Buying a residential apartment is completely different from buying in a commercial place. Residential apartments are in the good neighborhoods you would like to stay in, for instance Midtown. There are several reasons why many people consider buying residential apartments.
Have finances in check
What this means is that you need to have enough money so that you can make the purchase with ease. If you are not careful, buying a residential place can drain you of all the money you saved for your entire life. It is probable that you will deal with future expenses such as maintenance and taxes. If your budget is too tight then you need to increase the length of time before it is too late for you.
Have management in place
You need to have management that will take care of the residential apartment you are considering to buy. It is a good idea to have management in place that is made up of people who have expertise in property management. Once you buy the apartment then you know that you are a property owner and managing property is very difficult on your own. You should probably check out apartments Midtown NYC so that you have a clear picture of what you are into.
Consider social amenities
You are already buying a residential place so you might just as well think about the social amenities close to it. By now you have an idea that residential places will occupied by tenants who are with families and they will want to take their children to school, dine in nice restaurants, and go shopping in the malls. If these social amenities are close, then you will always have a better chance of retaining tenants.
Buy from those in distress
It feels bad to know you might be exploiting someone, but this is how the real estate market works. It is good to feel remorse for those people in distress, however, keep in mind that it is a good deal to buy such a house. The prices are usually very cheap as compared to the market price because people in distress mostly want quick money to take care of an urgent need. You should be on the look out for such deals and keep your agents informed about it so you know where to stop and look.
Buy after enough research
Doing research about the residential area where you want to buy an apartment is important. This is one way you get to see the advantages and disadvantages of buying such property. Knowing more about the residence will be good enough for you in the future. At least be informed about the residence even for security purposes.