{"id":7382,"date":"2016-05-31T10:09:07","date_gmt":"2016-05-31T10:09:07","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=7382"},"modified":"2022-07-08T09:21:09","modified_gmt":"2022-07-08T09:21:09","slug":"a-guide-to-investing-in-new-york-property","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/a-guide-to-investing-in-new-york-property\/","title":{"rendered":"A Guide to Investing in New York Property"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>If you\u2019re looking to expand your <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> portfolio, you may have New York in your sights. And it\u2019s no wonder, as real <a class=\"wl-entity-page-link\" title=\"Estate (land)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/estate-land\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/estate_land;http:\/\/yago-knowledge.org\/resource\/Estate_(land);http:\/\/rdf.freebase.com\/ns\/m.038t8_;http:\/\/dbpedia.org\/resource\/Estate_(land)\" >estate<\/a> in New York is big business. Many people are now looking to invest in New York property as a <a class=\"wl-entity-page-link\" title=\"Buy to let\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/buy-to-let\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/buy_to_let;http:\/\/rdf.freebase.com\/ns\/m.083ycg;http:\/\/dbpedia.org\/resource\/Buy_to_let\" >buy-to-let<\/a>, which can yield great returns on investments both short and long <a class=\"wl-entity-page-link\" title=\"Contractual term\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/contractual-term\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/contractual_term;http:\/\/yago-knowledge.org\/resource\/Contractual_term;http:\/\/rdf.freebase.com\/ns\/m.02rfhkx;http:\/\/dbpedia.org\/resource\/Contractual_term\" >term<\/a>.<\/p>\n<p>Of course, when it comes to buying property anywhere in the world it\u2019s always worth doing your research on where to buy, what types of property and how to go about it, before you dive in. With this guide to investing in New York property, you can make informed decisions to ensure that you\u2019re making a sound investment and for the right reasons.<\/p>\n<h2>Timeframe<\/h2>\n<p>When looking at investing in New York property, it\u2019s important to consider whether you\u2019re planning to hold onto the property for a while to make the most of <a class=\"wl-entity-page-link\" title=\"Renting\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >rental<\/a> income and appreciating <a class=\"wl-entity-page-link\" title=\"House price index\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house-price-index\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house_price_index;http:\/\/yago-knowledge.org\/resource\/House_price_index;http:\/\/rdf.freebase.com\/ns\/m.0gn3x3;http:\/\/dbpedia.org\/resource\/House_price_index\" >house prices<\/a> or if you want to flip it and sell in just a few years.<\/p>\n<p>With the former, you\u2019re better off focusing on buying a property in a better neighbourhood or certainly one already on the rise. Whereas with a flipper, buying a quick <a class=\"wl-entity-page-link\" title=\"remodelling\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renovation\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renovation;http:\/\/rdf.freebase.com\/ns\/m.06b49c;http:\/\/dbpedia.org\/resource\/Renovation\" >renovation<\/a> property below the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/market-value\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/market_value;http:\/\/rdf.freebase.com\/ns\/m.02vk6h9;http:\/\/dbpedia.org\/resource\/Market_value\" >market value<\/a> in a less desirable area can make more sense.<\/p>\n<h2>Location, Location, Location<\/h2>\n<p>As with any property purchase, location is key to your rental return and future sale price. Asking local realtors for advice on upcoming areas where growth is anticipated, should result in a higher increase in <a class=\"wl-entity-page-link\" title=\"Equity (finance)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/equity-finance\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/equity_finance;http:\/\/yago-knowledge.org\/resource\/Equity_(finance);http:\/\/rdf.freebase.com\/ns\/m.0hz8s;http:\/\/dbpedia.org\/resource\/Equity_(finance)\" >equity<\/a> and rental income long term. <span>You can also find <a href=\"https:\/\/www.prereal.com\/commercial-for-sale.php\">commercial real estate for sale<\/a> in Staten Island, NY if you&#8217;re in the market for properties you&#8217;d want to rent out<\/span><\/p>\n<h2>Sale Price vs. Rental Price<\/h2>\n<p>Make sure you\u2019re looking at the investment from both a sales and rental perspective; comparing the growth in rental price increases as well as sale prices. In some areas, the property values are much higher than the rental values, so could prove to be a better flip property than a long-term\u00a0one.<\/p>\n<h2>House or Apartment?<\/h2>\n<p>You may want to get as much space for your money as possible, but always factor in that buying a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> will add a <a class=\"wl-entity-page-link\" title=\"Land lot\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/land-lot\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/land_lot;http:\/\/rdf.freebase.com\/ns\/m.0gs32y;http:\/\/dbpedia.org\/resource\/Land_lot\" >lot<\/a> more maintenance hassle and cost to the investment, and you may have to arrange maintenance yourself.<\/p>\n<p>However, many <a class=\"wl-entity-page-link\" title=\"Apartment\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/apartment\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/apartment;http:\/\/rdf.freebase.com\/ns\/m.01nblt;http:\/\/dbpedia.org\/resource\/Apartment\" >apartments<\/a> in New York are in full-serviced <a class=\"wl-entity-page-link\" title=\"Building\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/building\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/building;http:\/\/rdf.freebase.com\/ns\/m.0cgh4;http:\/\/dbpedia.org\/resource\/Building\" >buildings<\/a> that will be covered by the overall maintenance costs. Plus in theory with a smaller space, the general upkeep should be less too.<\/p>\n<h2>Make Size Matter<\/h2>\n<p>You may think that bigger <a class=\"wl-entity-page-link\" title=\"Bedroom\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/bedroom\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/bedroom;http:\/\/rdf.freebase.com\/ns\/m.02_58j;http:\/\/dbpedia.org\/resource\/Bedroom\" >bedrooms<\/a> are a plus point in buying a property, but in fact, if you\u2019re planning to rent your property, renters will pay a premium for more bedrooms regardless of their size.<\/p>\n<p>Therefore when considering properties, go for ones with more bedrooms, even if they are small or certainly a place that has the space to add another bedroom to make it more appealing to the rental <a class=\"wl-entity-page-link\" title=\"Market (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/market-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/market_economics;http:\/\/dbpedia.org\/resource\/Market_(economics)\" >market<\/a>.<\/p>\n<h2>Tax Abatements<\/h2>\n<p>There are a number of properties in New York that offer tax abatements, which means they have a lower tax rate for a set period of time. If you can bag a property in such a building, you can save yourself some cash in both the short and long term, as by the time the taxes rise you will have already paid off significantly more of your mortgage.<\/p>\n<h2>Buy in Good Condition<\/h2>\n<p>You may not mind a bit of a renovation project but bear in mind that all these renovations will come at a price. Investing in New York property that is at least in reasonable to the good condition will mean there\u2019s minimal work to be done to get it ready for rental, and should also lower long-term maintenance costs.<\/p>\n<h2>Seek Legal Advice<\/h2>\n<p>Finally, before you part with any money, make sure you seek legal advice and get a lawyer to check over the property\u2019s financial credentials and possibly arrange for a survey to identify any structural problems with the property.<\/p>\n<h6><span style=\"color: #999999;\">Ref: THIS-2891 | ZD. 25363<\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re looking to expand your property portfolio, you may have New York in your sights. And it\u2019s no wonder, as real estate in New York is big business. Many people are now looking to invest in New York property<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/a-guide-to-investing-in-new-york-property\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":7383,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"no","_lmt_disable":"","spay_email":""},"categories":[13],"tags":[402,55,517,520],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/05\/new-york.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/a_guide_to_investing_in_new_york_property","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7382"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=7382"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7382\/revisions"}],"predecessor-version":[{"id":27698,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7382\/revisions\/27698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/7383"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=7382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=7382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=7382"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=7382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}