Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
There’s something oh, so glamorous about buying an apartment in one of the bigger buildings in New York City. Bigger buildings have more people, fewer group costs, and a lot more high-rises to choose from. Though most people like to think big, sometimes, it can pay off to get an apartment in a “boutique” apartment complex. Smaller Boutique Building in NYC has a lot to offer the right person, but is this move right for you?
It often seems like different apartment sizes tend to gear themselves towards people of different lifestyles. In a lot of cases, it’s not just an appearance. It’s legit. Here’s what you should know about getting an apartment in a petite building…
If you want to determine whether or not you should move into a petite apartment building, you need to be aware of how each building style will impact your living. Here’s the general scoop on what you should expect…
You will be more likely to know your neighbors, which is awesome. However, you also will have any problematic neighbors become a far larger problem than if they lived in a massive building. Who you live next to will make a huge impact here.
This can lead to undermanaged communities or heavily mismanaged ones.
If you have a low-demand building or a building that’s known for being lax, then you might be able to get approved for an apartment loan faster. This is particularly true in smaller low-income apartment buildings.
The more neighbors you have, the more likely it is that pests will come around. If pests spread from apartment to apartment, you might end up with unwanted guests that are even harder to get rid of.
This is also true about sharing liabilities. In a lot of cases, this can lighten the load that you have to face.
Carrying stuff upstairs is never fun. Moreover, some people get skittish in tall buildings.
With a larger building, there will be more people doing the managing and discussing matters. This can lead to a lot of bureaucratic red tape. Smaller buildings are better in terms of passing rules and having more personal freedoms.
Since they are limited in number, these types of apartments can be very exclusive. Certain buildings can be quite high in demand, which can drive up your profit when you sell it. A rare upside of buying an apartment in a smaller boutique building is that you won’t have hundreds of competing units to deal with when it comes time to sell. By default, your unit will be rare because there may be years in between when units in your building come to the market for sale. And when units do come on the market, they usually are the only listing in their building.
In fact, you’re most likely to find boutique buildings in Lower Manhattan neighborhoods like the West Village, Soho, Meatpacking District, Tribeca, some areas of Brooklyn, and the Lower East Side.
As you can see, having extra neighbors can really pay off. If you have too few units, you will end up with an unusually heavy burden when it comes to maintenance and repairs. Besides, it’s quite likely you won’t have any residents who are willing to work on the board and do it efficiently. However, having the intimacy, better prices and easier approvals can make a boutique apartment purchase a smart one.
Most people do not want to be in a super tower, simply because it is possible to feel crowded by being near so many others. However, being one of three families in a building can also be a pain. In other words, most people are best served by something in between the two extremes.
People who are open to doing due diligence when they move in are the ones who tend to do well with a boutique apartment. If you choose this, make sure to have a good amount of savings at your disposal. Since many random repairs end up being split between owners, you may find yourself with a sudden expense that could put you deep into debt if you’re not prepared.
If you want to have a smaller apartment building, it’s best to look for one that has at least 20 to 30 units. Most buildings shouldn’t have more than 300 or so unless they’re a high rise. Having a building that’s between 20 to 200 units is usually a good choice. Of course, there is more to consider that you have to be aware of…
If you want to go for an ultra-small apartment building, then you have to check out who will be living in or around you. Your neighbors will have a far higher impact in a small building. Here’s why it pays to take a look at the neighbors:
Before you choose an apartment, make sure you have a good feel of the place. These tips below can help you learn more about it:
New York City has tons of good boutique apartments that avoid the pitfalls of typical “small building living.” That’s why it’s best to ask your real estate agent or broker what they think about the decision. You might be surprised at what you hear—and how it may impact your decision to move.
One of the biggest risks to buying an apartment in a smaller boutique building is the fact that you’ll be responsible for a greater proportion of any building-wide expenses or liabilities.