To be completely honest, it is really quite difficult to find the perfect apartment in New York City without a real estate agent/broker. The Manhattan real estate market is an extremely large and overwhelming beast. Things move very quickly around here and trying to take on the market on your own can be an enormous undertaking.
You see, while buyers may purchase an apartment every few years, brokers eat, drink and breathe the real estate market. They know the laws, neighborhoods, what is a good deal and isn’t, and have a vast amount of experience that could mean the difference between a mediocre overpriced apartment, and your perfectly priced dream apartment.
The experience and knowledge they have is invaluable and is impossible to find elsewhere. As great as we think this guide is, it still shouldn’t take the place of a qualified and experienced real estate agent.
Another thing to note, is that you are competing against literally hundreds (sometimes thousands) of buyers who are looking for the exact thing you are. Working with a single broker with whom you trust and are comfortable with will give you a competitive advantage over those buyers who don’t have an agent or (even worse) those who are working with multiple real estate agents.
So if you are planning on not using a broker, or multiple brokers, you will be at a major competitive disadvantage over buyers who have a relationship with a single broker who has their buyer’s interests at heart.
This is not to say that buying an apartment in the city cannot be done without an agent, just that it might mean the difference between you and your perfect apartment.
So after you have a good idea of what you want in an apartment (see steps 1 and 2 for this) the next step is finding the right broker.
That is where CityRealty comes in. After understanding what you are looking for, we can connect you with the broker that we think would be best for you.
Best of all, it won’t cost you a thing.
A 15 minute conversation with one of our real estate consultants will help us connect you with the perfect broker. So what are you waiting for? Click here to let us find the perfect broker for you.
Step 2: The Differences Between Co-ops, Condos and Townhouses
Monday, January 4, 2010 0 comments
When buying real estate in New York City, you have three basic choices: condominiums, cooperatives (co-ops) or townhouses/brownstones. Each type has certain advantages and disadvantages, and you should understand each before you make your final purchase. Keep in mind that these are very brief summaries; for a more detailed explanations of each visit CityRealty.com.
Condominiums
In a condominium, a purchaser owns the apartment plus a percentage of the common areas of the building. They take title by deed which is recorded in the county clerk’s office. When you buy a condo, you enter into an association that provides services like maintenance to the common areas for a monthly fee.
Because you own the property, you will pay property taxes (separately or inclusive) with your mortgage payments, and the closing costs will be higher than that of co-ops.
Cooperative Apartments
A co-op is a short term for a residential property owned and managed by a corporation. When you buy an apartment in a co-op you are actually purchasing shares in a cooperation, as opposed to purchasing the real estate itself.
You then have exclusive rights to live in a given unit to which those shares are assigned. Co-op maintenance fees can be higher than that of a condos, but portions of the mortgage payment are usually tax deductible. Keep in mind that most co-op boards require that you have at least one third of the purchase price available in liquid assets.
Townhouse & Brownstones
These are freestanding 2-5 story building usually built before the war (known as “pre-war”). Brownstones are generally more elegant, while townhouses tend to be more plain and have smaller living spaces. Usually, these types of buildings are home to families and well-established people who enjoy their privacy.
The prices of these buildings vary depending on location, size, condition, and legal status. You will enjoy the comforts of owning your own home, you have total control over maintenance, and it’s easier to sell then condos or co-ops.
See a full list of the advantages and disadvantages of each at the CityRealty New York Buyer’s Guide.
Condominiums
In a condominium, a purchaser owns the apartment plus a percentage of the common areas of the building. They take title by deed which is recorded in the county clerk’s office. When you buy a condo, you enter into an association that provides services like maintenance to the common areas for a monthly fee.
Because you own the property, you will pay property taxes (separately or inclusive) with your mortgage payments, and the closing costs will be higher than that of co-ops.
Cooperative Apartments
A co-op is a short term for a residential property owned and managed by a corporation. When you buy an apartment in a co-op you are actually purchasing shares in a cooperation, as opposed to purchasing the real estate itself.
You then have exclusive rights to live in a given unit to which those shares are assigned. Co-op maintenance fees can be higher than that of a condos, but portions of the mortgage payment are usually tax deductible. Keep in mind that most co-op boards require that you have at least one third of the purchase price available in liquid assets.
Townhouse & Brownstones
These are freestanding 2-5 story building usually built before the war (known as “pre-war”). Brownstones are generally more elegant, while townhouses tend to be more plain and have smaller living spaces. Usually, these types of buildings are home to families and well-established people who enjoy their privacy.
The prices of these buildings vary depending on location, size, condition, and legal status. You will enjoy the comforts of owning your own home, you have total control over maintenance, and it’s easier to sell then condos or co-ops.
See a full list of the advantages and disadvantages of each at the CityRealty New York Buyer’s Guide.
Step 1: The 4 Most Important Things To Consider When Buying an Apartment in New York City
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New York City has some of the most diverse housing options available; which means as a buyer, you have literally thousands of options. To make it easier to navigate this extensive (and sometimes overwhelming) market , we have compiled the 4 most important things to consider when buying an apartment in New York City.
1. Budget. This is the most obvious factor when considering buying an apartment in New York (and the most important). The price of an apartment varies depending on a number of variables -size, building, location, type, features, age, etc – so it’s crucial that you establish your budget first.
Most buyers will obtain a mortgage to finance the purchase, so it’s important you become “pre-qualified” with an active New York City mortgage lender. You can see the benefits of becoming pre-qualified here.
2. Neighborhoods. There are dozens of neighborhoods in Manhattan, each with its own personality and feel. Location is crucial when choosing an apartment – do you want to be close to work? Close to your children’s school? Near Central Park? Next to great restaurants?
Consider these things very carefully, and establish what your priorities are. The city is relatively small and the public transit system is remarkably efficient, but you don’t want to live 5 blocks from the Subway Station when being close to public transportation is important to you. There are many neighborhood guides that will help you choose – click here to see one of the best.
3. Apartment Features/Size. New York City is known for having apartment buildings with excellent features and many options. Do you need a one or two bedroom? Large living room? Big kitchen? Space for a maid or home office? Are views important to you?
Keep in mind that while features are important, there is a price attached to each one. Make a list of what you need, and what you want, and prioritize them based on how much you are willing to pay for each one.
4. Building Type and Amenities. Last but not least, you have to decide what type of building you would like to purchase. Do you want a co-op or a condo? (Read the differences between the two here).
Now determine what features are important to you – doorman, concierge, health club, in-house dry cleaning, pre-war, pet policy, pool spa, etc. This can be a daunting task, but there are a variety of sites that have profiled each building and rated it according to each of these features so you can find the one you want. For instance, CityRealty.com has profiled virtually every condo, co-op and apartment in the city, and you can search all of them for free here.
Best of luck finding your dream apartment, and if you need any help finding what your looking for, contact CityRealty.
1. Budget. This is the most obvious factor when considering buying an apartment in New York (and the most important). The price of an apartment varies depending on a number of variables -size, building, location, type, features, age, etc – so it’s crucial that you establish your budget first.
Most buyers will obtain a mortgage to finance the purchase, so it’s important you become “pre-qualified” with an active New York City mortgage lender. You can see the benefits of becoming pre-qualified here.
2. Neighborhoods. There are dozens of neighborhoods in Manhattan, each with its own personality and feel. Location is crucial when choosing an apartment – do you want to be close to work? Close to your children’s school? Near Central Park? Next to great restaurants?
Consider these things very carefully, and establish what your priorities are. The city is relatively small and the public transit system is remarkably efficient, but you don’t want to live 5 blocks from the Subway Station when being close to public transportation is important to you. There are many neighborhood guides that will help you choose – click here to see one of the best.
3. Apartment Features/Size. New York City is known for having apartment buildings with excellent features and many options. Do you need a one or two bedroom? Large living room? Big kitchen? Space for a maid or home office? Are views important to you?
Keep in mind that while features are important, there is a price attached to each one. Make a list of what you need, and what you want, and prioritize them based on how much you are willing to pay for each one.
4. Building Type and Amenities. Last but not least, you have to decide what type of building you would like to purchase. Do you want a co-op or a condo? (Read the differences between the two here).
Now determine what features are important to you – doorman, concierge, health club, in-house dry cleaning, pre-war, pet policy, pool spa, etc. This can be a daunting task, but there are a variety of sites that have profiled each building and rated it according to each of these features so you can find the one you want. For instance, CityRealty.com has profiled virtually every condo, co-op and apartment in the city, and you can search all of them for free here.
Best of luck finding your dream apartment, and if you need any help finding what your looking for, contact CityRealty.
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