Greenwich Village Real Estate: A Beginner Buyers’ Guide to the Basics
By Kelly Craig
Which property type is right for you?
Deciding on buying a co-op, condo, or townhouse will hinge on budget, lifestyle, finances, and investment goals. Co-ops tend to be more affordable and community oriented, however they have more rules, require a board package, interview, and approval. They tend to have some restrictions and many rules. Co-ops are, however, an excellent choice for people who know that they will be living there for a while, enjoy a community feel, and want more space for their dollar. Condos are more costly but a perfect investment vehicle, since long term subletting is generally not limited. The new developments are generally condominiums, with spectacular modern amenities, sustainable features, and climate conscious efficiencies. Townhomes tend to be at the high end of the price spectrum, however, given the amount of space, the price per square foot is quite reasonable, and the privacy and uniqueness of each home is unmatched. The monthly charges are only taxes, utilities, and the cost of upkeep, snow removal, etc.
Whichever type of property is best suited, thoughts about design and renovation can add a desired personal touch, and can be done within any budget. All are good long term investments as the prices for properties across the board in Manhattan have escalated consistently despite fluctuations over the years. They are not adding land to Manhattan!
Financing
In today’s market cash has the most power. In fact, according to the Wall Street Journal, more than half of all residential real estate transactions in Manhattan this past year have been all cash. However, the market is changing, and there are several financing options as well. You will want to be aware of these and prepared. Traditional mortgages, private lenders, and even specialized lenders familiar with the NYC market are worth exploring. When ready to buy, make sure to have your mortgage pre-approval and/or proof of funds on hand so that when you find your dream home you are ready to submit the documentation along with your offer.
Connect with Trusted Real Estate Experts
Engage with a local real estate agent who understands the nuances of the Greenwich Village and the surrounding market. Their insights can prove invaluable in navigating the intricacies of NYC real estate, ensuring a smoother home buying and investment process. Having a buyers’ broker ensures your best interests will be protected, the optimum deal will be negotiated, and your offer submitted correctly. They can also explore any behind the scenes information and will also make sure the board package is perfect if buying a co-op or condo. In most cases the buyers’ broker is paid for by the seller so will not cost you anything. Once your offer has been accepted, you will need a real estate attorney to complete the due diligence on the property and to go through the contract before you sign. Often, a home inspection is a good idea, particularly in the case of a townhome or an older property. A good real estate agent can also be an excellent resource for recommending mortgage brokers, real estate attorneys, home inspectors, interior designers, architects, and others you may need. By collaborating with knowledgeable and experienced professionals, you can position yourself for success and happiness living in one of New York City’s most vibrant and historic communities.
Walk the Block
Each block in the Village is unique and has its own character and treasures. When deciding on a home be sure to walk the block at different times of day and on the weekend to see how the ambiance shifts from day to night, weekend to weekday. Could this be your new home turf? You will surely discover shops and restaurants that delight and fascinate!
Kelly Craig is a Licensed Associate Real Estate Broker at Compass. She can be reached at kelly.craig@compass.com
