Even though real estate is very expensive in Manhattan, if you have the money to do so, you should consider investing in an apartment. There are many financial advantages to putting your money in a condo or apartment. That being said, the advantages in Manhattan are unique. Here are four reasons to consider some of the apartments for sale in Upper East Side of Manhattan.
Smaller Down Payments
Due to the housing crash a few years ago, it is harder for young people just starting out in their careers to get a real estate loan. If you attempt to buy a house, you may have to come up with a sizeable down payment that is sometimes as much as 20 percent. However, when you buy into a condominium or an apartment, you may not need a large down payment, which will make it easier for you to come up with the money you need to invest in the property.
Lower Upkeep Costs
Compared to large properties or houses, the maintenance fees will be lower when you buy one of the apartments for sale in Manhattan because you don’t have to worry about paying for items like the driveway, roof or the windows. Even though you will normally pay Homeowner’s Association (HOA) fees to care for miscellaneous expenses; HOA fees are paid by all building residents. Thus, the fees are essentially split between the building residents. In addition, your utility bills in a smaller property are going to be less as well.
The HOA fees you pay also include your part of the costs of the benefits and amenities you will enjoy when you buy one of the apartments available in Manhattan. Many condos or apartments have rooftop terraces you can use to invite friends or family over for a cookout, they may also have onsite gyms, concierge service, and a garage to park your car. These are benefits you would not get when investing in a house in the city.
Steady Property Values
Although the housing crash did affect the property market in New York City, it was much less affected than other areas of the country. When you buy one of the apartments for sale in Upper East Side, you are investing your money in property that will maintain and increase in value located in a market in which properties are always in high demand. Most condos and apartments in the city do not last very long, especially if they are in a good location.
When you are looking for a property in which to live in Manhattan, the Upper East Side is a good location with new apartments for sale that will appeal to both single professionals and families with children.