Here are our top tips before you buy.

The checklist below will help you prepare for your home search and ensure you are able to find the perfect home. 

  • Evaluate your budget
    • Know what to spend for a down payment as well as monthly expenditures (i.e.; maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, parking, etc)
  • Obtain mortgage pre-approval
    • You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperative apartments generally require at least 20% down. However, every building is different. 20% of Manhattan’s buildings are condominium buildings and the other 80% are cooperatives.
  • Select an attorney who specializes in New York City real estate
    • The buyer’s attorney does ‘due diligence’-reading minutes, financial statements of buildings etc.
  • Prioritize top needs
    • Space, light, views, building amenities, are all factors to keep in mind while making the time to view at open houses.
  • Identify the timeline for the move
    • Factors that can go into include but are not limited to: confirming the right moving team, taking time off of work, and making sure that your children are set to go to school in a new location. 
  • Explore different neighborhoods to identify your preferred needs 
    • Some of the top priorities when it comes to neighborhoods are the commute to work and the distinctive flare that each offers.
  • Research schools in the selected neighborhoods(s)
  • Evaluate access to transportation in the selected neighborhoods(s)
    • Again, each neighborhood can have an impact on daily commute, so you will want to make sure that it is manageable for you.
  • Work closely with your broker to gather supporting materials for your mortgage application and board package
    • Cooperative apartment buildings require board approval before a closing can take happen. Condominiums require an information packet to be completed before a closing can take place.
  • Once the apartment has been selected, review building financials with your broker and attorney.

To learn more about the buying process in NYC, download our full guide here. You can also contact us with questions or if you would like to speak with our buying specialists.

Leave a Reply

Your email address will not be published. Required fields are marked *