If you’re a first-time home buyer, you might be intimidated by the thought of buying an apartment in Manhattan. It’s a justified fear, considering that New York City boasts some of the most cutthroat real estate markets in the world. However, it would be a mistake to let this fear prevent you from investing in real estate in downtown Manhattan. Avoiding these three pitfalls can help you navigate Manhattan’s real estate market and find a downtown apartment you’ll love.
Going without the help of a broker
According to Real Direct, apartment hunting without the help of a broker is the most important pitfall to avoid when buying in New York City. Your broker is there to help you navigate the real estate market, and relying on their expertise allows you to relax even if you might be inexperienced in real estate yourself.
Forgetting about closing costs
Letting the inevitable closing costs of your apartment purchase sneak up on you is a rookie mistake. No matter how far off closing on an apartment might feel at the start of your search, work these costs into your budget now.
Settling for less than the best
If you’re looking for downtown Manhattan apartments for sale, you should look for the heights of luxury that this neighborhood has to offer, because you’ll be paying luxury prices here no matter what. The world-renowned architects that designed some of the recent developments in downtown Manhattan, such as 45 Park Place, ensured that these penthouses are some of the grandest in the city.
It’s an exciting time to enter the market for real estate in downtown Manhattan. Do your due diligence to find out what mistakes to avoid and what your best options are going forward, and there’s no reason to be daunted by the frantic pace of real estate here.
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