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.
Do your own research first. Many realtors are going to steer you toward the properties they are selling, potentially earning themselves a double commission. Research the properties you like first, get an idea of the price you want to pay, and then contact a realtor. This will put you in control, allowing you to choose the properties you want to see instead of following someone else's lead.
Visit your potential property at night. Many places seem safe and unassuming during the day, but once the sun goes down it's a whole different story. Checking out New York condominiums at night, even unofficially, allows you to see the whole story. Never commit to something without full knowledge of it.
Do not go for "pre-construction sale or deal". These can be misleading because the developer wants to sell as many units before the actual construction begins. The development might not even finish because of financing issues or other issues. You might be stuck without getting a money back for your down payments and lead to a long legal battle.
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
Do your own research first. Many realtors are going to steer you toward the properties they are selling, potentially earning themselves a double commission. Research the properties you like first, get an idea of the price you want to pay, and then contact a realtor. This will put you in control, allowing you to choose the properties you want to see instead of following someone else's lead.
Visit your potential property at night. Many places seem safe and unassuming during the day, but once the sun goes down it's a whole different story. Checking out New York condominiums at night, even unofficially, allows you to see the whole story. Never commit to something without full knowledge of it.
Do not go for "pre-construction sale or deal". These can be misleading because the developer wants to sell as many units before the actual construction begins. The development might not even finish because of financing issues or other issues. You might be stuck without getting a money back for your down payments and lead to a long legal battle.
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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