New York realty Dos and Don’ts

Looking for a new home in New York City? Tired of getting the run around? Looking for a new home anywhere can be very stress, but looking for one in the city can make it even worse. There are so many options out there. The choice between a co-op and a condominium is usually one of the most difficult when buying a home in New York City. Before deciding what one is looking for, a lot of background knowledge is needed. Prior to looking at properties in New York City, always know the desired location and price range as this will narrow down the properties that can be looked at. Also it is not a wise decision to begin the property search without being aware of the areas that surround the desired property location. New York City can be a challenging place to look for a high quality affordable home, so make sure to start the search early on to ensure ample time.
Once the decision of where the property should be located, one should begin search for different options for renting and buying options within that vicinity. The choice of whether to rent or buy will depend on one’s short term and long term plans along with the potential buyers financial history. When it comes to buying there are two popular options either a co-op or a condominium. The purchase price of a co-op is usually less expensive than a condominium, but there is also the stress of being accepted by the board of directors and the high maintenance fees. The purchase of a co-op also requires potential buyers to go through a very thorough background check which can include criminal and financial histories including employment verification. Not to mention that there is a limit as to how much can be financed. Another thing to consider before purchasing a co-op is that there are usually extreme limits on sub-leasing the property. It is very difficult to sub-lease a co-op, if not impossible in some buildings. Condominiums are also a popular choice for home buyers looking for New York realty. Condominiums, unlike co-ops are like buying a house; the property belongs to the buyer. Up to 90% of the purchase price can be financed. The disadvantage to buying a condominium is that it is usually more expensive than buying a co-op, but the maintenance fees are less expensive, plus there are no limitations of sub-leasing as the property belongs to the buyer.
People looking to buy New York realty should also consider hiring a real-estate agent, such as Elika Associates, that is familiar with the area and the different options that are available in the city. There are many areas in the city that process excellent views and are reasonably priced. It is definitely a good idea to know what one is looking for before looking for property. The many different options in New York City are extensive and hiring a real estate agent will allow people to get the most for their money.

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