New York City is known for its amazing Luxury Real Estate, but it’s also known for high-end price tags that come with it. NYC is becoming an increasingly popular city for people that want to either move to the city or invest in a property there. Either way, whether you’re living in it or not, buying a piece of property is a huge investment and should not be taken lightly. Between the incredible diverse types of properties and the foreclosure market, affordable and decent properties are popping up all over the city. The best way to know just which property is best for you is to consider the following things and how they apply to your needs.

NYC Neighborhoods

Like any luxury real estate investment that you make, one of the most important factors to choosing the right property for you is location. If you want to invest in New York City, you must be familiar with the different neighborhoods. Some of the most well known neighborhoods are:

• East 30’s

• Fifth Avenue

• Greenwich Village

• Little Italy

• Lower east Side

• Park Avenue

• Roosevelt Island

• SoHo

• TriBeCa

• Union Square

• West Village

Different Property Types

Another important thing to consider when wanting an investment property is the type of property it is. In NYC especially, there can be so many different types of property compared to more rural areas. Popular city property types are:

• Commercial/ Multiple Units

• Condominium

• Cooperative

• Loft

• New Development

• Townhouse/ Brownstone

Property Features

Many of the different types of properties will also come with different types of features. Features will not only vary with the actual unit but as well within different types of buildings. Determining which features are important to you will help you know which units to consider. Some of the most desired features include:

• Parking / Garage

• Storage

• Pet Friendly

• Pool

• Elevator

• Laundry room

• Outdoor Space / Patio

•Furnished

• Health Club/ Gym

Real Estate Inventing

Many people think that it’s easy to make money in the world of real estate. Yes, of course there are people that get lucky and just randomly purchase a property that makes them a decent amount for their money. However, if you really want to make the most of your investment and generate the largest return, make smart investments. Real estate is often like doing a math equation. Within all the different categories such as location, property type and features, you can determine how much you can afford and what is the best for your financial situation.

For instance, you may have to move to a different neighborhood than you desired to have certain features that are important to you, or if location is the most important factor you might have to be comfortable with giving up some of the luxury.

Investing in NYC Real Estate or any market can be risky, but it can also be easy, fun and secure. By putting trust in the experts, you can be guaranteed to find a great property that fits your needs, is within your budget and is something you simply love. When you’re ready to take the first step and want a professional with you every step of the way, contact us at sothebyshomes.com