Buying a luxury apartment in New York City is almost always a good investment, whether you live in it or rent it out. Knowing the right questions to ask and what to look for can turn your good investment into a great one.

Why invest in a luxury apartment?

The best reason to buy a luxury apartment is so that you can live there! Nothing beats the feeling of living in your very own place in the heart of the city. But another great reason is purchasing as an investment. Most apartments in the city raise rent once a year, and the value of your apartment typically increases as the rent goes up.

Owning a valuable apartment in the city also can produce monthly income for you through rent you collect. And if the economy should turn on you, you can always lower the rent to keep your apartment occupied.

Evaluating your investment

As you research apartments you may consider buying, look for features that can make a luxury apartment truly exceptional. These fall into several categories: apartment features, building features and community features.

Apartment features:

• Generous living spaces.

• Unobstructed views.

• High-end flooring.

• Gourmet kitchen with plenty of work space.

• Contemporary lighting.

• Energy-efficient features.

• Ceilings of at least 10 feet.

• Upscale finishes throughout.

• Washer and dryer installed in the unit or ability to install one.