We are New York city Condo specialists, we are full time Real Estate agents that specialize in Manhattan Condominium market. We work with many out of state investors and buyers that would like to acquire a Manhattan New York condo as part of their investment portfolio.
We often have a check list of basic steps to educate the buyers as to how to get started. Here is a good check list:
- If you plan on financing, please consult with a reputable lender or mortgage consultant to see how much can you finance in today’s market. In today’s market, lending guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
- Do speak to your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as down payment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
- Do your homework on finding an Real Estate agent to work with. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. We are very well versed in Manhattan New York market, we have sold many Manhattan New York condos to first time home buyer, first time investors, foreign internationals, parents buying for children and many serious and motivated buyers. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
- Do Have a reasonable budget of what you are looking for. Manhattan New York condo starts about $1,000 per square foot, so unless you are looking for a 500 SF one bedroom, you will need more than $500K to buy a one bedroom condo. (the price will also depend on the condo unit exposure/view, floor height, renovation and overall condition. In addition, the building amenities, such as fitness center, residents lounge, roof deck, basketball court, swimming pools will also add onto the sales price of the condo)
- Do speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
- Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headaches, money and risks, we can refer attorneys to you so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.
Manhattan Real Estate market is very unique and different than any part of the world. We are extremely experienced and knowledgeable when it comes to finding the right Manhattan New York condo for our buyers. Contact us today at (917)837-8869 and we can discuss in private what you are looking for.
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