Real estate in NYC is really expensive and hard to get as it is a prime spot in the entire U.S. If you are interested to invest in NYC’s real estate, then you need to know what types of properties are available for you to buy. This guide will make you go through all types of real estate properties that are available in NYC to invest!
Condos are a great option for those buyers who don’t want to make a long-term investment. Indeed, condos in NYC are more expensive than co-ops. When you will look for real estate in NYC, you will get plenty of condos available at great prices. But, the available options get sold out quickly as well. Buying a condo will give you full ownership of it along with some parts of the building, i.e. some common areas like the gym, swimming pool, etc. Even though the condo has a board; it isn’t the same as a co-op board. Because of that, you can easily rent it or sell it as the owner of the condo.
Co-ops in NYC can be a great investment for those buyers who are willing to make a long-term investment. Besides, the purchasing price of Co-ops in NYC is a bit less than the condos. In a co-op building, the owner has to share different common areas like the gym or swimming pool with the co-op association. This is because; the shareholders and the co-op association together hold the ownership of the building and its common areas. But, you can determine whether to rent your unit or to make any major change to the co-op as the owner.
Generally, townhouses in NYC are three or four-story buildings that are adjoined with other buildings on both sides as a complete block. So, a townhouse is a perfect choice for a buyer who wants to settle down in NYC with his or her full family. This eliminates the burden of looking for multiple apartments in NYC. While a townhouse is narrower than the detached house, it contains a backyard along with a rooftop. So, you and your family get better privacy than an apartment in NYC.
Unlike a townhouse, a detached home doesn’t have common walls as it is completely separated from the construction. It is wider than an apartment and offers more space than an attached townhouse. Plus, it comes with enough outdoor space. Indeed, it is very difficult to get a detached home in NYC these days. As a result, detached homes are always in high demand and are very expensive as compared to other real estate properties.
Other than looking for apartments and houses, investors often look for commercial real estate in NYC. For example, NYC has many retail buildings, office buildings, warehouses, and industrial buildings. So, if you are interested in investing in any commercial property in NYC, you will surely get plenty of options to choose from. Later, you can make great profits by renting the commercial property to any retail tenants!