So I spent a portion of this past weekend apartment hunting. Not for me (at least not yet), but for my friend Jimmy. He has found two apartments and is facing the classic New York dilemma: a gorgeous apartment in a neighborhood he is unsure about, and a small apartment that needs some work in an amazing neighborhood. Having been a renter for my entire life in New York (and even before that), it’s so hard for me to walk into an apartment and imagine what it could be with an architect and a construction loan rather than look at what it is. So, as much as I love my neighborhood (where the smaller apartment is), the other apartment was much more appealing to me, even though I was unfamiliar with the neighborhood. It didn’t help that one apartment was a two bedroom with a private roofdeck and the other was a one bedroom, five-story walk-up. But I understand his agonizing. I love living in the Village, and the neighborhood is important, especially when you live by yourself. I do love the nights when I hang out by myself at home, but I like to have the option of going down the street for a meal or a drink by myself, or meeting up with friends in the neighborhood without much planning.
Next summer I will begin the apartment hunting process for myself, and I have to admit that I’m excited but scared. I really didn’t think I’d be going through this process by myself — I imagined buying a home with someone. I’m slowly getting over that part, but I’m still a bit overwhelmed by the notion that if I don’t like a kitchen, or a particular wall, that I can actually change it. Lord knows if I bought the apartment I’m currently in, the first thing I’d do is knock a big hole in the wall between the kitchen and the living room so I don’t feel isolated when I’m entertaining. And don’t even get me started about leaving the neighborhood I’ve lived in for the past twelve years. I know it’ll happen (and I’ve certainly considered it for a while) but that doesn’t mean I’m not sad about it in many ways.
Any tips from first-time apartment buyers out there?
And, on an unrelated note, welcome back, Arielle — I missed the hell out of you!
Comments
10 responses
Hi Laren! Wow–how exciting that you are planning to buy an apartment. Good luck!
One of the biggest lessons I learned is not to buy something that needs work unless you can realistically budget for the work or have a lot of skilled fix-it type friends.
We looked for a whole year and eventually stretched to buy a house we loved that needed a LOT of work. After the bidding war dust had settled we realized that a) we didn’t really have any money for repairs and b) neither of us had the skill or attention span for DIY home repairs.
You’ll probably be much more savvy about the whole process, but I’ve seen many otherwise level headed people make these kinds of decisions under the influence of the NYC real estate market.
Hi Laren! Wow–how exciting that you are planning to buy an apartment. Good luck!
One of the biggest lessons I learned is not to buy something that needs work unless you can realistically budget for the work or have a lot of skilled fix-it type friends.
We looked for a whole year and eventually stretched to buy a house we loved that needed a LOT of work. After the bidding war dust had settled we realized that a) we didn’t really have any money for repairs and b) neither of us had the skill or attention span for DIY home repairs.
You’ll probably be much more savvy about the whole process, but I’ve seen many otherwise level headed people make these kinds of decisions under the influence of the NYC real estate market.
I don’t know what I’d do if I had to choose a neighborhood. I’ve been buying where I could afford without being cramped(other than Brooklyn), and haven’t given a lot of thought to your other parameters. Luckily, the neighborhoods have been OK (not my first choices, however). But, remember that you cannot ALWAYS knock down a wall – it might be a bearing wall and then you’re stuck with it.
I don’t know what I’d do if I had to choose a neighborhood. I’ve been buying where I could afford without being cramped(other than Brooklyn), and haven’t given a lot of thought to your other parameters. Luckily, the neighborhoods have been OK (not my first choices, however). But, remember that you cannot ALWAYS knock down a wall – it might be a bearing wall and then you’re stuck with it.
When you’re viewing apartments – take someone with you who owns and has owned several properties (i.e. a parent!).
They have valuable experience and will spot potential positive and negative parts of the property that you and your friends will not notice.
When you’re viewing apartments – take someone with you who owns and has owned several properties (i.e. a parent!).
They have valuable experience and will spot potential positive and negative parts of the property that you and your friends will not notice.
I think the market is really tanking and is not going to recover for awhile. I don’t think it’s the time to buy.
I think the market is really tanking and is not going to recover for awhile. I don’t think it’s the time to buy.
if the market is tanking doesn’t that mean it IS the time to buy?
if the market is tanking doesn’t that mean it IS the time to buy?