Home Buying in New York>Question Details

TN, Home Buyer in New York, NY

I want to buy a condo for say $500k in Manhattan and rent it out. Do I buy a studio in a better neighborhood or a 1 bed in a cheaper neighborhood?

Asked by TN, New York, NY Wed Sep 5, 2012

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14
If you choose the better neighborhood, you'll likely maximize what you can rent for and be making a better investment for the future.
1 vote Thank Flag Link Wed Sep 5, 2012
It all depends on your long term objectives and the numbers.

Weimin
http://www.castle-avenue.com
0 votes Thank Flag Link Mon Sep 10, 2012
That really depends on a load of information not provided. A) Are you looking for a long term renter or short term? B) What do you classify as a cheaper neighborhood? C) Whether you plan on reselling it or using the equity to buy another? D) Whether you will allow pets? And so forth. This apartment buying has alot of variables and most are not based on good neighborhood vs bad. Neighborhoods are constantly changing and evolving so you really have to know who you want to attract to your apartment. Then after that you go out and find an apartment that fits that and your budget. Buying a smaller place means less money per month while bigger means more. And if you decide to short term that is a huge difference. I would be open to discussing it further so please contact me at (347)633-1299 or Truett@gspny.com.
0 votes Thank Flag Link Thu Sep 6, 2012
Since 0Manhattan is all about supply and demand I say you buy a studio in a better neighborhood. You would be surprised what you can rent a studio for in the city. Keep in mind most people want a safe area, what each person determines to be safe is up to them.
0 votes Thank Flag Link Wed Sep 5, 2012
Purchase in the area with the most potential for appreciation and the highest rate of return.
I would also consider how easy or difficult it may be to rent in any particular buildings. Many condos now make it difficult and discourage rentals by charging high application fees and paperwork for approval.

Feel free to contact me if you need assistance. We offer free management services to our investor buyers as well as a 1% rebate of your purchase price at closing.

Belinda
1212-340-1134
0 votes Thank Flag Link Wed Sep 5, 2012
Please contact me for assistance. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck.
0 votes Thank Flag Link Wed Sep 5, 2012
TN,
Always go for the better neighborhood. It is much better to have the smaller place in the better neighborhood than the bigger place in the lesser neighborhood. That said, it is a very general statement and there are many other things to take into account. Is the "cheaper" neighborhood you are talking about one that is poised for growth? If so, you may see more appreciation than in the neighborhood that is already well-established. These are things a skilled agent can tell you, as we study the market every day and are aware of the trends. I certainly hope you are not going it alone. A great buyer's agent will save you time, money and aggravation. We streamline your search, negotiate on your behalf and take you through all the steps. We also answer questions such as the one you pose here on an ongoing personalized basis.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Wed Sep 5, 2012
Hi,
Location location and location.
Please email me so I can help you gelias@bellmarc.com
Thanks
Greta
0 votes Thank Flag Link Wed Sep 5, 2012
Thanks guys. I want to hold it for 10 years plus. Overseas investor and it would be a cash sale (50% borrowing at my end). Low maint. and tax abatement are attractive but so is a safe neighborhood. Looking like BPC/ Fin dist. if I want something newer I guess but turtle bay, gramercy pk or a small UWS studio are more attractive to me.. looking to buy this year.

Oh, and is there some reason properties don't list the current rent being received?? It would really help with the calcs.
0 votes Thank Flag Link Wed Sep 5, 2012
Properties for sale and properties for rent are different databases. While a fair number of the condos for sale are owned by investors, the majority are owner occupied. Each property you consider for purchase needs to be analyzed to determine if it is an economically viable investment. You cannot simply rely on individual factors such as neighborhood or unit size to tell you the amount of rent or monthly expensives. There can be noticeable differnces even within the same building depending upon which floor the unit is on, the condition it is in and whether it has any amenities lacking in other units.
Flag Wed Sep 5, 2012
There are other factors involved when making such a decision, therefore consider working with an agent of your own, he/she will best guide you....
0 votes Thank Flag Link Wed Sep 5, 2012
It depends. How long do you plan on holding this investment before selling? Which will rent for more than the total of your monthly costs of ownership?

Michael Richman
Licensed Real Estate Associate Broker
Bellmarc Brokerage, Ltd.
681 Lexington Avenue
New York, NY 10022
Phone 212-688-8530 x223 Cell 917-991-2528 Fax 212-758-7495
Email mrichman@bellmarc.com
0 votes Thank Flag Link Wed Sep 5, 2012
Thanks guys. I want to hold it for 10 years plus. Overseas investor and it would be a cash sale (50% borrowing at my end). Low maint. and tax abatement are attractive but so is a safe neighborhood. Looking like BPC/ Fin dist. if I want something newer I guess but turtle bay, gramercy pk are more attractive to me.. looking to buy this year.
Flag Wed Sep 5, 2012
There are no guarantees, however there is much to be said when you hear that in Real Estate you look for three things, Location, Location, Location.

The decision is yours, work with a Real Estate Agent you are most comfortable with and go for it, its a buyers market. Good luck !


Joseph Asaro, ABR, CBR


NYS Real Estate Agent

Century 21AA Realty Inc.

Cell 516.410.5818
0 votes Thank Flag Link Wed Sep 5, 2012
TN: You might be a very lucky investor and have an opportunity to do both if you take your time, keep you eye on the prize and the market, and use a broker whom you trust to be dedicated to YOUR goal and in it for the longer haul.

If you're looking to move on this opportunity now then I'd opt for the best space your money can buy in the best neighborhood.

I'm happy to help further if you're interested in working together. Don't hesitate to contact me. Good luck!

Albert Capozzelli, Licensed Real Estate Salesperson
A.C. Lawrence & Co.
228 East 45th Street
New York, NY 10017
+1 (646) 258-1199
acapozzelli@aclawrence.com
0 votes Thank Flag Link Wed Sep 5, 2012
In a word Yes
Contact me
Douglas Cobb
646.812.7164
0 votes Thank Flag Link Wed Sep 5, 2012
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