Additional Fees When Buying a House?

Everyone knows that you will pay money to another homeowner when you purchase your house, and for a long time as part of your mortgage interest. You will likely be aware that there are some fees that you will pay to a realtor in case you have hired one. Yet there’s many additional fees you can expect on top of that. In general, a rough estimate is that these costs are usually between 3 and 6 percent of the total purchase price of the home.

• Additional 3-6% of total purchase price

That means a $1 mil. home can incur $60.000 additional costs on top of the purchasing price.

$1 mil. House = $60.000 Additional Costs

People like to call all these costs closing costs, yet taken strictly, closing costs are all costs which occur at a point of sale of real estate, which are not the basic value of the real estate. This does not include e.g. furnishings or mortgage insurances though. Below all additional closing costs as well as additional fees which you may incur when buying a home.

All Fees – List

Below we shed some light on what the fees are which a buyer will have to deal with, who pays these, and why these are paid. Here we list the most important ones:

Earnest Money – Real Estate Deposit

The first expense you will incur when buying a home is called “earnest money”. It is a form of downpayment, a deposit paid by a future buyer which demonstrates the seriousness of his or her intentions to purchase a property. It is usually paid to a broker or agent, and held in an escrow account until the purchase is completed. It is later used to pay for the down payment or closing costs.

That is, unless the deal fails and it is found to be your failt. If this is not the case, and the deal falls through for reasons out of the buyer’s control, he or she will be refunded the money. Typical ‘earnest money’ deposits in the USA range from $500 to $2,000.

• Between $500 and $2,000

Down Payment – Beginning Mortgage

Everyone’s heard of down payments, and they’re vital to understand. A down payment is a portion of the total price of the home which you pay at the point of sale. As most people cannot pay the full sum of the real estate at the point of sale. It typically works as follows: an individual pays a downpayment to the seller of a piece of real estate. A financial institution, such as a bank, will pay the seller the remaining amount, and receive scheduled payments from the buyer. These scheduled payments form part of a mortgage, read more in our article

• Mortgage Explained – Easy, How-to, Definition, More

How much is a Down Payment?

In the U.S., the rates vary, but the typical rate is 20%, with 5% or less being rare, but still possible. The higher this percentage is, the less an individual is typically going to borrow from the bank, and therefore the lower the interest rates will be on the money needed to pay back. Additionally, the more that is paid, the lower the amount on which interest is collected. E.g. if the rate is 20%, you pay less if this is 20% of $200.000 than if it is 20% of $800.000.

• 5%-20% of Purchase Price

Taxes you Have to Pay Buying Real Estate

There are a few taxes which you need to pay when purchasing a home. These include mortgage taxes, property taxes, and transfer taxes. These are not universal across states, and need to be regarded as a critical part of the additional costs you pay when buying a home. We have a full article on the matter giving simple details

All Taxes You Have to Pay when Buying a Home

Mortgage Insurance – Real Estate Safety Net

Mortgage insurance, not to be confused with mortgage tax, is an insurance on being able to pay your mortgage. Typically this is only required if you make a down payment less than 20% of the original purchase price. Also called private mortgage insurance or mortgage insurance premium (the same thing, but when you receive a mortgage through the Federal Housing Authority). Additionally, those receiving a loan over the department of veteran affairs are not required to pay mortgage insurance of any kind.

How much is Mortgage Insurance?

The rates of mortgage insurance are typically between 0.55% to 2.25%. This percentage is calculated as a proportion of your loan. For example, a loan totalling 2 mil. with a mortgage insurance rate of 2% will be $40.000. Additionally, these are typically paid annually.

• 0.55% to 2.25% of total Mortgage

Furnishing – Critically Underestimated

Actually putting your furniture is an often underestimated part of buying a new house. Although irrelevant for those merely seeking to spread investments, for home owners, these can be substantial sums. The costs of moving into a new house can be on average up to $35.000. Moving costs on average between $1.100-$5.630 for the average homeowner, and for those buying properties in the millions, this sum is substantially larger. These include a thorough professional cleaning of the new house, hiring movers, which can costs up to 50$/hour adding up to thousands. Then supplies to move such as a blankets, or paint to paint walls, as well as hired painters. The list goes on.

• Up to $35.000

For property investors looking to rent out their property, even more significant costs can be expected. With sums of $10.000 to be expected for an unfurnished house, homebuyers often do not calculate this into their expected costs.

Discount Points: How to Reduce your Mortgage Payment

Discount points are also called mortgage points, upfront points, or just points. These are not mandatory, but if paid offer considerable advantages, given that there is not a low loan rate. The buyer pays a certain amount to the seller, which then enables the buyer to lower the interest rate on their mortgage. These can be used similarly on conventional or government loans. If you invest in one discount point, you are able to reduce your interest rate by 1%.

• 1 discount point = 1% less interest

When to Buy Discount Points

It is advantageous for a buyer to invest in discount points when two factors come true

1. The buyer intends to own the property for a long time, which means that the interest will be paid for a long time. A discount point would then mean leass dollars paid each month, and over many years this would be worth it.
2. If you plan on paying your mortgaeg off in the designated time period or longer. For persons who intend to pay an e.g. 10 year mortgage off in 5 years, a discount point would be worth it.

What is an Escrow Fee?

This is a fee which is paid to the title company, escrow company, attorney, etc. who helped the buyer close the sale. Like most other closing costs, these are a percentage of the sales price. Often teh value of which is split between the buyer and the seller.

This fee goes to the escrow agent who helps you close. It can vary based on the purchase price of the home, but it is paid to the party who handles the closing: the title company, escrow company or an attorney, depending on state law.

Title Search Fee – Paid to Title Company

The title search fee is another closing cost. It pays for the work which the title company (an organisation which typically the buyer has hired) does in ensuring that there are no issues in ownership or past disputes. This is an aspect of closing costs in which it is quite simple to reduce costs by investing time to identify high quality and low-cost companies.

Survey/Appraisal Fees – Land Inspection

You will need to be have an official and registered survey and appraisal of a property for the lender. If an existing survey of the land you wish to purchase cannot be procured, a new survey must be carried out to determine the exact boundaries of the land. These usually cost about $500. For the appraisal, you pay a certified appraiser to determine the value of the house. Most lenders require this, this usually costs between $300 and $400.

• Between $300-$400

Property Tax – Pro Rata at Purchase

Property taxes must be paid pro rata at the point of sale. This means it is included in closing costs. For a full overview about this and other taxes, such as the recording tax (also called recording fee or notarization fee) refer to the full article

• All Taxes you Pay when Buying a Home

Origination Fee/Loan Origination Fee

Part of the mortgage closing costs, this fee covers administrative costs for processing a loan, and is usually 1% of the loan amount. Some lenders do not charge this, and instead have a higher interest rate. It is important to know that, often, these fees can be itemized in your final statement.

• Cost about 1%

Homeowners Insurance – Extra Security for Home

Just like with property taxes, when buying a home, you are required to pay a pro-rated share of the homeowners insurance. That means you need to pay ahead for a given time period. This time period is generally one year. Because you pay the insurance premium, the cost depends on the insurance of the house

• One year Insurance Premium

Attorney Fees – Should I get an Attorney?

These won’t be necessary everywhere, or with every purchase. Some states require an attorney to oversee the purchase of the house, and in some situations the buyer may want an attorney for other reasons. These attorneys take fees of course, and when purchasing a property, you will need to pay them. Attorneys are actually mandatory when buying property in New York.

Title Insurance – Protecting Against Claims

Title insurance is intended to protect both the lender and buyer from claims. These claims may be against the house in the case of the lender, and for the buyer prootection against past contractors making claims.

Lender’s Title Insurance

The lender title insurance is a one time fee paid at time of closing. It is paid to the title company, to protect in the case of an ownership dispute, e.g. when a lien arises that was not identified in the title search. This fee is usually betweeen 0.5 to 1% of the loan amount

• One-time fee, up to 1% of loan amount

Owner’s Title Insurance

This is an optional fee. Although you may come to regret it heavily in the case that someone does challenge the ownership. Therefore, while it is not mandatory, it is done by almost everyone, and highly recommended in any case.

Broker Fees – Commissions for Real Estate Sale

Broker fees are probably the first thing people think of when thinking about closing costs. These are also called agent comissions or real estate commissions. These are often paid by the seller, but are also usually part of the negotiations, and in a sense therefore also paid by the buyer. They are the fees which are paid to the brokers of a real estate purchase. These brokers are usually the listing agent (i.e. the seller’s agent who offers the property) and the buyer’s agent (who finds the property for the buyer, organizes, etc.). The fee is usually between 5-6% of the purchase price, meaning an additional cost of up to $60.000 if you are buying a property worth $1 mil.

• 5-6% of Purchase Price

Celebrities, Surf, and Tech

Los Angeles is quintessential for America, and along with New York, perhaps the poster city for the United States. This city is unique for its mix of young, laid-back and progressive people, as well as the glamour of Los Angeles, and big-city downtown. Home to the world’s most famous movie production area with Hollywood, as well as countless cultural icons, this is the city to see and be seen. It is home to some of the most luxurious and high-end real estate in the world, such as this 35$ million Hollywood mansion.

Los Angeles has many neighborhoods, districts and counties within its broader metropolitan area. There are 15 so-called districts which are named 1 through 15, all of which are situated in two counties (Los Angeles County, Orange County). Yet similarly, there are 72 neighborhoods, including Westwood, Venice, or Bel Air. Some divide the metropolitan area into 4 districts: Beverly Hills, Santa Monica, Hollywood, Anaheim, and Los Angeles proper.

Already know you want to move to L.A.? Let us help you with our guides

• Buy Apartment: Los Angeles
• Buy House: Los Angeles

Los Angeles Facts

It has a population of 3.99 million, meaning it makes up 9.9% of California’s massive 39.51 million inhabitants. According to a large sample surveyed, 37% of inhabitants from Los Angeles rated their health care system as good or very good, ranking it 9th in the World, ahead of other Metropolises like Montreal and Berlin. Los Angeles Airport (LAX) is the third busiest airport in the world, and reported a 0.8% increase in the past two years. The housing market is massive in Los Angeles, and popular among real estate investors. Learn more: Luxury Realtor Los Angeles.

Bird’s Eye View of Los Angeles

Want to see how Los Angeles looks from the sky? Check out these drone shots of the City of Angels.

Map of L.A. and Surroundings

Real Estate Investment Los Angeles

Los Angeles is a massive city, spanning multiple counties. It’s near impossible to decide where to live. Generally, there are those that want to live in the famous residential areas of Bel-Air or Beverly Hills, there are also people who want the tumult of downtown LA, or younger people, and those looking for a more comfortable atmosphere will head to e.g. Silver Lake or Mid City. In general, for Los Angeles, it’s a good choice to rent, as opposed to buy. With purchases prices being comparatively high.

• Lowest rent: Jefferson Park $1.355
• Highest rent: North of Montana $4.690

Buy or Rent?

Los Angeles, what type of investment should you make here? You would likely be best served with the choice of a rental property. The median home price somewhere around $630.000, with a 3.5% downpayment translates to monthly mortgage payments of over $3.000, compared to the average renta price for a three-bedroom of $2.600 a month. Although, this calculation turns with time, where if you live in a property longer than four years, ownership is cheaper than renting.

Our full rundown on L.A. real estate investment:

• Real Estate Investment Los Angeles

Is Real Estate Expensive in Los Angeles?

Home prices in the metropolitan area of Los Angeles increase by about 13% annually, with the number of sales also increasing over the past year. The median price of an apartment is now $667.000. On top of this, rental prices have been steady in the past years, when looking at average rent.

• 2017: 2.281 $/m²
• 2018: 2.385 $/m²
• 2019: 2.516 $/m²
• 2020: 2.524 $/m²

Property Taxes – How Much to Pay

California property taxes are not bad compared to the national average. Especially Los Angeles county is good regarding real estate taxes. The property taxes of counties surrounding Los Angeles, of Orange County Los Angeles County, and Fresno county are as follows:

• LA County: 0.75%
• Orange County: 0.68%
• Fresno County: 0.84%

Most Popular Los Angeles Neighborhoods

Everyone knows the luxury of 90210, the Bel Air bluffs or Venice Beach. There are more neighbourhoods in L.A. apart from these.

Culver City – Brooklyn of Los Angeles

Silver Lake, often described as the “Brooklyn of Los Angeles,” is much more than just a hipster’s paradise. This popular downtown L.A. neighborhood has transformed its image over the years from rough and tumble to upscale chic. Today, celebrities, artists, professionals and more and more families live here. Silver Lake is characterized by its diversity and versatility, but above all by its authenticity. It offers one of the best residential locations in L.A.

Silver Lake – Home of Artists

Silver Lake is located east of Hollywood and is one of the hippest neighborhoods in town . It’s hipster like out of a picture book. The place is packed with great bars, hot restaurants, wine stores, one or three art galeries, and it’s teeming with young people, both professionals and artist types. If your idea of a good time includes lots of coffee, cocktails and unique dining experiences and doesn’t include quiet, relaxing nights at home, then Silver Lake is for you. A current average selling price of $1,144,000 for houses means this area is high-end real estate.

Glendale – Best Place to Raise a Family

Glendale is one of the safest areas in LA. If you’re looking for a place where you know you can raise your kids with confidence, safety is more important than anything else. Just a few miles from downtown Glendale, you’ll find the LA Zoo, the Norton Simon Museum, Travel Town, hiking trails in the San Gabriel Mountains and many other places to relax. Glendale is probably best known for its Brand Boulevard, a famous shopping street where a variety of businesses have gathered. Here is The Americana at Brand, a huge outdoor shopping complex. Zillow classifies the Glendale housing market as “very hot”.

Monrovia – Small-Town Charm

This growing city of nearly 40,000 inhabitants differs from other communities by its dynamic small-town charm and the accumulation of high-tech industry. Many amenities are available here: Everything, from world-class cultural facilities and wonderful recreational opportunities to world-class education and health care, is directly available to residents. This is an up-and-coming area with steady growth and many opportunities, meaning it’s the perfect palce for young families. The average list price in Los Angeles is almost $750,000, in Monrovia closer to $650,000 dollars. Monrovia is a good place to buy at the moment.

North Hollywood – Stress-Free Area

North Hollywood is located in the San Fernando Valley, north of the Ventura Freeway and Universal Studios. Here you will find the vibrant NoHo Arts District, a hip enclave where theater – not film – is the big star. What’s great about NoHO – and unusual for the area – is the fact that everything is within walking distance, easy and stress-free. The district is full of local stores, pubs and nearly a dozen performing arts theaters. Call NoHo at home if you want to be surrounded by retro-inspired cocktail lounges, craft beers, vintage stores and casual cafes.

Highland Park – Next Silver Lake

Highland Park is a bit like the up-and-coming, soon-to-be Silver Lake. Since 2013, it is one of the most up and coming neihgborhoods in the whole of the US. Prices for real estate here are skyrocketing. It is also one of the oldest neighbourhoods in Los Angeles, and is inhabited by a very diverse ethnic mix of people.

Venice Beach – Classic and Iconic

This unique beachfront town in Los Angeles County has sand, surf, and a lot of local color, as well as a booming tech scene. This area has earned the title of “Silicon Beach”, but is also home to the stereotypical Californian beach lifestyle. It is known for its community of artists and quirky stores as well as perhaps the most famous street in the country, Venice Beach Boardwalk. Thanks to the booming LA tech scene, the neighborhood is full of young professionals. Rental prices are comparable to those in West Hollywood, and since the beach is within walking distance, the price tag is well worth it.

Special – Buy Apartment Los Angeles

Los Angeles, where dreams come true. The home of celebrities, hollywood, a sprawling cityscape, beach and surf, and everything else you can imagine. From Malibu to Bel Air, Silver Lake and Venice Beach. It’s worth the traffic and chaos of the metropolis, to experiennce the unique atmosphere of this city. So you want to live in Los Angeles, but don’t know where to start? It’s certainly not easy wrapping your head around where and how to live. Do you choose Mid City or and a retail paradise, or Silver Lake, and hang out with the young students? We give you the full run-down below. The Los Angeles real estate market, like so many of U.S.’ super cities, is doing well. Los Angeles is neither a sellers nor a buyers market. Prices are also increasing, taking single-family residences, by over 16%.

We take care of all questions you could have in our full guide on buying an apartment in Los Angeles

Buy Apartment Los Angeles – Full Simple Guide

New York: Many Cities in One

Buying New York Real Estate is a challenge, and we help you with the most important information about where and how to buy here. New York City has 5 boroughs: Bronx, Brooklyn, Manhattan, Queens und Staten Island. Manhattan itself is an island divided into numerous neighborhoods, so-called Neighborhoods. The Bronx is located on the mainland, north of Manhattan, Queens and Brooklyn on the western tip of Long Island. While Staten island is an island separate from the others. The five boroughs are connected by numerous bridges, ferries and tunnels, so it’s possible to get almost everywhere by subway. Each has their own unique style, and is famous for different things. It’s no wonder more and more people are buying an apartment in New York or buying a house in New York.

What makes NYC Unique – Not Just good Property Investment

More than 8 million people live in New York, in a total area of 1,214.4 square kilometers. Countless galeries, museums, theaters, parks, restaurants and sights attract around 50 million visitors annually. A cultural melting pot, over 800 languages are spoken, and you can find food from almost every place on earth. In addition, New York is one of the most important trading cities in the world. In addition to the stock exchange, many international corporations have their headquarters here, forming an important economic area. Being one of the world’s financial centers, investing is a large market. Read more about investing in New York.

Geographic Explanation – Different Cultures in NYC

One example is the Bronx, New York’s northernmost district. There you will find for example Yankee Stadium, Bronx Zoo, Woodlawn Cemetery, Little Italy and the New York Botanical Garden. Today, in addition to apartment buildings and social housing, there are also residential districts of the middle class in the Bronx. Like no other district in New York, immigrants from Central and South America, Africa and Kosovo have shaped the cityscape. This is in contrast to Manhattan’s wall street and businessman lifestyle, or Brooklyn’s art and student scene. New York City offers many things for diverse groups of people, among others being strong investment opportunities.

Investing in the Big Apple

Manhattan, Upper East Side, Midtown & Co. Buying luxury real estate in New York requires local market knowledge. Especially in times of low interest rates it is worthwhile to invest in a good property, whether in New York, Los Angeles, Miami or even cities like Chicago. From New York property taxes, to the small 50-80 sqm condominium to the spacious private property with up to 1,800 sqm of land. We track down the properties that offer the greatest return and the greatest possible luxury and comfort for you. Back to: Luxury realtor + properties.

• Investing in New York

New York from the Sky

Below a video showcasing the dramatic skyline of New York with a drone flight taking you between the skyscrapers.

Real Estate Investment: Now is the Time

New York needs no introduction. The big apple is one of the biggest tourism destinations, art powerhouses, financial and population centers, and much much more. The districts which are important to know for investments are mostly in Brooklyn, where a combination of gentrification, low prices, and an attractive atmosphere make living increasingly more attractive. Just taking a short look at Williamsburg shows everything you need to know. Not to forget as demanding attention, Bushwick, Bedford-Stuyvesant and Flatbush. Buying an apartment in New York‘s hippest areas is bound to be a challenge.

Strong Economy Means Smart Investment

In regards to economic developments, New York is seeing a surge. Recently, many top companies from digital sectors have moved headquarters or opened offices in the city. This means increased investments in multiple sectors, as well as increased demand for rentals in the inner city. The general real estate market has weakened over recent times, meaning the classic investments of earlier years like TriBeCa or Soho where high square meter prices dominate, are currently clever investments. The market is likely to recover, and these parts are unlikely to become unpopular.

Buy or Rent?

So you’re looking at real estate in New York, what do you have to know? First, it depends on where and how long. If you’re looking at the downtown core, like Manhattan, it’s near-impossible to buy, and rent is comparatively cheap. In up-and-coming neighbourhoods like Chelsea, or even better Bushwick, you’re well-taken care of to buy. Buying in Bushwick carries the same financial load as renting for three and a half years. So, if you want to go straight to the core, in Manhattan, SoHo or TriBeCa, hesitate with a purchase, while places like Brooklyn, with comparatively high rent prices are the places to buy.

What are the Prices Like?

Properties are becoming increasingly large. This is acccompanied by an increase in purchases of properties valued at more than $1 mil. In New York, real estate is all about location though, with Manhattan. On average throughout all of New York City, one-bedroom apartments can be had for $2.810/month, or two-bedroom apartments at $3.576/month. In e.g. East Brooklyn, the average rent is at $1.250/month, demonstrating the large gap. The prices for apartments below:

• Median price: $916.000
• Average per square meter: $7.244/m²

New York Taxes

New York, like every state has its own tax system. It’s complicated, and the most you can do is try to understand it. We have a short summary below of New York real estate taxes.

Interested in property taxes in New York? Our full article on the matter should be interesting to you:

• New York Property Taxes – Everything to Know

New York Property Tax Explained

In New York, property tax is quite high compared to other states. In New York State, property taxes change from year to year, depending on the needs of the state. Additionally, it is also complicated by the fact that tax rates are constructed in millage rates as opposed to tax rates

Mill Rates are Tax Rates

Millage rates serve the same purpose and work quite similarly to conventional property tax rates. A millage rate, is first and foremost a number. This number indicates the amount of property tax a property owner is required to pay for their property. A mill rate of 1 indicates 1$ of tax for $1.000 worth of property, a mill rate of 24 indicates $24 of tax per $1.000 worth of property.

• Mill Rate of 1 indicates 1$ of tax for $1.000 worth of property

Residential Assessment Ratios

Sounds complicated, but if you’re looking into buying real estate in New York, you have to know what RAR’s are. RAR’s are a method by which the state accounts for fluctuations in the real estate market. You can challenge the assessment given to you via the RAR when you believe you property is worth 10% less than the assessment. By law, the equalization rates are used to divide taxes in tax zones that cross municipal boundaries. These tax jurisdictions can be school districts or the county.

• RAR is a ratio determining the assessment of your home

Too Much Property Taxes on your Home?

As always, there is an assessment on the value of your home. To calculate the property taxes you have to pay, you would usually calculate your property tax by multiplying this by the tax rate of your county. In New York state, you receive an approximate value which you multiply by the Residential Assessment Ratio. This gives you a value on your property, based on which you will pay your property tax.

Estimated Value = Assessment Value x RAR

Buying Property: Mansion Tax

When buying a property in New York city, you may be subject to the “mansion tax”, beginning with an extra rate of 1% when buying properties worth more than $1.000.000. This tax is intended to provide the state more funding from high earners or those with more capital. This tax, unlike property transfer tax, is paid by the buyer. For this reason it is also a staggered tax, with higher property prices incurring higher rates. These rates are from 1% up to 3.9% depending on the value of the property. Below the mansion tax rates, depending on the amount the property is bought for.

• 1.00% – $1.000.00 < $1.999.999
• 1.25% – $2,000,000 < $2,999,999
• 1.50% – $3,000,000 < $4,999,999
• 2.25% – $5,000,000 < $9,999,999
• 3.25% – $10,000,000 < $14,999,999
• 3.50% – $15,000,000 < $19,999,999
• 3.75% – $20,000,000 < $24,999,999
• 3.90% – $25,000,000 or more

Mansion tax is just one of the taxes you have to pay when buying real estate. Learn more in our article on Taxes You Pay when Buying a Property.

Neighborhoods for Real Estate Investment – SoHo, Williamsburg, TriBeCa

There are too many neighborhoods to remember. Here we present the most important, hottest, and up-and-coming neighborhoods to keep in mind. If you’re looking to buy real estate in New York, these are where to look. They are home to some of the most interesting and luxurious real estate in North America, read more New York Luxury Real Estate.

1. East Village
2. SoHo
3. Park Slope
4. Williamsburg
5. Greenwich Village
6. Chelsea
7. TriBeCa

East Village

Once a paradise for hippies and the punk movement. Without losing its artistic touch, the East Village is now home to many boutiques and restaurants. Among those who have lived here: Madonna, Lady Gaga, Lou Reed, Iggy Pop. The East Village covers the area east of 3rd Avenue and Bowery to the East River, between 14th Street and Houston Street.

SoHo

SoHo represents what many people first think of when they hear New York. A chic neighborhood full of art galeries, boutiques, restaurants and bars. SoHo is a shopping and nightlife district, but also one of the safest neighborhoods. This is also a hotspot for movie productions and film stars!

Park Slope

Park Slope is the definition of a well-rounded neighborhood. It is blessed with excellent public schools, low crime rates, extensive green spaces, diverse shoping opportunities, and a population with more artists and creative people than even Williamsburg (see below), along with high-end restaurants and bars, and Prospect Park, one of New York’s most beloved and famous parks.

Williamsburg

Williamsburg, the birthplace of hipsters, and current home to many artists and personalities.Besides small stores you will find many interesting art galeries and street markets, along with many cafes and cozy bars where you can try local beers, combined with ever-improving public transportation connections to nearby Manhattan. Williamsburg presents the alternative side of New York and it is quite refreshing.

Greenwich Village

Greenwich Village (or simply “The Village”) is the part of NYC where everything is a little different and quirky. The residents are mostly students and the young working class. The neighborhood also offers some of the best private schools in the city, high-end restaurants, shopping malls, and is an entertainment center. The streets in the Village are not geometrically organized like in most parts of New York, which makes it feel like a real village.

Chelsea

Chelsea is one of the hippest neighborhoods in New York, offering many cool art galeries, classy boutiques and even classier restaurants, which attract especially a young audience. Chelsea is especially popular with writers, painters and actors. The area has very good public schools, large health and fitness facilities and a vibrant nightlife and many outdoor activities and transportation. The optimal place to settle down with families as the neighbor’s safety is quite high and the crime rate is low.

TriBeCa

According to Forbes magazine, TriBeCa is the most expensive neighborhood in New York and home to stars like Beyonce and Jay Z, Justin Timberlake and Leonardo DiCaprio. It is not surprising that you will find many luxurious stores and restaurants here such as at the exclusive Tribeca Grill. In general you should have enough money with you when you visit TriBeCa.

More Popular New York Neighborhoods

There are more neighborhoods, which may not be the first places to think of, but which still have a strong personality and much to offer. These include Bedford-Stuyvesant, one of the most up-and-coming neighborhoods in all of New York, Flatiron, home of Jeff Bezos’ $80 million apartment, or the Upper West Side, setting of a West Side Story.

• Sunset Park
• Riverdale
• Parkchester
• Battery Park & Financial District
• New Dorp
• Chelsea
• West Village
• Chinatown
• Sunny Side
• Jackson Heights
• Inwood
• Bedford Park
• Dumbo
• Brighton Beach
• Upper East Side
• Harlem
• Morningside Heights
• Carroll Gardens
• Corona Park
• Co-op City
• Upper West Side
• Bay Ridge
• Woodside
• Flushing
• St. George
• Fort Greene
• Flatiron & Gramercy
• Red Hook
• Astoria
• Sheepshead Bay
• Washington Heights
• Cobble Hill & Boerum Hill
• Nolita & Little Italy
• Belmont

Special – Buy Apartment New York

New York, the city of dreams. You too can live your dream of owning real estate, and that in one of the top cities worldwide in everything from fashion to finance to art and food. Buying an apartment in New York certainly isn’t the easiest of tasks, but one that is likely to leave you happy you took the risk. But! New York has a complicated real estate system as everyone knows. Buying an apartment here means many different things than it does in other parts of the U.S.A.

We take care of all questions you could have in our full guide on buying an apartment in New York

Buy Apartment New York – Full Guide