For a lot of people, buying a home in New York City is the dream. Looking to buy an apartment in a condo building but don’t know how to go about it? This exhaustive guide will show you the steps. Home loan rates are at all-time lows, making now a great time to buy an apartment in New York City. Also, if you want to buy something and value convenience and freedom, a condo in NYC is probably your best bet. To buy an apartment in New York City, follow these steps.
Tips To Buy A Condo In NYC
Check Out Your Budget
Setting a budget is the first thing you should do when you want to buy a house in New York City. Before you start your search, you should understand how much you can or want to spend. If you want to get a loan, you should start looking at lenders and get pre-approved for a mortgage. It’s best to get this as soon as possible.
Find An Agent
If you want to buy an apartment in New York City, you should hire an agent to look out for your best interests. Even though you might be able to look for homes and see them without an agent, you’ll want to hire one before you make an offer.
Search For Your Home
Most people start their search for their dream home by looking at NYC condos for sale online. However, a real estate agent can also help you by giving you listings that match your search criteria. If you don’t know much about the city or aren’t sure which neighborhood you want to live in, a buyer’s agent will be very helpful from the start.
Most of the time, the search process will include a lot of open houses and walks. It’s best to check out a house in person, even in a Covid-19 world. In the end, a virtual walk can’t always tell you if the condo feels right or if the neighbor above you is loud.
Make an Offer
Getting ready to make an offer is the next step in getting an apartment in New York City. Ask your agent to do a comparable market analysis before you decide how much to give on the condo. The CMA will look at similar flats in the area and compare the condo you want to buy to those.
You’ll get an accepted offer and a deal sheet once the talks are over and both you and the seller agree on the terms. You should have found a real estate lawyer who will work for you by now.
Sign the Contract
It’s time to sign the contract and put down your earnest money deposit, as long as there are no problems during the due diligence process and your lawyer agrees that the contract and its terms are good for you. This deposit, which is usually 10% of the price of the house, is put in escrow. The seller’s lawyer will confirm getting the down payment, and the seller will countersign the contract and send back a copy that is fully signed.
It’s time to work on getting a title report once you have a promise letter. It usually takes between one and three business days to finish the title search. When you buy a condo in New York City, you must also get title insurance. This will protect you in case there are any problems with the apartment’s title that you didn’t expect.
Submit Your Condo Board Application
If you’re not buying a sponsor unit, you’ll probably need to fill out an application with the condo board. This will mostly be made up of financial papers and statements. When you buy an apartment, the board package you need to send will be a lot less strict than when you buy a co-op, and you don’t have to worry about the board turning you down.
Prepare for Closing
This is the last thing you need to get at least three days before the closing. It will be sent to you a few days before the closing. This is a normal form that tells you about your loan and how much you’ll have to pay at closing.
Additionally, you will be given directions on how to cut the checks, which must all be certified or cashiers checks. You can also wire the money for the closing to your lawyer if you don’t want to get the checks yourself.
Buying a home in New York City ends with the closing. The closing itself usually takes two hours, and everyone is there. This means that the buyer, the seller, the lawyers, the real estate managers, and the lender will all be there.