New buyers are often nervous about embarking on their first condo purchase, and buying a condo in New York City can be exceptionally daunting. After all, who hasn’t heard a horror story or two about a scary real estate deal gone wrong? Thankfully, these stories are few and far between, and with the right about of preparation, a first time buyer can actually find the experience of hunting for Condos for sale in NYC to be incredibly fun.
Choose A Neighborhood
Each buyer is different, with different needs. New York Post’s real estate guide suggests investigating each district of New York City before even looking for a broker. This helps to narrow down the search, and can give the first time buyer an idea of what they can expect to spend. A great way to start is to make a list of things a neighborhood needs to have in order to be satisfactory to a buyer. Some will want a good school district, while others will want to be close to museums and local shops. Whatever it is, there is a district to match those needs. Deciding on a particular neighborhood at this stage of your search will also help save the buyer and the buyer’s broker time down the road.
Shop around for a reputable mortgage broker and get preapproved. This is an important step, as it will help buyers figure out what they can afford, and can assist greatly in setting a budget. Buyers should keep in mind that condos for sale in NYC often have various fees or dues associated with the initial purchase and ongoing ownership, so there will need ot be some degree of flexibility within a buyer’s budget in order to allow for this. Another important thing to remember is that there will be yearly expenses, such as taxes and other dues, that will need to be paid.
Get A Broker
A real estate broker is a buyer’s best friend. He or she can help the buyer find the perfect home. First time buyers especially should hire a broker; a broker can walk them through unfamiliar steps, and can provide comfort in knowing someone is looking out for their needs. Ask friends and family for recommendations, and be prepared to spend time online looking up background information on the particular broker suggested. Don’t get too hung up on whether or not the broker has experience buying or selling in the desired neighborhood, as a reputable broker will have connections in each district.
For more information on condos for sale in NYC for first time buyers or for the experienced New Yorker, contact 252 East 57th at (212) 369-5757.