Manhattan Real Estate For Sale

View from an apartment building in New York City.

Image via Wikipedia

New York City
Image by kaysha via Flickr

Before You Begin Your Search:

  • The most important step in the process of buying a NYC apartment is being prepared! The process of buying an apartment in Manhattan can be complex and overwhelming, even for a seasoned investor. Our experienced and talented agents are your best tools to help you navigate easily through this process. Before you even begin viewing Manhattan Real Estate for Sale, you should do a bit of research and try to have the following criteria met. Make use of our comprehensive website, guides, and agents to help you in this process.

1 – Decide what you are looking for!

  • New York City is one of the most expansive and diverse cities in the entire world. From this flows the obvious fact that the possibilities for an ideal home are endless, and the process would be almost impossible without first narrowing down a few factors. Having an idea of your budget and timeline are a good idea from the beginning of your search.
    As a guideline, it may be helpful to decide upon some of the following features before you begin viewing homes:

    • Price Range: This is one of the most important steps in buying a home. To really get a good idea of your budget, it is best to obtain a pre-approval for a mortgage in advance of the process.
      With this information, consider ALL the costs of buying, including your down payment, broker and attorney fees, and monthly fees (including maintenance, real estate taxes, mortgage payments, and utilities).
    • Type of Property: Basically, NYC offers two different options for buying property, which are condos and co-ops. Explore these options and decide which type you are looking for.
      Please refer to the section below, which describes each type of property in detail. Once you decide on which one, think about the size of property you want, the number of BR’s and baths, style of design, accessibility, and other factors that are most important to you. Then prioritize this list to help expedite your search.
    • Neighborhood: Decide within which neighborhoods you would like to focus your search. Consider factors such as safety, schools, transportation, trends in the market, hospitals, choices for dining and shopping, accessibility, and style of housing.
      Use the neighborhood guides on our website for a brief description of NYC’s eclectic neighborhoods.
    • Apartment Features: Choosing which apt features and accommodations are necessary for your lifestyle can help to eliminate many choices that do not match bringing you closer to your ideal home!
      Features you may want to consider are: view, pets, fireplace, balcony, doorman security, and conditions for subleasing.
    • Timeline: Decide upon a timeline for the whole process. Typically, buying a home in NYC can take anywhere from 3-5 months from beginning to end.
      Using an agent and the Internet to conduct your search speeds up the process astronomically, so in addition to working with one of NYC’s best brokers, definitely make use of our hundreds of color photos and descriptions!

2 – Know the differences between co-ops and condos, and be prepared for specific requirements!

  • Specific to NYC, properties available for purchase are categorized as either co-ops or condos. In order to better understand your options, here is a brief guide detailing descriptions of each.
    • Co-ops: About 85% of apartments in NYC for purchase are considered co-ops. A co-op is defined by shared ownership among a co-operative corporation of residential owners. As opposed to receiving a deed to “real” property, a purchaser receives a share of stock in the corporation.
      The percent of holdings depends on factors such as size of apt purchased and floor level. In addition to purchase price, owners must pay a monthly fee to the property owner’s association which manages payment of utilities, workers’ salaries, insurance, real estate taxes, and the mortgage indebtedness of the whole corporation.
      Due to the inclusion of real estate taxes and mortgage in these fees, parts of them are tax-deductible, which is one advantage of buying a co-op. Another advantage is that purchase prices tend to be less expensive than comparable condos. In addition, the much greater number of available co-ops in NYC lends a greater variety of options for a great home perfectly matched to your tastes! Of course, there are some disadvantages which include: typically higher monthly fees than condos, a limit on the percent of purchase price which can be financed, and less flexibility with sublet rules. The process can also be a bit more complicated due to the application process.
      The application process for a co-op includes an extensive review by a Board of Directors. This board reviews the applicant based upon an extensive Board Package and a personal interview. If you intend on purchasing a co-op, work closely with your agent to prepare an excellent board package, which details your complete financial history with supporting documentation, well in advance of the application process. The required information and documents include a proven record of your complete fiscal history, inclusive of job and salary history; personal and business references on official letterheads; copy of tax returns for at least last 3 yrs; and a full credit report. Work closely with your agent to develop a great board package for your application. If you are selected for an interview before the board, remember that each co-op board is different and specifies the rules for the association. This includes rules relating to subleasing, so be sure to ask all of your questions at this meeting. Review your application before the interview, and answer all questions clearly, confidently, and concisely. Show up in appropriate attire and prepared to answer personal and financial questions. F.Y.I. there is an option available for housing called a condo-op, which is a co-op that operates under condo rules. This option allows for better subleasing rules usually. Condo-ops are apartments located in a building used for a mix of commercial and residential interests. The ground floor is typically considered a condo, and is owned by an investor or group separate from the rest of the residential owners. The other owners receive shares in the co-op, but have freer rental rules. Beware of the use of this term in NYC, as it is sometimes misused. Let your agent guide you in the process!
    • Condos/Townhouses: The remaining 15% of NYC apartments are considered condos. Condominiums are gaining popularity in New York with the rise of many new residential buildings and condo complexes. When purchasing a condo, the buyer receives title by deed to the individual unit and a percentage of common areas like hallways, swimming pools, and the building’s exterior.
      The buyer pays property tax on his/her own property, as well as a monthly fee to the condo association, which manages collection and distribution of funds. These fees cover shared costs, but unlike co-ops, do not include mortgage payments or real estate taxes, so they are not tax-deductible. However, they do tend to be lower than comparable co-op monthly fees.

Ready To Begin Your Search!

1 – Prioritize Properties!

  • When you have completed your preparations and research, you are ready to really begin your search! Now is a good time to look into finding a great real estate attorney who is familiar and successful in the NYC real estate Market. With a great application package, a fantastic real estate lawyer, and the perfect agent, you are very well prepared to begin you search for the perfect home! Flip through hundreds of color photos with accompanying descriptions on our website. Refine your search by having your pre-planned list of desired amenities and features. Once you have a good idea of what’s out there, make a concise list of apartments you would like to view in the order in which you prefer them. This will save you a lot of time and effort, and will help you keep your search easy.

2 – Be ready to meet landlord requirements!

  • If you want to be accepted as a new owner of the apartment of your dreams, pay special attention to the specific landlord requirements. You should keep in mind what the landlord is looking for when you fill out your application and interview, so that you may put your best foot forward in the process. While specific requirements vary, The Home Team NYC has provided you with the guidelines above and NYC’s most talented agents!

Ready For The Big Move!

  • Once you have made the big decision, be sure you have asked all of your questions and are completely satisfied with the property. Having all of your application items prepared, you are ready to make an offer through your agent. Make a reasonable offer that will give you good chance of being approved. At this point, negotiations will begin, which can take anywhere from 3 days to 2 weeks. Go over all of the building financials, contract agreements, and down payment issues scrupulously with your attorney, making sure you understand and agree to EVERYTHING. If your board package is approved, and you pass your interview, you are ready to begin the closing process. The apartment will be inspected thoroughly one more time, and the finalization process will begin. Once closing is finished and all final transactions have been set with your attorney and the seller, you will receive your title, deed, or stock certificate giving you ownership to an amazing home in New York City!
  • As you can see, buying an apartment in NYC is a multi-step process with many requirements and necessary steps. Our dedicated and caring staff is hard at work to make this process as enjoyable as possible for our clients. Buying a home is a very special time, and we understand your desire to have the best experience possible as you purchase an incredible apartment perfectly matched to your lifestyle. Once you have everything ready, you can avoid being bombarded with confusing steps by being well prepared. Leave the rest to us so you can sit back, relax, and have fun searching through our color photos of gorgeous NYC apartments and properties until you find the perfect home for you!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: