Tips for a First Time Condo Buyer in NYC: https://www.hauseit.com/tips-for-a-first-time-condo-buyer-in-nyc/
Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
Buying a condo in NYC may seem easy, but a first time condo buyer in NYC faces many challenges and pitfalls that can be extremely costly down the road.
Get Pre-Approved for a Mortgage First
A first time condo buyer will save a lot of time by getting pre-approved for a mortgage before starting their search. Doing so will save the buyer lots of time from checking out properties that are out of their price range, and will help the buyer figure out just what their price range is.
This is especially important if you are carrying other debt such as student loans, auto loans or credit card balances.
Get Some of the Buyer Agent’s Commission
A first time condo buyer may know that the services of a buyer’s agent are free since the seller pays the commission; however, a first time condo buyer often won’t know that they can also earn some of the buyer agent’s commission for themselves.
So how can you get some of the buyer agent’s commission back? By signing up for a Hauseit Buyer Closing Credit and working with one of our experienced partner brokers who have discreetly agreed to give you back $20,000 or more at closing.
Closing Costs Are Negotiable
Everything is negotiable in the NYC real estate market, including who pays what NYC closing costs. In a buyer’s market, sellers and developers will be keen to negotiate and will often offer to take on some of the buyer’s closing costs, such as the NYC Mansion Tax.
Check the Square Footage
Many listing agents will inflate the square footages on their listings and protect themselves with a disclaimer saying the figure is simply an estimate. Keep in mind that there’s no standard for how to measure square feet for real estate in NYC. Some older buildings will be more conservative and only list the interior square footage on their offering plans. However, many new construction buildings will be more aggressive and include wall space and even common areas such as the hallway or elevator in the square footage.
Review the Board Meeting Minutes
Go with your attorney when he or she goes to review the board meeting minutes. You’ll get an idea of whether your potential future neighbors and board members are nice, competent people or not. You’ll also get a sense of how the building is run, and just how strict the board is on enforcing building rules. Furthermore, the board meeting minutes may provide crucial clues on planned or potential special assessments that will be levied by the board.
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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