Are you considering buying a part-time residence, or “pied-à-terre”, in New York City? New York is a fantastic place to do more than
just “visit”, and owning your own place – without the hassle and expense of a
hotel – may be just the right thing for you.
There are many
things to consider and it is important to understand all the factors that
affect what, where and how you buy your pied-à-terre. Some of the more important elements are:
1. Location.
What neighborhoods best suit you?
Is transportation convenient? How
about restaurants, shopping, museums and the theater?
2. Ownership. New York primarily offers condos, co-ops and
private buildings as buying choices. In
most cases co-ops will not work for part-time residents. You must understand the differences and the
pros and cons of each choice.
3. Financing. At the time of this writing, mortgage rates
are currently at record lows. Lenders
often have different requirements for part-time residents, particularly those
who live overseas.
4. Income/Expenses. Are you planning to rent out your pied-à-terre?
Do you know what fees, taxes and expenses you will incur?
The list above is not comprehensive and each point above
could easily be expanded to a separate blog post, but it is a start. Because of all the details and the fact that
you most likely aren’t intimately familiar with New York real estate, it is
vital that you speak with a knowledgeable broker to walk you through the
process and help you achieve all your goals.
I recommend that you call or e-mail me if you’re interested in finding
out more. I’m happy to help. You can find my contact information here.
Reach me at: michael.sussilleaux@gmail.com
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