Real Estate in New York

Last updated on Feb 20, 2023

Summary: A newcomer to New York should begin their search by researching the different neighborhoods and boroughs of the city. They should consider factors such as cost of living, commute times, and local amenities. Once they have narrowed down their search, they should contact a real estate agent to help them find a home that meets their needs. Homes in New York typically include amenities such as hardwood floors, stainless steel appliances, and modern fixtures. Depending on the neighborhood, some homes may also include outdoor spaces, such as balconies, patios, or gardens. Many homes also come with access to amenities such as gyms, pools, and other recreational facilities.

What do I need to know when buying property in New York?

When we asked expats what advice they would give a foreigner before buying a property in New York, they said:

"When buying property in New York, it is important to understand the local market, the zoning regulations and rental laws, and the state and local taxes associated with the transaction. It is also important to be aware of any building maintenance fees, special assessments, and condo fees that may apply. It is important to understand the total cost of purchasing a property in New York, including closing costs, legal fees, title insurance costs, transfer taxes, and other fees. Working with a real estate professional can be helpful in navigating and understanding the process of buying property in New York. Before signing any real estate purchase agreement, it is essential to have the property and contract inspected to check for potential issues or unresolved liens on the property. Lastly, it is important to be aware of any time frames or deadlines associated with the transaction to ensure that everything is properly completed," explained one person living in New York.

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About the Author

Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.