Informational Guides
Buyer's Guide
Condo-Coop Guide
Condo-Coop Guide
A helpful guide to help you get started on your home buying journey.
Condo-Coop Guide
Condo-Coop Guide
Condo-Coop Guide
Everything you need to know about condos and co-ops.
Seller's Guide
Condo-Coop Guide
Seller's Guide
Get a head start on your home sale with useful tips and a rundown of what you can expect.
Buyer'S Guide
Buying process
The key thing to understand is how much you can comfortably afford to spend on a house. If you're borrowing money to buy the home, you should get pre-approved by a lender first. If you're paying with cash, you'll need to provide proof that you have the necessary funds. Even if you are borrowing money, you'll still need some cash for the down payment. This down payment can range from 5% to 20% of the total loan amount, depending on the type of financing you choose.
Searching
Besides knowing the details of the home you’re looking for, like the number of bedrooms and bathrooms, you should also make a list of your top two or three preferred neighborhoods.
Contract
In a sales transaction, the seller's attorney will draft a contract for the buyer's attorney. The buyer, with assistance from their agent and attorney, will then conduct thorough due diligence on the property to uncover any potential issues. This process involves home inspections, appraisals, title searches, land surveys, disclosures, and other important checks.
Mortgage & Approval
If you’re already pre-approved, this step becomes much simpler! You can either proceed with the mortgage application through the bank that has pre-approved you or explore other lenders to potentially secure a better rate. When applying for a mortgage, you'll generally need to provide details about your employment, assets, debts, income, credit history, and the property you're looking to buy.
Closing
Once your mortgage is approved, the managing agents typically arrange a closing date, and the attorneys for both the buyer and seller coordinate with the banks to finalize the date and time. After the closing, you'll officially own your new home. The search is over, and it's time to celebrate your achievement!
CONDO-COOP GUIDE
Cooperative Buildings
In a co-op, tenant-owners hold shares in the corporation, which grants them a long-term proprietary lease. The corporation is responsible for covering the building’s mortgage, real estate taxes, employee salaries, and other maintenance costs to maintain the building.
Cooperative Boards
Buying a co-op requires approval from the building’s Board of Directors, which is elected by current tenant-owners. The board interviews all potential buyers, seeking individuals who are financially stable and capable of handling both the monthly maintenance fees and the mortgage payments.
Condominium Buildings
A condominium apartment in New York is considered real property, just like a house, and buyers receive a deed for it. Each apartment has its own tax lot, so buyers are responsible for their own real estate taxes. Additionally, owners must pay monthly common charges, which are akin to maintenance fees in a cooperative.
Selling process
Know Why You’re Selling
For any seller, the initial step is to reflect on why you’re selling your home. Are you relocating? Is your family expanding and requiring more space? Or are you aiming to take advantage of a favorable market?
Working with us
Not every seller opts for an agent when selling their home, but many do rely on an agent’s expertise and network to handle the process. Agents vary in experience and dedication, so if you choose to work with one, it’s crucial to feel at ease with your choice and ensure that your expectations are clear.
Prepare Your Home For the Market
Preparing your home for listing is often the most challenging part of selling, but it plays a crucial role in the success of the sale. A well-executed preparation can enhance your home’s value and attract higher offers, while a poorly managed one might deter buyers and result in lower offers.
Marketing Your Home
You’ve cleaned, painted, and staged, and you’re just about ready to list. But first, you’ll need to have pictures taken of your home. Pictures always attract buyers. While you might be a good smartphone photographer or even have your own Digital SLR, hiring a professional is typically the top choice. Collaborate with your agent to identify the key features of your home, whether it being the yard space, the bathrooms or kitchen. Is it the natural light, do you have any views, ? The views? Any unique architectural designs, original characteristics, anything that appeals with a charm? Remember, photos are a buyer’s first impression, so they need to be as appealing as possible. Many agents can recommend skilled photographers for this.
offers
Getting your first offer is thrilling, but it's important to keep a clear mind. Remember, just because you get one offer doesn’t mean future offers will be better or worse. Each buyer has their own approach.