It is becoming a popular trend in New York City to buy a home as an investment
property. New York City homes with a pleasant view of the horizon often
sell at a premium above similar homes without the view. Even though
most real estate value is usually concentrated in the building, the
lot is important, too. Obviously, it should be as level as possible.
Assuming the property is in a typical neighborhood, the lot should
be rectangular no odd shaped lots or oddly situated lots. Yard
sizes are smaller in modern homes than in older homes, but there should
still be a decently sized front and back yard. Do not buy a house
where the entire back yard is taken up by a swimming pool, for example.
Do not purchase an over-landscaped property, either. You would normally
pay a premium for that, which you may not be able to recover when
you sell. You will get your best value if the house is moderately
landscaped or under-landscaped for the area. You can always improve
the landscaping during your ownership by improving the grass and adding
bushes and trees. This will improve the value of your New York City investment
property. In each New York City residential neighborhood, houses will vary
in size and rooms, but they should not be too different. When resale
value is important consideration, you should not buy the largest model
in the neighborhood. When determining market value, the homes nearest
to yours are most important. If most of the nearby houses are smaller
than your house, they can act as a drag on appreciation. On the other
hand, if you buy a small or medium house for the neighborhood, the
larger homes can help pull up your value. This is one of those times
where determining your "wants" versus your "needs"
can be extremely important. Buying what you need in a more prestigious
neighborhood may provide more financial reward than getting what you
want in a less desirable neighborhood of New York City.
Three and four bedroom houses are the most popular among homebuyers,
so if you can stick in that range you will have more potential buyers
when it comes time to resell your New York City investment property. Five
is okay, too, as long as you do not have to pay too much extra for
the additional bedroom. There should always be at least two bathrooms
in a house, preferably at least two and a half. One bathroom with
a place to wash up for day-to-day visitors, one for the master bedroom,
and at least one to be shared by the other bedrooms. Walk-in closets
are extremely desirable for the master bedroom. For the rest of the
house, just be sure there is plenty of closet space. Don't forget
space for linens and towels.
Garages add to the resale value to your investment property and you
should always make sure to get at least a two-car garage. Lately,
three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the
main floor of the house, but not in a place it will create an eyesore.
Think about whether future purchasers will want to walk up and down
stairs when carrying loads of laundry.
Family activity centers around the kitchen, so this is the most important
room of the house. Larger kitchens are better, and they should be
provided with modern appliances. Obviously, the dining room and breakfast
nook should be located adjacent to the kitchen. In newer New York City
houses, the family room should also be extremely close to the kitchen.
There should be easy access to the back yard, as there will be occasions
for barbecues and outdoor entertaining. In addition, it should be
a short trek between the garage to the kitchen so hauling groceries
in from the car does not become a horrendous chore. Swimming pools
do not provide as much added value as they once did. Safety issues
about families with younger children have become more publicized than
in the past, so families with small children tend to avoid homes with
pools. As a result, having a pool may actually reduce the number of
potential homebuyers when you try to resell the home in New York City.
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