Buying a fully furnished home is always a good investment. You can do whatever you want with it. You can rent it or you can make some minor changes and sell it for a higher price. But, there are homes that usually require some renovation. It is no strange thing that New York is one of the best locations for real estate. But, is every part of New York a good one? Should you consider buying a fixer-upper in Greenwich Village? This question is even more important if you are long distance house hunting! So, make sure that you learn all about this type of real estate and whether you will be good in Greenwich Village!
What is a fixer-upper?
Fixer-upper is real estate that demands reconstruction of some sort. It can be in form of restoration of the walls, floors, roof, etc. Also, you may have to change everything inside. But, all in all, it is livable. But, why would people even consider buying real estate like this? It is because they can change everything they need and get the best product for the market.
The great thing about Greenwich Village is that it is a big part of New York. It is located on the west side of Lower Manhattan. It is basically in the center of all happenings. But, before you look for Greenwich Village movers that will take you, make sure to find out whether it is a good idea to buy a fixer-upper there!
Is Greenwich Village a ‘hot’ location to buy a fixer-upper?
If you think about buying a fixer-upper in Greenwich Village, you will be pleased to hear that this part of Manhattan is a great place to buy a property in. You are close to Washington Square Park and that is certainly something that can increase the price even more. Also, even though Greenwich Village is in Manhattan, it is much calmer. That means that you will be in the center of all happenings without having to suffer due to big crowds. Everything else is as you watch in movies. There are a ton of great restaurants, cafes, and clubs where you can go and have some fun.
Covid 19 has not changed that much in the real estate business
Naturally, when all of this started, all sectors were affected, real estate included. But, as time went by, it was less and less affected. People still need real estate and there is nothing that can stop this trend, at least for a couple of years ahead of us. The only ‘problem’ nowadays can be the time. The pandemic has slower everything down. That also includes real estate. That means that you may need more time to complete everything before you can place the property on the market. You will need tons of documents. If you needed 6 months pre-covid, you may need 12 months nowadays.
What are the possible numbers?
Knowing the numbers and possible outcomes is a big thing to know if you want to have motivation. The median price value of real estate here was around 1,100,000$. Naturally, if you pick the fixer-upper, you can expect the price to be somewhat lower. But, due to its location, you should not expect too much. On the other hand, flipping and selling it can go even up to 1,500,00-1,800,000$. It is certainly a good investment but there are potential problems.
Be persistent when buying a fixer-upper in Greenwich Village
Now that we have established that Greenwich Village is a great place to buy a fixer-upper, we should focus on how to get it. The problem can be that there are other possible buyers. New York is full of competition and that just means that you need to be even more persistent. If you are not persistent enough, you may miss an opportunity that can hunt you in your dreams.
Work with a real estate agent
If you want to buy a fixer-upper in Greenwich Village, you should hire a real estate agent. When you have a real estate agent by your side, you have many benefits.
- they have all the necessary experience
- they will give you the best tips for flipping the property
- it is best if you have someone that has connections
Naturally, this is not all. But, you get the point. When you have professionals by your side, you are in a much better position.
Change everything that you can to boost the price
The hard part consists of changing everything. Fixer-uppers usually have a ton of flaws and you can’t handle one thing while avoiding another. If you want to get the best price, you have to do everything that you can. The great thing here is that there is cheap storage Manhattan where you can place all the stuff that you need for renovation. Moving everything from another part of the town is impractical and you may lose a lot of time in traffic.
Found another place in NYC for yourself? Make the best decision and get movers to help you out!
Purchasing a fixer-upper in Greenwich Village and flipping it is one thing. But, if you also have a place where you want to live in NYC, you are in a good position. But, this will require you to find a good moving company, like Heart Moving NYC, to assist you. Since you will have a ton of tasks to complete, it would be complete madness to try and handle something like this on your own. So, make sure that you have all the help that you need, both for buying real estate in Greenwich Village and moving!
To sum up, all we are left with is to say that buying a fixer-upper in Greenwich Village is a great decision. If you are successful, you should have a big profit. Of course, this is a difficult task, no matter how ‘hot’ NYC is. Do the work and all we can do is wish you luck!