How Much Does a Vacation Home in NY Actually Cost? (Hint: it’s more than you think)

It is undeniable that the cost of living in New York sits among the highest in the country. And you don’t have to be an economist to guess that this meteoric cost of living will sooner than later reflect in the prices of property littering this Eastern Seaboard city and state. So it shouldn’t come as a surprise that NYC has a strong reputation for having tiny to standard-size apartment units going for top dollar, not to mention the $100+ million dollar condos. Recently, there have been a notable rise in the value of property in ‘formerly insignificant’ borough of Brooklyn area code. To top it all, the New York Real Estate market is riddled with a plethora of hidden costs that contribute more than a couple of thousands of dollars to the closing price of each home you come across.

It is for such reasons that reputable New York Real Estate sites come in handy to the prospective buyer.

Speaking of which, like any other part of the world, property prices vary sharply as you move from one neighbourhood to the other. And so do the additional accompanying charges.

Here’s a sneak peak on what it could cost you to buy a home in different parts of New York City.

a.) 232 West 123rd Street – Harlem

A typical brownstone in this area code asks for an average of $1.5 million. You also have to contend with a closing cost which encompasses miscellaneous bank and legal fees, title insurance costs, municipal searches, etc. that could push the price up by a $230,400 margin.

b.) 546 East 11th Street – East Village

An elegant two-bedroom apartment in this leafy part of the city goes for approximately $650,000. However, the closing costs are a little less compared 232 West and will only set you back by $4410.

c.) 4 Carroll Street – the Bronx

Bronx, NY is known for its better-than-decent housing structures, and this is clearly reflected in the prices of houses here. A one-bedroom suite here will typically go for about $600,000 inclusive of all additional and miscellaneous costs.

d.) 108 W 138th Street

Unlike in the Bronx, property here is a tad cheaper; though the residential value remains more or less the same. On average, two bedroom condos with two bathrooms measuring over 1000 sq. feet are usually up for grabs for just $600,000 inclusive of all additional costs.

This is just a quick primer of what it can cost you to settle down in the vicinity of the Big Apple. Keep it here for more info on this and the best property deals in the city.

Traveling to California?

Taking a trip to the Golden Coast? Make sure to check out this amazing California vacation guide! From star sighting in LA to whale watching in Santa Barbara to a trip to the Bay with amazing food and culture, California offers an amazing array of activities.

If you’re in need of a vacation home, be sure to reach out to the experts at Wight Holiday Homes.

The Ultimate Guide to Finding Your Dream NYC Vacation Condo

Buying a house is one of the major investments that one can make in their life. Being a lifetime investment, one needs to take extra precautions about every detail of the transaction. One of the best realtors in Manhattan, Noble Black has advised hundreds of clients in their home relocation transactions, for vacation purposes or otherwise. His advise: make your holiday property an income asset by renting or putting it on AirBNB when you’re not around. If it is a company, there should never be any mistakes during the process. If one is not aware of the process, they should seek the services of a real estate agent. Real estate agents can take one throughout the whole process to completion. They are knowledgeable of what needs to be done and what shouldn’t be done until the whole process is completed. The following are the tips that should be taken in order to get a desired New York real estate site.

  • Seek the help of a mortgage provider

The mortgage provider may be a bank or a mortgage broker. They are usually in a better position to give the best variety of choice for the preferred taste of the client. The buyer usually has something in mind before they set out to search for the property. The mortgage provider will give the client a variation of what they are financing in the market at that particular time that would match with what the client wants. This is also a security to them in case the buyer defaults in their loan payment.

  • Browse online

This is the initial stage when the search is still very raw with no particular property in mind. One goes on a wild search and ends up with so many New York real estate sites to choose from. It is here that they are able to fine tune from a wide variety in the market. The internet will direct the client to various sites of the kind of house they are in need of.

  • Engage the services of a real estate agent

One can decide to work closely with a real estate agent in order to find the exact site that they are in need of. The real estate agent is in the best position to help find the property since this is their daily duty that they are skilled about. They have all the information about the available property within their area of jurisdiction. When one works with the real estate agent, they usually have a great relief on the property search. A good real estate agent should also be in a position to advise their client on the real situation in the market. They are also in the best position to advise their client on the best rates in the market. They know where one can get their preferred New York real estate site for the value of their money.

  • Perform an inspection

When one has narrowed down to one property, they need to call a contractor to perform a thorough check on the house. The house should be checked for any damages, leaks and breakages. This should be done on the final property that one has settled on to purchase. The damages that are found on the property may be a bargaining point for discounts.

The 5 Fundamental Rights of Any Holiday Home Owner!

 

The opportunity to own a home in a vacation location like Honolulu is one that each and every person on the planet looks forward to. It is considered a lifetime investment that many people long for, so that in the long run they may stop the monthly rental payments. Providing a home is an achievement that all the middle age population looks forward to. The middle age also forms the major working class group of the population. During the process of buying a home, the buyer should know that he is protected by the law of the land to enjoy the following rights :

  1. One is entitled to a professional

For new buyers, the whole process may be new to them and they may not be aware of the full documentation that is required throughout. The buyer should therefore be aware that he is entitled to have a professional who may walk the journey with them. This helps to wade off any unscrupulous sellers. One can have a real estate agent or a mortgage agent who both are conversant with the whole process.

  1. Always have contracts

The buyer should also be aware that they are entitled to read and understand all the agreements that are provided by the seller before signing in agreement. There are documents that are signed that show the change in legal ownership from one individual to another. If one cannot understand the documentation, the client can hire the services of a lawyer in order to comprehend the matter and explain it to them. The buyer should never be in a hurry to read the contracts. They have a right to understand the kind of transaction that they are getting into.

  1. The relationship of the seller and the property owner

The buyer has a right to inquire about the relationship that exists between the seller and the owner of the property in Honolulu real estate. It may be that the two are related and would wish to get rid of a damaged property. With such knowledge, the buyer would now decide if they are still interested in the process of buying. However, it is important for the relationship to be strictly professional. The seller on the ground should not have a relation with the owner but maintain a professional relationship.

  1. The right to a real estate lawyer

Making a real estate purchase is not a small transaction therefore one should know that they have a right to a real estate lawyer. The seller should not make the transaction with the buyer alone. The buyer should have an access to his attorney who would help to ease the tiresome process of buying Honolulu real estate.

  1. Right of acceptance and disapproval

Once the transaction has been completed and the buyer finds fault in the investment, they should know that they have a right to refuse to go ahead with making payments until the renovation is completed. The seller should not force a damaged property to their client just because they have signed the agreements indicating that they are the legitimate buyers.