Chinese Mandarin Speaking Bilingual Agent specialized in Parents Buying for Children with FIVE TOP TIPS for parents.
I am a bilingual English and Chinese Speaking Real Estate Agent with a team here in Manhattan New York, we have helped many Chinese Speaking buyers (parents) buying for their son or daughter that is currently living in New York city for work or school. Our team covers various neighborhood of Manhattan from South of 125 Street all the way to Financial District. We also cover some certain neighborhoods of Brooklyn such as Brooklyn Heights, DUMBO, Williamsburg, and Downtown Brooklyn.
Here are Five Big Tips if you are buying condo for your children in NYC :
- If you or your parents are not familiar and new to Manhattan New York market, please know that there is condo and coop market. There is about 20-30% price difference between both housing product. If you are looking at properties online, it is important for you to know that not all coop will accept a parents buying for children scenario.
- If the parents are buying a NYC condominium for child, a good rule of thumb would be $1,000 per square foot for Manhattan Condominiums. This price per square foot will vary based on location, condition, building amenities, size and many other variables. But to keep things simple for you, at $1,000 per square foot, if you plan to spend $500,000 or under, we are most likely going to be focusing on studio apartments about 400 SF or less. one bedroom condo starts about $700,000 in decent condo buildings, two bedroom starts at $1,500,000. For luxury high end condo buildings in prime location, the price can very well be double of the prices mentioned above.
- Plan your Time frame: What is your time frame as to purchase a condo or co-op here? Does your child have a lease that may expire soon? If there is no financing involved, a resale condominium requires about 30-45 days to process a condo application once the contract is signed. If it is a Co-Op, it can take anywhere from 90 days to more to process the co-op board package and interview. If you need financing, the process can be much longer for both Condo and Co-Op.
- Funds: Is this going to be an all cash transaction? Or is it going to be financing? Prepare your funds and liquidate out of any money market for the down payment is essential. In Manhattan New York, at contract signing, we will require 10% of purchase price as down payment. If you need financing, the bank may require you to put down 20% or more of the purchase price in order to obtain financing.
- Title of the property: Many of our buyers structure deals differently based on their specific needs and financial picture. Some prefers to co-purchase the property with their young adult child, some prefers the young adult to take title on their own, some prefers to establish an LLC (limited liability corporation) or a trust to hold the Real Estate. According to your needs, we can make some suggestions and also direct you to an expertise attorney who may be able to advise you better.
If you and your parents are from out of town (another country or another state), please let them know that Manhattan Real Estate market is different anywhere else in the world. The purchase process is different than anywhere else they are from. If they are not sure of the purchase procedure, contact us directly at(646)644-6929 or (917)837-8869 so we can help explain it better to them. Call us today so we can help you navigate through the Manhattan Real Estate maze. We work hard to help you have a stress-free purchase. Email us EHSU@elliman.com today.