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-
Monday, August 18, 2008
NYC Apartments AND ME
When I first came to NYC, on Feb. 2000, I was overwhelmed! I couldn’t believe the sight of these beautiful buildings and all I could think of was how the hell am I supposed to come back to Israel?
NYC was exactly the place I've been looking for. Great music, restaurants, and an amazing view - in short – the perfect place to live in.
That was before I start looking for an NYC apartment…
Considering the fact that I was only a tourist in NYC thus far from being familiar with NYC neighborhoods, my mission of finding an NYC apartment was getting harder and frustrating every day…
It wasn’t long before I understood that I'm going to need some help to find my NYC apartment, and I did find it!
Let's keep in mind that that was 10 years ago...so what I'm about to share here in my NYC apartments blog, is going to be a little more updated :)
So here are the things you need to know about NYC apartments and the new York city real estate world.
NYC was exactly the place I've been looking for. Great music, restaurants, and an amazing view - in short – the perfect place to live in.
That was before I start looking for an NYC apartment…
Considering the fact that I was only a tourist in NYC thus far from being familiar with NYC neighborhoods, my mission of finding an NYC apartment was getting harder and frustrating every day…
It wasn’t long before I understood that I'm going to need some help to find my NYC apartment, and I did find it!
Let's keep in mind that that was 10 years ago...so what I'm about to share here in my NYC apartments blog, is going to be a little more updated :)
So here are the things you need to know about NYC apartments and the new York city real estate world.
Searching for NYC Apartments
When it comes to a city as big as NYC, it is very hard to find a place to live in. the city is so beautiful, that I personally, wanted to live everywhere!
So what is the first step that has to be taken when searching for an NYC apartment?
If you don’t know any New Yorker who can show you the good and hot places that can suit your needs and style, you can take a day off and just travel by yourself a little, just to get into the feeling of how it would feel like walking these streets everyday…
Probably, after a few hours of walking, you will find the right environment in which you want your NYC apartment to be located.
Assuming that you have something in mind by now, the only thing left to do is know what NYC apartments are available in that area.
This is the part where you need the pro's help.
Trust me, don’t try to become an over night NYC broker! You can end up sleeping at the grand central…:)
So where do you find an honest NYC real estate company that can provide you with your perfect NYC apartment?
On my next posts I will review some of the biggest names in the NYC real estate industry.
Every one of them can be a potential help in order to find a great NYC apartments.
Till next time,
:)
So what is the first step that has to be taken when searching for an NYC apartment?
If you don’t know any New Yorker who can show you the good and hot places that can suit your needs and style, you can take a day off and just travel by yourself a little, just to get into the feeling of how it would feel like walking these streets everyday…
Probably, after a few hours of walking, you will find the right environment in which you want your NYC apartment to be located.
Assuming that you have something in mind by now, the only thing left to do is know what NYC apartments are available in that area.
This is the part where you need the pro's help.
Trust me, don’t try to become an over night NYC broker! You can end up sleeping at the grand central…:)
So where do you find an honest NYC real estate company that can provide you with your perfect NYC apartment?
On my next posts I will review some of the biggest names in the NYC real estate industry.
Every one of them can be a potential help in order to find a great NYC apartments.
Till next time,
:)
NYC Apartments Companies
So, as I promised, I'm about to reveal the biggest names in the NYC apartments real estate industry…
So let's get to work-
Best Apartments NYC
Best is a full-service real estate brokerage firm specializing in Manhattan apartment's rentals & sales.
They have 2 different offices in NYC.
They also offer 10 languages spoken- which can be a grate help if you don’t speak English…
The official web site is - NYC Apartments
Direction & contact - Best Apartments
Manhattan Connection
Manhattan Connection is a leading real estate agency in New York City, specializing in residential properties , Manhattan luxury apartments and real estate investments.
They have 4 different offices in Manhattan.
The official web site is – Manhattan apartments
Direction & contact - Manhattan Connection
Royalton Realty
Royalton Realty is an Experienced professional realtors Specialized in residential and commercial property in New York City.
The official web site is - New York City Apartments
Direction & contact - Royalton Realty
Also -
If you go to their web sites you will find an updated listings - all of their properties on line!!!
So let's get to work-
Best Apartments NYC
Best is a full-service real estate brokerage firm specializing in Manhattan apartment's rentals & sales.They have 2 different offices in NYC.
They also offer 10 languages spoken- which can be a grate help if you don’t speak English…
The official web site is - NYC Apartments
Direction & contact - Best Apartments
Manhattan Connection
Manhattan Connection is a leading real estate agency in New York City, specializing in residential properties , Manhattan luxury apartments and real estate investments.They have 4 different offices in Manhattan.
The official web site is – Manhattan apartments
Direction & contact - Manhattan Connection
Royalton Realty
Royalton Realty is an Experienced professional realtors Specialized in residential and commercial property in New York City.
The official web site is - New York City Apartments
Direction & contact - Royalton Realty
Also -
If you go to their web sites you will find an updated listings - all of their properties on line!!!
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