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.