There’s a reason New York City is known as the city that never sleeps. With a population of over 8 million residents, the need for services is 24 hours a day and job growth and sustainability remain strong. New York City abounds with opportunities for investment, and with over two-thirds of New Yorkers choosing to rent instead of own, property investment is an area that shouldn’t be overlooked. Here are 3 tips for investing in property in New York City.
1. Brownstones Remain Popular
Brownstones are the row houses many people associate with New York City life. These 19th-century buildings are valued for their charm and architectural beauty, as they stand out among more modern builds of straight lines and heavy use of glass. Because of their age, it is important to hire the services of licensed experts in structural inspection Nassau County, located on the other side of Queens. These experts can examine the foundation of your investment and alert you to any potential hazards that might be threatening the integrity of the building such as pests and erosion.
2. Look to the Upper East Side
The Upper East Side is one of the most desirable neighborhoods in the borough of Manhattan. The opportunity here lies in the recent price drop of properties, which are lower now than they were 10 years ago. Investing here provides stability, as this area will remain popular with residents including celebrities, heirs and moguls.
If you’re just starting out as an investor, you may not have access to the funds needed for investing in Manhattan and well-maintained brownstones. In 2019, the Bronx, also home to the Yankee Stadium, was the most affordable borough for investment, with median sales at $180,000. The Bronx offers a good mix of multi-family and single-family investment properties that can be had a steal compared to Manhattan, making it a great place for beginning investors.
New York City remains attractive to young people with hopes to make a name for themselves, as well as immigrant families seeking new opportunities–and being home to many of the biggest businesses in the world provides ample opportunity. It also offers affordable transportation, highly regarded museums and parks large enough to provide an appreciation of nature and a reprieve from the hustle. It’s doubtful there will ever be a bad time to invest in New York City property.