Manhattan Buyers: What You Should Know!

Define Your Wants Versus Your Needs.

Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming.

Insist on your needs. Hope for your wants.

Check your credit rating and get pre-approved for a mortgage. 

Being approved for a mortgage is critical and a very easy process. Having a pre-approval in hand affords a buyer some strength in negotiating, particularly important in a highly competitive marketplace like New York.

Investigate the neighborhood.

Where are the schools and places of worship? How far is the nearest hospital or grocery store? Where do you park and how expensive are garages? Is their a waiting list at area garages? How quickly can you get to work using the subway from this location? Are their rental car companies nearby to get out on weekends? These are basic, yet important, questions that some first timers may not think of until after closing on a property.

Check out all the cooperative or condo documents thoroughly.

Is there a flip tax? A move in fee? An elevator fee? Are their only certain days that you can move in? Must you reserve a day in advance? Are their big hikes in maintenance or condo fees on the horizon that could bust your budget? Did you check about pets? Is their storage in the basement or common outside space?

You may be just excited about moving into your new home or you may be concerned about the possibility of hikes in interest rates, but don't rush. Many first-time buyers hurry important decisions and overlook property flaws.

Think through the process to avoid making choices you will regret later.

Work with a knowledgeable local experienced buyer's agent.

A broker will save you time and make you a more informed and competitive buyer. A good agent helps you navigate through the complicated process of acquiring a home in Manhattan.

The market moves much faster than the Internet. Your agent will be able to tell you the status of the properties in which you are interested.

Join my Manhattan Buyer Collaborative System and receive and review new listings electronically.

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group