How to move to NYC: A crash course to finding an apartment
New York City is famous for Broadway, 5th Ave, Central Park and it’s high rent prices. But since the pandemic has led to a large number of people leaving the city more apartments are available now and at lower prices than ever before. Now is the right time for you to start considering moving to NYC and researching what that possible move could mean for you. Not sure where to start when looking for an apartment?
Find your perfect neighborhood
When you start searching for an apartment you have to find the neighborhood that is perfect for you. Do you want to live near the nightlife (when it comes back) or in a family oriented neighborhood? Take some time to figure out which neighborhood would work best with you and your needs, you can visit websites such as NYCGo.com for info on every village. Once you have done your research, visit the neighborhood for a day and look at the local restaurants, find the parks and get a general feel of the atmosphere. When you rent in NYC you aren’t just getting the apartment, but also the neighborhood too.
Understand your financial situation
Are you buying or renting? Each one has a different set of requirements that can make a big impact on how much money you need to have upfront. If you are renting, most landlords in NYC require your gross income (income before taxes) to be 40 times higher than the rent price. Paying for rent and utilities can be a lot for one person to take on themselves and you may consider getting a roommate.
Have cash ready
Whether you are buying or renting, having cash ready on hand is a huge advantage when looking at apartments in NYC. Even though there are a lot of apartments up for rent or sale, the good ones are gone fast. If you like a property, especially if you are considering renting, it may be good to put the money down quickly. For renters you will typically need to have the security deposit, first month’s and sometimes last months rent within a few days of signing for a place. Make sure you have enough cash readily available to cover any expenses that may come your way.
Find the right agent for you
Having a good agent can make the renting or buying process easier and go by faster. It can be worth looking into getting an agent who has insider knowledge about apartment finances, local neighborhoods and understands how to negotiate a better deal for you. Buying or renting an apartment is a large financial decision it help to have a professional with you. Contact an Elegran agent today to learn more.