How to Find an Apartment in NYC | Hauseit®

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Finding an apartment to buy is easier than finding an apartment to rent in NYC, primarily because properties are exclusively listed for sale by a single agent or team, known as the listing agent. This is much easier for buyers because they can easily find the right contact for a listing, without having to guess who the seller’s agent truly is.

In contrast, the rental market in NYC is a complete wild west, with few enforceable rules against many agents listing the same property for rent without exclusive listing agreements in place.

How to Decide on a Neighborhood

Before you figure out how to find an apartment in NYC, you’ll need to figure out how to find a neighborhood that you want to live in. The best way to do that is to explore the neighborhoods on foot or bicycle.

Remember that unlike London, New York City is a relatively compact metropolis, especially if you’re set on living in Manhattan. For example, Lower Manhattan can be explored thoroughly over the course of a few days.

Should I Buy a Condo or Co-op?

If you’re looking to buy vs rent, then it’s important to understand that NYC is unique in having several common property types available. In terms of apartments, there are condos, co-ops and condops to choose from as well as the occasional building structured as a tenancy in common.

If you have a little more to spend, you can also buy a townhome or even the occasional single family, de-tached house for sale.

What Property Type Should I Rent?

If you’re renting vs buying, the property type matters less because most of the rental inventory will consist of landlord buildings or individual condo units. Both will be pretty similar and easy to rent out, with professional landlord buildings usually having more standard application processes. Individual condo owners may have varying standards on what they want to see from tenants in terms of documentation.

You will have to watch out for co-op buildings however, as this unique property type will require tenants to fill out a lengthy sublease application which can often rival the length and complexity of a co-op board package for purchases.

Searching Online for Properties in NYC

Many people start their home search online these days, primarily because of changing social norms as well as convenience. Many first time home buyers don’t think that they’re serious enough to potentially waste the time of a buyer’s agent. Plus, many people feel guilty about potentially getting a buyer’s agent to show them around, without even knowing how serious they are about buying.

Searching with a Buyer’s Agent in NYC

Buyers who seek out the services of a buyer’s agent either do so because they are serious about buying and therefore expect a premium, in-person service for such a hefty transaction, or because they’ve done their homework and realize that the services of a buyer’s agent are free.

In fact, buyers aren’t even expected to sign any sort of exclusivity agreement with a buyer’s agent. Buyers are free to fire and choose another agent at virtually any time, as long as a deal hasn’t progressed too far along.

Really savvy buyers go one step further. They do their research and realize that not only are the services of a buyer’s agent free, but that they can negotiate with their buyer’s agent to receive some of the commission for themselves.

Interested? Check out www.hauseit.com to learn how you can save $20,000 or more on your purchase.

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