Purchasing a home is like making an investment in your future. That's why it's crucial to know the market you're looking at when making such an important decision. GZB Realty knows the Manhattan buyers market in and out and provides ongoing and personalized service from the moment you come to our offices until you have settled into your new home.
GZB Realty NYC offers residential buyers an abundance of options in the New York City area. From prewar condos on the Upper West Side to lower Manhattan loft spaces, our agents have numerous listings to fit every taste and style.
And GZB Realty agents have the residential buyers' market experience to bring strong negotiating and problem-solving skills to the table when it comes time to close the deal on your dream apartment. Our agents work with you personally, giving your sale the close attention and care necessary, something you won't be able to find at the larger real estate firms in the city.
Buying an apartment can be intimidating, but we, at GZB Realty NYC, aim to make the experience as seamless as possible. Our agents will speak with you one-on-one about the basic qualifications and standards of the buyers' market in New York City. In general, you will need to know your financial qualifications, that is: income, credit check with bank, any information from a financial advisor, and information from a mortgage broker about what kind of mortgage you may be able to obtain.
In New York City, the prices for condominiums start at over $1,000/sq. ft, while co-ops start at as low as $600/sq. ft. The thing to keep in mind when considering prices is that, in general, the bigger the apartment is, the cost per square foot increases.
And lastly, the other thing to consider when buying an apartment is location. Remember, this is not something to take lightly, as this will be your neighborhood for some time to come. Because Manhattan has such a diverse selection of neighborhoods and cultures, we at GZB Realty NYC suggest you look at a variety of apartments in different locations to get a good idea of what you may want in a neighborhood. Also we recommend you look at ourNeighborhood Guide for more information.
Advantages to owning your own home:
- Tax Breaks. According to the U.S. Tax Code, any interest you pay on a mortgage, as well as property taxes and many of the costs involved in purchasing your home are tax deductable.
- Value Appreciation. On average, between 1998 and 2002, national home prices increased by 5.4 percent annually. This trend is a good indication of home value appreciation, and a 2001 study by the National Association of Realtors showed that the average homeowner has about $50,000 of unrealized gain on their property.
- Equity. As opposed to renting a home, taking out a mortgage allows you to build equity, which you may be able to borrow against in the future.
- Savings. Having equity on your home is a way to create a type of savings plan, because if you choose to sell your home in the future, you may be able to take up to $250,000 as a gain without owing any federal income tax.
- Predictability. When you rent a home, payments can change year to year. But when you choose to buy a property, mortgage payments should remain steady over time, and housing costs may even, in fact, decline the longer you own your home. Yet, insurance and property tax costs are subject to change.
- Freedom. You will fully own this property. It will be yours to improve and decorate as you like, and doing so may even add value to your home in the long run.
- Stability. Because you will have chosen to buy your home, it will remain your residence for a number of years to come. Living in one neighborhood for a significant stretch of time will allow you and your family to establish roots in the community and develop relationships with members of the neighborhood.