After months of searching and studying up on board rules, you have found your perfect co-op! It offers everything you had on the checklist and the long hunt through NYC is officially over. However, there is one final hurdle to overcome – the board interview. This is the step of the buying process where you will meet the board and be asked a series of questions prior to final approval for tenancy. For many people, this can be a nerve wracking step in the process since you have come so far with bank approval, signed contracts, etc. To lighten the stress that this day can carry, we have provided a couple of key tips that we have gathered from experience of dealing with board approvals:
- Be on time or a little bit early – punctuality is important and shows your care for the tenancy. It is always recommended to double check with your broker before attending to make sure you have everything you need as well as the correct time. You may even want to meet with your broker at a nearby location 15 minutes in advance to make sure that you are prompt.
- Be prepped for personal questions – The board will likely want to get to know you so personal questions will likely arise. Some questions may related to previous job experiences, salary changes, frequency of recent moves and this is common in the process. However, you will want to avoid offering any personal information that is not asked for.
- Prepare in advance if there will be more than one person with you – If you are going to be interviewed with someone else, plan out who will speak to financials, personal questions, etc. It will mitigate any confusion and show preparedness for the interview.
- Don’t lie – This one is self-explanatory, but as quoted by Baltasar Gracian – “A single lie destroys a whole reputation of integrity”. It is important to be yourself as the board is looking to learn more about who their next neighbor may be.
To learn more tips on handling your next board interview, download our full guide here. If you are planning to search for a co-op, contact us here and one of our buyer specialists will gladly assist in your next steps.