Real estate in New York is attractive to buyers all over the world. You don’t have to live here to understand the value of property in the city, and the long-term wealth you can build by owning even a single condo or a unit in an apartment building.
If you’re growing or diversifying your portfolio of real estate investments and you’re thinking about buying a New York property, you’ll have to understand that this market is unique. You’ll need a strong set of investment goals, solid financial plans, and a team of local experts who can help you navigate the industry, the rules and regulations, and the process of identifying an investment property, negotiating the deal, and then renting it out successfully.
We’ve been managing buildings and rental units for investors who own property throughout New York City. We love working with investors from elsewhere who trust us to provide leadership, resources, and unparalleled customer service during the entire lifecycle of a real estate investment.
When you’re ready to buy in New York, start with a good real estate and property management partner. From there, you can build a plan together to find the best possible property to fit your needs.
Here’s what you need to keep in mind when adding a New York property to your real estate portfolio.
New York Is an Expensive Real Estate Market
New York City is a notoriously expensive real estate market. This is one of the priciest places in the world to buy a piece or property – either as a residence or as an investment. Check any list of the most expensive (and desirable) real estate markets in the U.S., and you’ll find it at the top.
So why would you want to invest here? Why are people from all over the planet looking for investment opportunities in New York City?
Mostly, it’s because people recognize value. As an investor, you know that real estate in New York City is going to be a profitable investment, especially when your plans are to rent a property out to tenants over a long period of time. Historically, the value of New York City real estate has continued to increase over time.
It’s important to have a professional management company when investing in New York City. You need someone who can lease, manage, and maintain your property. When you’re buying any property from out of state, you face some unique challenges. You have to make sure you can access:
- Relevant, accurate market data before making an investment offer, pricing your rental property, and marketing that unit to tenants.
- Good vendors and contractors who can respond to maintenance needs on an emergency or routine basis.
- Detailed and transparent accounting statements, reflecting your income and expenses in real time.
- Good technology that provides you with access to your property management team at all times.
We have experience working with New York City real estate investors. We can provide all the local resources you need and the industry knowledge that will help you have a more profitable investment experience in New York. When you’re ready to explore this market, contact us at Krieger Property Management.