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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.
- http://www.elliman.com/EIH (for condo listings)
- Foreign National Buyers Buying in Manhattan New York city Must Read.
- Purchase procedure of Manhattan Real Estate.
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.
My name is Eileen Hsu (許雅嵐), I am a Chinese Speaking Real Estate Agent here in Manhattan New York, we have helped many Chinese Speaking buyers (parents) buying for their son or daughter that is currently living in New York city for work or school. Myself and my team covers various neighborhood of Manhattan from South of 125 Street all the way to Financial District. We also cover some certain neighborhoods of Brooklyn such as Brooklyn Heights, DUMBO, Williamsburg, and Downtown Brooklyn.
If your parents are buying the property for you, here are Five Big Tips:
- If you or your parents are new to Manhattan New York market, please know that there is condo and coop market. There is about 20-30% price difference between both housing product if we are comparing to two similar location, building condition, exposure and etc condo and coop. If you are looking at properties online, it is important for you to know that not all coop will accept a parents buying for children scenario. In fact, most coop that will accept parents buying for children require the young adult to have a good income job with minimum of two years of working history.
- If the parents are buying a condominium for child, in Manhattan New York, condo prices are commonly estimated by price per square foot. And the average price per square foot would be around $1,000 per square foot for Manhattan Condominiums, this exclude grand renovation, spectacular views, nor new construction. This price per square foot will vary based on location, condition, building amenities, size and many other variables. At $500,000USD, we will be looking at studio/alcove studios. At $750,000 USD, we will be looking at one bedroom condominiums. At $1,200,000 USD, we will be looking at two bedroom condominiums. Again, this is just a approximate price range for information purpose. Call (646)644-6929 to discuss your specific needs.
- Time frame: What is your time frame as to purchase a condo or co-op here? Does your child have a lease that may expire soon? If there is no financing involved, a resale condominium requires about 30-45 days to process a condo application once the contract is signed. If it is a Co-Op, it can take anywhere from 90 days to more to process the co-op board package and interview. If you need financing, the process can be much longer for both Condo and Co-Op.
- Funds: Is this going to be an all cash transaction? Or is it going to be financing? Prepare your funds and liquidate out of any money market for the down payment is essential. In Manhattan New York, at contract signing, we will require 10% of purchase price as down payment (deposit, earnest money). If you need financing, the bank may require you to put down 20% or more of the purchase price in order to obtain financing.
- Title of the property: Many of our buyers structure deals differently based on their specific needs and financial picture. Some prefers to co-purchase the property with their young adult child, some prefers the young adult to take title on their own, some prefers to establish an LLC (limited liability corporation) or a trust to hold the Real Estate. According to your needs, we can make some suggestions and also direct you to an expertise attorney who may be able to advise you better.
If you and your parents are from out of town (another country or another state), you may want to let them know that Manhattan Real Estate market is unique and unlike anywhere else in the world. The purchase process is different than anywhere else they are from. If they are not sure of the purchase procedure, contact us directly at(646)644-6929 so we can help explain it better to them. Call us today so we can help you navigate through the Manhattan Real Estate maze. We work hard to help you have a stress-free purchase. Call Eileen Hsu (許雅嵐) at (646)644-6929 now to discuss what kind of Manhattan Condo are best suitable for you.
- Manhattan Condo investments under $500,000 USD
- To see Chinese Speaking Agent Eileen Hsu (許小姐) video click this link.