How Much Can You Afford
Let’s face it, living in New York City is expensive. Before you start your home search, you’ll want to make sure your credit is in good standing. Your credit helps lenders determine if you qualify for financing and at what interest rate. Getting preapproved for a mortgage will let you know the loan amount you qualify for based on your income and credit information. Consider your household income, monthly expenses, and down payment to come up with a monthly mortgage payment that will fit your budget. If you’re a first time home buyer in NYC, be sure to read our blog post about the top 5 things you need to know.
What Type of Home is Right for You
Co-ops are generally more affordable than condos. Real estate taxes are usually lower and residents pay a monthly maintenance fee. This fee covers building expenses, taxes, and part of the underlying building’s mortgage. The requirements for buying an apartment and subletting it are very strict. If the co-op board isn’t satisfied with the buyer or renter’s qualifications, they may get denied.
If you want full control over your apartment, a condo is the best option. Condos are usually more expensive than co-ops. Each unit has a tax lot, which allows residents to pay individual real estate taxes and common charges. Condos don’t have as many restrictions as co-ops. The condo board may not reject a buyer or renter, but it may exercise the “right of first refusal”. This allows board members to buy or rent the apartment on the same terms offered to an outside buyer or renter.
If you are an investor-buyer looking to rent out the apartment, the right choice is a condo. Here are some helpful tips on buying an investment apartment in NYC. If you’re looking for a vacation or second home for personal use only, either a condo or co-op could work. If you plan to sublet the vacation property, a condo is best. Here’s more information about buying a vacation home in NYC.
How Much Space Do You Need
The cost of living space in one of the best cities on the planet comes at a premium. Figure out how many square feet you need to feel comfortable. Use your imagination, get creative, and discover ways to make the most out of your living space. If you’re going to be spending lots of time traveling for work or going out to enjoy the nightlife with friends, you’ll be able to get by with less space. If you work from home or enjoy spending lots of time at home, you may want more. If you’re not comfortable giving up space to stay within your budget you may want to explore different neighborhoods, as the prices will vary.
Which Neighborhood is Right for You
New York City has lots of unique and fantastic neighborhoods to choose from. Many of the communities feel like cities and worlds of their own. You’ll want to consider your specific wants and needs when choosing the best neighborhood for you. Think about the things that matter most to you. Is it the actual location, amount of space, price, or something else? If you aren’t familiar with NYC, do some homework online and visit the neighborhoods you think will suit you. It’s important to keep an open mind and be willing to make compromises if needed. Our agents are happy to answer any of your questions about the different neighborhoods. You may also want to check out our NYC neighborhood guide.
Working with a Buyer’s Agent
Our agents will help you streamline the buying process to make it as stress free as possible. Your agent will put together a comparative market analysis for each apartment you are considering. This way, you’ll know which of the options is a better investment. NYC is a very competitive real estate market, so working with a buyer’s broker is important. Our experts will provide valuable insights into neighborhoods and comparable sales. We will also negotiate on your behalf, and in your best interest. The seller pays the broker’s commission, so this valuable service won’t cost you a penny.