensive place. Midtown East can offer surprising value. Compared to other neighborhoods in Manhattan, this is a cheaper one but still, very popular.
Hire a company for moving to New York City
After choosing NYC neighborhoods for young homebuyers and buying a home, it is time to organize relocation. This will be a very exciting process and it is easier to have a professional by your side to help you move. More information about moving services and hiring movers can be found on divinemoving.com where you may find a good moving option.
Renting a storage unit in NYC
A lot of people rent a storage facility in New York City because getting a bigger place is expensive. A storage unit is a perfect and safe place for storing off-season items. This way, you can maximize space in a small apartment and make it stylish and modern. Keep your home clean, open, and decluttered. It is cheaper to rent a storage unit than to buy a bigger home in New York.
A few last notes
When choosing NYC neighborhoods for young homebuyers, also check amenities nearby, talk to locals, restaurants, and shops, it should be all easily accessible. Don’t look just at a home, look at the environment as well.