So you have decided you want to buy your home in NYC ….nice!
Buying an NYC Apartments is a significant investment.
What are the most important things you need to know before purchasing your home in New York City?
First of all, you need to know what you're looking for:
*you can make a list of the things you think are important in a home.
Think about the Apartment Features such as view, pets, fireplace, balcony, doorman security
Neighborhood: Consider things like transportation, safety, schools, dining and shopping areas…
Mortgage Pre-qualification:
Find out how much mortgage you can afford and obtain a pre-approval letter.
The difference between new york city condos and co-ops
Co-ops: Approximately 85% of NYC Apartments are considered co-ops that are basically a shared ownership in the building’s corporation.
Condos/Townhouses: In a Condominium ownership the owner gets a title to real property.
These two options are different and have their own advantages…You can read more about it in this NYC Apartments buyers purchase process
Sale Contract:
The seller's attorney draft a contract for the buyer's attorney which reviews all of the purchase details aspects (due diligence) and the buyer sign it and forward it with a deposit of 10% of the purchase price.
So how much it cost you?
Read here about the NYC Apartments buyers closing costs
GOOD LUCK WITH YOUR NEW HOME!
Saturday, September 27, 2008
Saturday, September 6, 2008
NYC Apartments Rentals Guide
Renting an apartment in NYC is not that simple…you need to be prepared and know everything about the process but even before that, you need to know what you are looking for.
Since the possibilities for an ideal NYC apartment are endless it's important to Decide and specify the following features:
Price Range:
How much can you afford to spend on rent? (Don’t forget the expenses of utilities, initial moving costs, and fees when determining your range)
Neighborhood:
Things like safety, transportation, schools, dining and shopping areas and accessibility can be important factors when searching for NYC apartment.
Building & Apartment type:
In New York City, the possibilities are varied – brownstones, townhouses, luxury condos elevator in the building? Doorman?
The size of the apartment is also important – are you going to live with a family or roommates and what about the amenities? Laundry facilities, gym, pet allowance, fireplace, balcony, view…and all the other "goodies" for your NYC Apartment:)
Income requirements:
In most situations - between 40 and 50 times the monthly rent.
Letter of employment:
Stating your position, length of employment and annual income typed on company letterhead and signed by a pertinent supervisor.
Pay stubs:
Your three most recent pay stubs.
Tax return:
If you are a self-employed or is basing income on several different sources you may require to supply a copy of your most recent federal tax return.
Former landlord letter of reference:
Just to show that you are an "excellent" tenant:)
Bank statements:
Your three most recent statements including account numbers.
Identification:
Photo ID & a Social Security number.
Credit reports -
Most NYC Apartments landlords require good credit but credit reports obtained on your own are not accepted…
What is a Guarantor (co-signor)?
Someone who is willing to guarantee your lease and assumes full financial responsibility associated with your rental lease. a guarantor might be your solution in case you do not meet the financial or credit requirements.
Application fees:
Fluctuates from building to building generally between 100-500 dollars.
The Deposit:
First month’s rent, and security or first month’s rent, last month’s rent, and security.
Brokerage fees:
When you secure an NYC apartment with a brokerage, this is the only fee that you are responsible for - a one-time payment, generally no more than 15% the first year’s rent.
Owner paid fees:
When a Landlord is paying all or a portion of the Broker’s fee. The broker is required by law to notify the tenant, and deduct the amount paid by the owner, from the broker’s fee.
Since the possibilities for an ideal NYC apartment are endless it's important to Decide and specify the following features:
Price Range:
How much can you afford to spend on rent? (Don’t forget the expenses of utilities, initial moving costs, and fees when determining your range)
Neighborhood:
Things like safety, transportation, schools, dining and shopping areas and accessibility can be important factors when searching for NYC apartment.
Building & Apartment type:
In New York City, the possibilities are varied – brownstones, townhouses, luxury condos elevator in the building? Doorman?
The size of the apartment is also important – are you going to live with a family or roommates and what about the amenities? Laundry facilities, gym, pet allowance, fireplace, balcony, view…and all the other "goodies" for your NYC Apartment:)
Be prepared for landlord requirements
Income requirements:
In most situations - between 40 and 50 times the monthly rent.
Letter of employment:
Stating your position, length of employment and annual income typed on company letterhead and signed by a pertinent supervisor.
Pay stubs:
Your three most recent pay stubs.
Tax return:
If you are a self-employed or is basing income on several different sources you may require to supply a copy of your most recent federal tax return.
Former landlord letter of reference:
Just to show that you are an "excellent" tenant:)
Bank statements:
Your three most recent statements including account numbers.
Identification:
Photo ID & a Social Security number.
Credit reports -
Most NYC Apartments landlords require good credit but credit reports obtained on your own are not accepted…
What is a Guarantor (co-signor)?
Someone who is willing to guarantee your lease and assumes full financial responsibility associated with your rental lease. a guarantor might be your solution in case you do not meet the financial or credit requirements.
Be prepared for upcoming expenses & Monies due upon or before lease signing
Application fees:
Fluctuates from building to building generally between 100-500 dollars.
The Deposit:
First month’s rent, and security or first month’s rent, last month’s rent, and security.
Brokerage fees:
When you secure an NYC apartment with a brokerage, this is the only fee that you are responsible for - a one-time payment, generally no more than 15% the first year’s rent.
Owner paid fees:
When a Landlord is paying all or a portion of the Broker’s fee. The broker is required by law to notify the tenant, and deduct the amount paid by the owner, from the broker’s fee.
That's about it…:)
You can read more about these issues in the next great informative NYC Apartments renter's guides-
Subscribe to:
Posts (Atom)
