Checklist for Manhattan New York Condo Buyers

By
Real Estate Agent with Douglas Elliman Real Estate

We are Manhattan New York Condo specialists, we work with many out of town first time investors and buyers that would like to acquire a Manhattan New York condo as part of their investment porfolio. 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:

  • Consult with a reputable lender or mortgage consultant to see how much can you finance in today's market. In today's market, lendering guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
  • 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. 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 realistic budget of what you are looking for. Manhattan New York condo is approximately $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.
  • 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 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 downpayment 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 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 headachs, money and risks, ask your agent to refer you (3) attorneys 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.

 

If you would like to find out more information or learn about more Manhattan New York investment opportunities, please contact me today. Email me at ehsu(@)elliman.com or call (646)644-6929 or (917)837-8869.

 

  1. Columbus Circle Condos Part 2- Trump International Hotel and Tower Condo
  2. Columbus Circle Condos Part 1 - Time Warner Center condo
  3. Foreigner buying in Manhattan NYC Part 3 - financing options for foreign buyers
  4. Foreigner buying in Manhattan NYC Part 2 - Steps to Purchasing an Apartment
  5. 中文網站: http://www.GoldHouseUSA.com
  6. http://ChineseSpeakingAgent.com
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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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Rainmaker
558,018
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Eileen,

I commend you on putting out so many blogs that really prepare your clients thoroughly to make a prudent purchase.  g

Sep 08, 2010 07:37 AM #1
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Definitely a lot of useful information to read here.

Sep 08, 2010 08:11 AM #2
Rainmaker
263,454
Michael Bergin
Coldwell Banker Residential Brokerage - ABR - SRES - Alexandria, VA
Northern Virginia Real Estate

Hats off to anyone who navigates the New York real estate market.  Your clients are very lucky.

Sep 08, 2010 03:11 PM #3
Rainmaker
121,815
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

These are all very good tips to know for buying condos in Manhattan. a bit different than buying condos in Seattle!

Sep 09, 2010 06:32 PM #4
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

A checklist for your buyers is a necessity. They should know the must do's of Real Estate Buying...

Sep 10, 2010 02:28 PM #5
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Rainmaker
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Eileen Hsu

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