- June 21, 2019
Finally the moment has arrived when you can purchase your home in New York and surpass your old renting days. However, purchasing a home in NYC is a real challenge, especially for the first-time buyers.
Often,first-time buyers are misled by property owners or real estate business men in terms of the cost and structural disputes in the home.To help you make the right decision, Dominick Ciccarelli explains some of the important things you should consider before buying an apartment in NYC.
Consider closing costs – Most buyers usually focus on saving money to make a down payment. But they often forget about closing costs which is a fee paid at the closing of a real estate transaction. These costs are usually incurred by the buyer. So Dominick Ciccarelli suggests to be mindful of the total cost you have to incur, which also involves closing costs.
Understand the difference between a condo and co-op – According to Dominick Ciccarelli, a condo is considered to be a real property whereas aco-op is not. A co-op is a stock ownership in a company that owns a building. If you want to buy a co-op, the board will see whether you have an extensive financial back-up or not. They may also require your last three month’s bank account statements, completed tax returns of at least two years, and last few pay stubs. But this is not the case if you want to purchase a condo in NYC.
Ask questions around your neighborhood – Before you make a final decision, do meet the doorman, super, and your neighbors to ask if they experience any issues in the area. For example, you would want to know if there are any noisy neighbors or any property disputes that might affect your peace of mind. And don’t forget to check other floors or hallways of the building and the basement as well.All these details can help you learn a lot about the building’s conditions.
You need a lawyer – Choosing an experienced attorney is crucial in NYC when it comes to purchasing an apartment or a home. An attorney will help you ensure everything is in place before you sign the contract.Your attorney will also read the contract and amendments of the building, and the last two year’s financials. Another important responsibility of an attorney is that he/she will be negotiating contract terms with the property seller’s lawyer.
If you consider these things before purchasing an apartment in New York,you can definitely get the best return on your investment.