Post # 1
My Fiance and I are talking about buying a condo in brooklyn to stay for the next ~3 years. I wonder if anyone else owns in Brooklyn and can give me any advice? I read that buying a condo is not always the best decision as it can be hard to sell. Is that true in NYC as well?
Any advice is appreciated. Thanks!
Post # 3
Condos are seen as easier to sell than co ops, which require board approval for the buyers (and can add an additional hurdle). That said, I would only buy if you plan to hold longer term (e.g. 5-10+ years).
In order to break even when you sell your home, you need to have enough appreciation to cover the 6% commission for the agent. I would be reticent to count on that in this market unless I were 1) staying long term; 2) able to rent the place for enough to cover my mortgage, maintanence, HOA and holding costs.
Post # 4
Yep–in NYC condos are easier to resell/sublet than co-ops, and for that reason there is usually a decent price premium over a co-op as well.
I would agree with PP that a 3-year time span might not be worth it for buying in NYC. Closing alone takes 3 months here (although it might be a little shorter for a condo than a co-op since you won’t have a board to deal with).
Post # 5
Thanks, this is helpful. How easy is it to rent Condos in the brooklyn area, do you have a general idea?
Post # 6
I don’t think you should have any problems finding a place, but if you’ve never rented in NYC before you’ll want to do some research on what kind of paperwork you should have ready to show potential landlords (proof of employment/income, etc). The market here is quite a bit different/more competitive than other places. You’ll also want to do some research on the different neighborhoods in Brooklyn and figure out where you’d like to live in terms of neighborhood feel, what subway line it’s on/how convenient it is for commuting, and other factors. Brooklyn is a huge place and the markets within it differ significantly.
Post # 7
Agree with PP’s. I own a co-op in Manhattan and the rules for condos are much less stringent in every respect. I would also definitely rent until you are sure you want to buy and stay in the area for a long time. The process of buying and selling in NYC is very consuming. You will need time to recover from it! I was sure I wanted to do it so it turned out fine for me. Good luck! PM me if you want!