Insider's guide to buying a loft in NYC

Insider’s guide to buying a loft in NYC

When spending a lot of money you need to be sure that you are spending it right. And, since lofts in NYC are definitely not cheap, you need to get yourself informed about all the steps of buying a loft in NYC. But, once you find it, make sure to hire Downtown Manhattan movers, to help you make it your home. Real estate market is cruel and constantly changing, and lofts are not an exception.

What you need to know before buying a loft in NYC

Before you even start looking for a loft in NYC, you need to get yourself familiar with a couple of things.

What is a loft

The loft is a type of apartment that is wide and open. People originally used them for commercial purposes. Companies used the space for offices, warehouses or even as small factories. But, NYC became more expensive and companies moved out, leaving the space to be redone for residential use. Therefore, much of it seems barebone and not meant a “standard living space” which many people find quite charming. It has high ceilings, columns, and exposed bricks piping and beams. This kind of decor was initially sought after by artists who preferred the open space and formerly working-class neighborhoods. And if you are an artist, know that exceptional piano movers NYC are there to help you out.

Artists are buying a loft in NYC
Open space leaves a lot of room for creativity. That is why a lot of artists are buying a loft in NYC.

Is it better than an apartment?

Well, it is hard to say. Many people prefer the open space and the high ceilings. Lofts usually come with big windows and therefore have much better daylighting than regular apartments. But, some people do not like open bricks and piping. Like most things in life, it comes down to personal preference. The openness certainly leaves more room for a personal touch. You’ll be much more free to redo the loft as you see fit than you are with an apartment.

Is it more expensive than an apartment?

It certainly can be. A loft can be a great place to live, but it comes down to how much money was invested in transforming it from its original state and how much more you will have to invest. If you happen to be the first ow after its commercial use, you are looking at spending a lot of money on redoing it. Much more than you would have to spend in redoing a regular apartment. But, again, it comes down to your particular situation. If you found one that is already pretty set up, your loft can cost you less to improve than a regular apartment would.

Loft can be expensive
The loft can look amazing, but it might take a lot of money to make like that.

Once you start looking

Ok, now that you know what a loft is you need to keep some things in mind when you start looking. Buying a loft in NYC is tricky because both the seller and the broker want you to buy the property. The seller gets the money, the broker will get their commision, but whether you will get an apartment that was worth the money is up to you.

Dealing with brokers

Brokers are not your friends. Some won’t even act like they are, but for those that do keep this in mind. Whatever advice they give you should take with a grain of salt. You might hear: “You should bid by the next morning because this apartment is going fast!” or “There are people coming tomorrow that are really interested, and if you want to beat them for the apartment you should hurry.” are just ways to make you nervous and to deceive you into buying the loft. Keep your poker face on and tell them if you see anything that you don’t like.

How to pick apartments

Just keep a couple of things in mind. First, look at as apartments many as you can. Buying a loft in NYC is not a cheap investment and you want to make sure that you get the best one for your money. Therefore, you need to do some legwork. The more apartments you check out, the better you will know what to expect for your budget. Just remember to write down your impressions. If you try to remember everything you’ll be putting too much mental stress on yourself. For every apartment write down the essentials such as “Good kitchen”, “Bathroom needs work”, “The windows are old” and so on. Big things, such as floors, walls, pipes etc. need a lot of work to repair. Therefore, you need to check them first and then look at the cheaper, flashier things that your broker will try to tell you about.

Learn how to bid

Knowing what to look for in an apartment is just half of the battle. The other half is knowing how to play the bidding game. And since bidding is definitely a game, you need to learn the rules and then play it. Start by bidding on your favorite ones. Always start low. You’ll have to agree on a price with your seller and more often than not, they will play hardball. Some will even say that they won’t budge from their offer. Fine, just tell them that you won’t play. Some of them will come begging, some won’t. But, you need to play the game, even if you don’t like it. If you are not sure, try practicing on apartments that you don’t want to by. Try bidding an impossible price and see how much you can negotiate.

How much you will pay depends on how good you are at bidding.

Final tips

Do not rush. Buying a loft in NYC takes time, skill and luck. Maybe you’ll get lucky and find the perfect apartment on your first try, but more often than not it will take months. But don’t lose heart. Consider those months valuable time to practice your bidding skills. Know what you are looking for and stick to it. You will only find something good if you are persistent.