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American agent tells you how to buy an apartment in New York
Buying a home is one of the biggest investments in a person's life, so plan to do it and think twice. It is absolutely necessary to know as much as possible about buying a house. Let the American agent take you to know more about buying a house in the US, so that you can take less detours.
We will explain each of the three aspects of preparation, purchase process and trading fee before buying a house.
Preparation before buying a house
1 Estimate your budget – understand your acceptable down payment and monthly expenses (including daily expenses, real estate taxes, monthly mortgage payments, facility fees, parking fees, etc.)
2 Obtain a loan pre-approval (pre-approval)
3 Choose a lawyer who is proficient in New York real estate.
4 Sort the importance of the following factors in your mind – space, light, vision, and building facilities
5 Consider the timeline for moving
6 Investigate different communities to better understand what you need
7 Survey surrounding schools in selected communities
8 Evaluate whether transportation is convenient in the selected community
9 Evaluate building facilities and community rules according to your needs (including laundry dryers, indoor gyms, pet rules and storage equipment, etc.)
10 Working closely with the broker to collect materials for the loan application
11 Once the apartment is selected, check with the broker or lawyer to check the financial status.
1 Obtaining a loan pre-approval letter, usually takes 1-2 days
Be aware of the expenses you can pay before you buy. Condos (condos) must pay at least 10% down payment, and co-ops generally require 25% or more. However, each apartment is slightly different. 15% of buildings in Manhattan are condos, and the remaining 85% are co-ops.
2 Find the target apartment: it usually takes one to two months
Depending on your criteria, the time it takes to search your home varies. On average, everyone will look at 20-25 apartments before deciding to buy a house. Buyers who are proficient in the Internet will do their homework before they see the house, which also saves them a lot of time. They only need to look at 4-5 apartments on average before buying a house.
3 Negotiations for apartments: generally takes 1-7 days
Everything about the apartment can be discussed. Ask about assessments, fixtures, window replacement, air conditioning, carpets, floors, curtains, appliances, fireplaces, dryers, etc. The apartment should be renewed.