Monday, December 19, 2016

Top 5 mistakes when investing in New York property

Whenever I meet a new buyer client, especially a foreigner wanting to buy an apartment in Manhattan for rental income, the client often has certain pre-conceived ideas.  This is understandable because it is impossible to understand a market from researching on Google from a few thousand miles away.  The pre-conceived ideas are as follows.  Not necessarily good or bad, but without proper advise, they could be costly mistakes.

Assuming popular tourist areas are best for investment

Foreign buyers usually assume Fifth Avenue, Central Park, Times Square, Wall Street are the “good” areas for investment.  This because these are tourist destinations the media associates with New York.  I totally understand and if I were planning on investing in a different city, say London, the only areas I would know are the tourist destinations.  Naturally, I would also associate investment stability with these locations.