If you are considering buying property in New York, then you will get a great return on your investment if you choose wisely. High end real estate can be costly to buy and maintain, property taxes alone are not cheap. If you are planning to rent your property out long term, or even for a holiday let, then you can recoup some of that outlay in a short period of time. If you want a home you can live in, then you have to consider your budget. Most New York property is not cheap, even if you buy outside of the city.
One of the best reasons to buy in New York is the potential returns you can get from your property. On average a rental investment can make a return of up to 3.5% profit, after taxes and other charges have been paid. New York property also remained fairly steady during the global financial crisis, unlike many other large cities.
As education is a big draw in the city (it boasts two Ivy League universities – Cornell and Columbia) many students will be looking for suitable accommodation. The great thing for potential property investors is the fact that student accommodation needs only to be well maintained. It does not have to be luxury with high end fixtures and fittings. The student rental market can be big business if done right.
The entertainment is second to none. If you are buying a property to live in yourself then you will never be bored, after all New York is the city that never sleeps. You can take in Broadway and off Broadway shows, grab a pizza at all times day and night, stroll or jog in Central Park or shop til you drop.
It is hard to describe the draw of New York to anyone who hasn’t visited before, but the buzz, the atmosphere and the sights all make it a top class place to live.