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New York City First time home buyer and Investor MUST READ! Know Your Buying Power pt. 2 of 5
Part 2 - KNOW YOUR BUYING POWER:
The best thing for a buyer in today's market is understand your buying power. Knowing your buying power means more than just having an idea as to what you qualify for and what your monthly payments are going to be.
We always ask during our initial consultation appointment with new buyers what amount of down payment they have. Down payment is so important because it will determine what type of product, condominium or co-op, which is suitable for you. Aside from the amount of the down payment, it is also important to know where your down payment is coming from...such as parents, inheritance, gifting, personal accounts. Some buildings require that you have 30% down, 50% down, or even buy with all cash. Some buildings do not allow parent gifting, or co-purchasers, so this will narrow down what a prospective purchaser should look at.
The overall financial picture is so important when finding the perfect apartment in New York City especially if you are looking into a Co-op. The reason being that each co-op has its own specification for what they look for in a prospective member. Do they allow guarantors, co-purchase, parents monetary involvement, ... more
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