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.
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