(Closed) Anyone bought property in NYC?

posted 7 years ago in New York City
Post # 3
Member
456 posts
Helper bee
  • Wedding: November 1999

Yup, i own in NYC.  Let me know what questions you have, i’m happy to help ๐Ÿ™‚

Post # 5
Member
1876 posts
Buzzing bee
  • Wedding: October 2014

hey! i’m a real estate junkie but currently just a renter. the only tips i can give you are:

* Check how much financing is allowed. Some co-ops only allow 20% financing – meaning you’d need to put 80% down. Which is just insane.

* Factor in maintance costs. Many co-ops and condos have VERY high maintance costs. Make sure to factor this in to your monthly budget.

* A good place to start your search is CitiHabitats and NY Times. I browse there all the time.

Where do you want to buy? How big of a place do you want?

Post # 6
Member
3564 posts
Sugar bee
  • Wedding: August 2010

Also factor in property taxes! This is the main reason that DH and I aren’t buying anything yet. They can change drastically in short periods of time (like go way up!) and you’re stuck with it. 

Post # 7
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

@JrzyGurl: To add to this http://www.streeteasy.com is also really good. It has a calculator at the bottom with figures out your monthly payments for you including mortgage, maintenance, and taxes.

Post # 11
Member
456 posts
Helper bee
  • Wedding: November 1999

I was not totally positive that i wanted to (or could afford to!) buy at first, so i just started visiting open houses. I went to several a day on the weekends for a few weeks to get an idea of what was out there in my price range.  I also looked a LOT on the NY times website – their real estate section is awesome. 

I did not contact a real estate agent, and i don’t really recommend doing so.  In my personal opinion, contrary to their role, they don’t tend to have your best interests at heart and are more concerned with pushing a sale so they can get their commission.  Instead, i looked on my own.  When you go to open houses, you have to sign in, and that’s actually how i got a broker (the broker at an open house sent me to another open house, and i ended up buying that apt so she became my broker).  All that said, real estate agents’ websites can be really helpful in gathering info about the buying process.

During the process, the mortgage broker was my go to person, not the real estate agent.  She fielded all of my questions (even the stupid ones) and made me feel very comfortable with the process. In my opinion, the mortgage broker is way more important right now especially, given that the banks have tightened up so much on requirements.

I looked exclusively at coops over condos because they are such a great deal. you dont have to pay real estate taxes (though you indirectly pay a portion of the building’s taxes through your maintenance), but you get to deduct 50% of your maintenance on your tax return, so you really end up paying very little.  However, you do have to go through a coop board, and the coop application can be a pain.  It was totally worth it though, i love owning!

OK, i’ve written a novel, i hope that helps! let me know if i answered your questions…

Post # 12
Member
1876 posts
Buzzing bee
  • Wedding: October 2014

I worked with an amazing realtor when looking for an apartment about a year ago, Carol Breitman – she’s with CitiHabitats – i HIGHLY recommend her: [email protected]. She’s the type of realtor that doesn’t waste your time and listens to what you want. She’s really great, I’d recommend shooting her a few questions and taking it from there.

Post # 14
Member
456 posts
Helper bee
  • Wedding: November 1999

oh hilsy’s comment reminded me, keep in mind that you will have a lawyer representing you who will review all of the building’s financials for the past few years.  This will tell you whether the maintenance and other costs are likely to rise over the next few years (i.e., how much reserve the building has).  Even if you put in an offer on a place, you will still have an opportunity to review all these things before you actually buy.    

The topic ‘Anyone bought property in NYC?’ is closed to new replies.

Find Amazing Vendors