Tips on Buying a New York Condominiums
New York condominiums are always a sure bet, even though the real estate market around the country has declined up to 60 percent in some areas. New York condos are holding the prices, even with slight decline in average sales prices. There are lot more need for condos in New York, since the large population and limited land makes it more desirable. These steps will help you in finding the best New York condominiums.
Make sure you do some research. Some of the professional realtor's will lead you to properties that are out of you price range, potentially earning greater commission by selling the higher priced condominiums. If you like a property, do some research on the Internet and contact the Realtor with price your willing to pay. This allow you to be in control, not someone else who can lead you in the wrong direction.
Do due-diligence, visit the property you want to buy. Visit it at night, if can a whole different story from the day time when you visited. Unofficially check out the New York condominiums, talk to the neighbors, this will allow you see the whole story. Do not commit to anything without checking everything out.
Do not get lured into "pre-construction deals". Many new owners are willing to buy a property before it is fully built because of deals associated with pre-construction. This can lead to haste decisions, especially in this market, you have to do your due-diligence, deals will be plentiful. The developer might run out of money or face difficulties in financing, leading to potential disaster with your down payment.
Look into buying a co-op. Though New York condominiums are becoming easier to find as new units have been built in a frenzy over the past few years, the more traditional way to buy in New York is through the purchase of a co-op. In these properties, you buy shares from a corporation who pays the mortgage and real estate taxes. In turn, you own not only your condo but a portion of the common areas. The major disadvantage to these is financing; you are often expected to have all the money upfront before making your purchase
Make sure you do some research. Some of the professional realtor's will lead you to properties that are out of you price range, potentially earning greater commission by selling the higher priced condominiums. If you like a property, do some research on the Internet and contact the Realtor with price your willing to pay. This allow you to be in control, not someone else who can lead you in the wrong direction.
Do due-diligence, visit the property you want to buy. Visit it at night, if can a whole different story from the day time when you visited. Unofficially check out the New York condominiums, talk to the neighbors, this will allow you see the whole story. Do not commit to anything without checking everything out.
Do not get lured into "pre-construction deals". Many new owners are willing to buy a property before it is fully built because of deals associated with pre-construction. This can lead to haste decisions, especially in this market, you have to do your due-diligence, deals will be plentiful. The developer might run out of money or face difficulties in financing, leading to potential disaster with your down payment.
Look into buying a co-op. Though New York condominiums are becoming easier to find as new units have been built in a frenzy over the past few years, the more traditional way to buy in New York is through the purchase of a co-op. In these properties, you buy shares from a corporation who pays the mortgage and real estate taxes. In turn, you own not only your condo but a portion of the common areas. The major disadvantage to these is financing; you are often expected to have all the money upfront before making your purchase
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