Buying Manhattan New York Condo Must Read Part I - Parents Buying for Children

By
Real Estate Agent with Douglas Elliman Real Estate

We are Manhattan Condo Specialists, we work with both buyers and sellers within our market place. Recently we have received many interests from out of town parents wanting to invest in Manhattan Real Estate mainly because their children are in Manhattan working or going to school here. We thought it may be helpful for buyers to read about our in Buying in Manhattan New York Condo Must Read Series.

In our Buying Manhattan New York Condo Must Read series in Part I as parents buying for children, Part II as first time investors, Part III as first time home buyer and Part IV as foreign nationals buying in Manhattan New York Condos. We know the Manhattan Condo market and the specific needs of each type of buyers.

Buying Manhattan New York Condo as parents buying for children, you should understand your budget and timeframe to start. Is this a 5 year plan while your child goes to school in New York? We work with many parents who are buying for their son/daughter that goes to New York University, Parsons school of design, School of Visual Arts, Columbia University, Jillards music school and other well known schools here in Manhattan New York. Is this for your son or daughter that is currently working in Manhattan? Do they have a job stability or financial freedom? Are they currently renting and lease may be expiring soon or month to month arrangement? It is important for us to know the reason and timeframe so we can narrow down the search for you.

Buying Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)

  • Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the local market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful. 
  • Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Buying Manhattan New York Condo as parents buying for children, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time buyer, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

If you are looking to purchase Manhattan New York Condo, we are the Manhattan Condo Specialists. Please contact us as we will be able to access ALL the Manhattan Condo listings in area of your preference. To receive prompt response, please email us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com. Call us at (917)837-8869.

Posted by

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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

And Eileen is the best agent in Manhattan to find your perfect Manhattan Condo in New York City Condo market.

Feb 01, 2010 12:03 PM #1
Ambassador
2,286,288
Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Eileen and I think I have to agree with Nestor & Katerina! If I was to purchase any property in Manhattan I would come to you!

VB ;o)

Feb 01, 2010 01:03 PM #2
Rainmaker
622,160
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

I'm hurt that I am not the best agent in Manhattan!

Feb 01, 2010 01:39 PM #3
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Eileen, Sounds like good information for a parent looking to invest in an apartment.  I helped our daughter lease in Manhattan a few years ago and it was a total different experience than leasing in Texas.

Feb 01, 2010 02:40 PM #4
Rainmaker
595,266
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

Great info. And I've had sellers who had bought 3 homes through me, have to sell their last home and rent instead, because the apartment they got for their daughter in New York, while she attended NYU, cost them almost twice the amount of their mortgage payments here.

Feb 01, 2010 03:17 PM #5
Rainmaker
732,603
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Marchel: Leasing is another completely different side of the business. Depending on which and where you were looking, there are different requirements for each management, various fee and timeframe occur during the transaction.

Lisa: New York University is one of the most desirable school for many students especially out of towners or international students. Many parents adjust their lifestyle in order for their son or daughter to attend this precious school and the living expenses here in Manhattan.

 

Feb 02, 2010 12:09 AM #6
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Eileen, Leasing in Manhattan is COMPLETELY differnt than leasing anywhere in Texas.  I was amazed at the differences.  Our daughter now lives in a crash pad when she is there and commutes on her days off.  She is usually there though. 

Feb 02, 2010 02:25 AM #7
Rainmaker
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Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

You certainly seem like the go to person to shop with and get things down. Good luck and happy selling.

Feb 08, 2010 03:14 PM #8
Rainer
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Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

Congrats on your big check... just jointed Active Rain and I am beginning to understand the power of blogging and using key words in your blogging.  It's fun to go back on google and see your blog there ... especially if you blogged Stratigically.   Thanks for sharing some good thoughts

Jun 13, 2010 04:51 PM #9
Rainmaker
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June Stark
Elite Realty-Luxury Homes & Condos On & Off the Strip - Las Vegas, NV
Las Vegas Condos & Luxury Homes Expert

Congratulations on your nice check!  I enjoy reading your blog very much!

Jun 28, 2010 06:01 AM #10
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