VP, Director of Relocations
TOWN Real Estate
917 776 2977
Congratulation on your first investment! It is big step.Â
My name is Tamara Aleksiy I am working in Real Estate company on Manhattan we do sale, rentals and helping client to find apartment for buying.Â
If you start doing your research you will need to look at a lot of thinks and critereas I will give you few tips. Â
if you looking to invest you need to look:
1. Â at the value of the area you want to buy
I will give you example about Manhattan because I am more familiar with it.Â
There is different areas and value on the property. All buildings usually increasing their value in period of time. If we take example one year most of the buildings increase for 2-3% Â it is mean that if you buying for 1 million next year you can sell for 1,020.000. Some area developing very quick they have new constructions buildings, there is new schools opening and food places it is means that this area can go up in value for 4-5% in year. Which mean to you after 1 year you can sell for 1,040.000-1,050.000 .
I know that a lot of new developing in downtown Brooklyn, Astoria, Greenpoint, Williamsburg, long island city.Â
2. If it is investment you will collect rent. So you need to know what prices on the rent of this apartments can be. If you buy for cash mean that everything will be to you packet. If you buying with mortgage you Â need to see what your expenses can be every month on that apartment and what will be left over.Â
Good luck in your search.Â
It pays to do some research and I hope this information helps. If you follow these links you will find the current rental market reports for Manhattan and Brooklyn:
When you visit these pages you will see a section marked 'Resources' at the top of the page. You will find a number of other reports there including a new developments report which may hep if this is the direction you are considering. In my own experience
I recently worked on a purchase in Williamsburg for $460k which we then rented for $2800/month which is close to 7%, covering both the mortgage and the common charges. Taxes there where negligible due to a 25 year tax abatement. Due to it's proximity to the city it is a very rentable neighbourhood, and there are others in Brooklyn offering similar returns.
I hope this information will prove useful to you in you search.
Looking inot a Neighborhood is great. However, there is a lot more to an investment than a neighborhood!
New York City real estate is totatlly different than NJ across from Manhattan. Take a good look at the difference in taxes. The financilas of a building can make a difference and your financial background should not be overlooked.
Is the 1/2 million All cash? and what do you do for a living and how long?
I am living Brooklyn,NY more than about 20 years I like it here.Please visit my site http://www.brooklynrealestatenyc.com click neighborhood you can red about Brooklyn and neighborhoods of Brooklyn. On neighborhood page under further reading click homefacts you can learn about any neighborhood of USA.Thank you good luck.