1. If you need financing (mortgage), speak to a reputable lender or mortgage consultant to see how much can you finance in economic climate. In today’s market, lending guidelines are changes daily, it is a must to know how much you can leverage.
2. Once you know how much you can borrow from the bank, you can start the home search. Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot for average condos or fixer upppers depending on the neighborhood, you will need more than $500K to buy a one bedroom condo. A good size of one bedroom condo (650 – 750 square feet) can priced from $650,000USD to $890,000 USD depending on the exposure, location and other important factors.
3. Speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
4. Discuss with your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as down payment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
5. Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headaches, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.
6. Contact us for help. We are experienced and knowledgeable Real Estate professionals that is well versed in Manhattan condo market. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
Call us today at (646)644-6929 to discuss your specific Manhattan Real Estate needs. We are experienced Real Estate professionals that will help you navigate through this Manhattan Real Estate maze. Call us now (646)644-6929.