5 Tips for Buying an Affordable Apartment in a Major City

Living in a major city can help you to ensure that fun and adventure always remains at your fingertips. You might live in an apartment situated near a bar where the partying continues late into the night or find a place next to a bodega that hand-delivers the best homemade German potato salad you've ever had in your life. Most permanent city dwellers eventually start considering buying their pads rather than continue to pay increasing rents. Before you start shopping for apartments that may be on the market in your city, consider these five tips that will aid you in getting a great buy.

1. Look Outside the Heart of the City

It makes no difference if you are looking to buy apartments in Houston, Texas, or Manhattan, New York: properties that are closer to the center of the city are going to be higher in price than those located in the outskirts. If you can live with commuting 15 to 20 minutes to the heart of the city that you plan on residing in, you can reduce the purchase price of your apartment considerably.

2. Don't Rule Out Co-Ops

Co-ops are kind of like condos, only owners have much more control of both the individual apartment units that they live in as well as the buildings themselves. And you won't technically own your apartment, but you still get all the benefits, including if you ever decide to sell your unit. The best part about co-ops is that they are exceedingly affordable.

3. Increase Your Income

If you are going to need a mortgage loan in order to buy an apartment, you should increase your take-home pay now. In major cities, an apartment can be as expensive as a suburban mansion. To get loan approval, you will need to prove that your income is sufficient to pay monthly mortgage payments.

4. Be Prepared to Make Improvements

Apartments are generally occupied by a lot of different tenants, so it may be necessary for you to buy new appliances or make other improvements after taking possession. As long as you include the cost of renovations in your budget, moving into your newly purchased apartment will be convenient.

5. Consider Apartments Outside Your Budget

You may really want to purchase a three-bedroom apartment; however, there just may not be as many units in your price range as you'd like to see. Looking at apartments that are not within your budget won't be a waste of time, especially if you are able to negotiate with the owner.

Talk to a company such as Gerber Management Services for more tips.