Things to Consider When Buying a Condo in NY
When purchasing a condo in New York, you will need to make a few important decisions. The first one being who to choose to guide you on such an arduous journey.
As a licensed real estate professional who is also a consultant who assists my clients to relocate, I have assembled a top tiered network of professionals who will cater to all of your needs. Our services we offer are comprehensive and includes a network of mortgage brokers, real estate and tax attorneys. You will need these vital professionals in the purchase of a home. Services even include a personal concierge to help your stay here be as comfortable as possible during your home purchase.
Below is a quick overview of what to keep in mind as we assist you in your New York home purchase. Firstly, know what is important for you regarding the location, size and budget. Location depends on your lifestyle. Size depends on your preference. For example, do you prefer a loft, studio or a 3 bedroom Penthouse? Your budget will determine what you are willing to put aside financially for the purchase and a mortgage broker can also better qualify you. Secondly, if you intend to get a mortgage, you will need a mortgage broker who will take into account your finances and tell you how much you can really afford. Some people are surprised to learn that they can afford more than they thought after having a mortgage broker assess their financials.
To engage with condo sellers you will need to have a “pre-approval letter” from your mortgage broker which states your financial capacity to make an offer for a condo. Condo communities maintain community common areas such as building exteriors, rooftops, pools and such through what is called a “condo assessment fee” or “dues”. Part of condo ownership means agreeing to share in your condo community’s unexpected expenses and you need to incorporate these particular fees as part of the budgeting process. When budgeting, also keep in mind the amount of common charges to be paid every month for your new purchase. In NYC , Common charges cover “common services and amenities” shared by other condo residents, including the management fees and operating expenses for a condominium building. Just like any home ownership there is a need to maintain the property and keep its value. Operating expenses can include elevator repairs, doorman services and even gym maintenance fees
For a condo to go into contract it is imperative that you have a real estate attorney who is familiar with purchasing regulations in New York. Laws are complex and change over the course of time. This is why we have attorneys who are on our team to represent and protect your interests. Lastly, we don’t just stop assisting you at the closing. We will also help you settle into your new home through our interior design service. This includes furniture shopping with discounts at Manhattan’s finest stores. It is a wonderful activity I enjoy personally and look forward to sharing the savings with you.