Some New Yorkers are morning people and others like to sleep in, some are risk-takers while others are risk-averse. The same is true when it comes time to buying a NYC apartment - there are different types of apartment buyers.
When you decide you want to begin your search for a NYC apartment, it’s important to understand what type of apartment buyer you are in order to appropriately set your expectations on timing and needs of your buying process.
If it’s your first time buying an apartment, there will be a lot of questions, and even more nervousness. This is completely normal!
First-time buyers in NYC should rely on the experts around them, from their real estate agent to their real estate attorney. Make sure to select real estate professionals that take the time to educate you on the apartment buying process and give you the modern tools to succeed.
In addition to receiving high quality advice from experts, first-time buyers need to remember that the process takes a decent amount of time, so be patient. Don’t be pressured, understand the financial implications of your purchase, and be sure to ask questions. Visit your favorite neighborhoods and be sure to attend plenty of open houses to get a sense of the market.
You may fancy yourself as a master negotiator and believe that you can spot a deal from a mile away, but it takes two to tango with every real estate transaction. Your deal-making skills may come in handy, but if you encounter a stubborn seller you are unlikely to buy an apartment for your ideal purchase price.
Be prepared to miss a few!
If you are looking for the New York City apartment that ticks 10 out of 10 boxes on your dream apartment list, you may be looking for a while - possibly forever.
In a competitive real estate market like NYC, there are likely to be trade-offs on the features available in the apartment you are purchasing. A good rule of thumb - if you can find an apartment with 7 or more items out of the 10 desired items on your list, it may actually be the realistic one.
If you are lucky enough to find that 10-out-of-10 dream apartment early in your apartment search process, act quickly before another buyer comes along.
Are you the type of person that makes quick decisions and sometimes regrets those decisions? If you are self aware and honest enough to admit your impulsiveness, then it’s time to take a deep breath and slow yourself down if you are considering a NYC apartment purchase.
Buying a NYC apartment is a much larger purchase than selecting a luxury vacation or a restaurant reservation. For most people, buying real estate is the largest financial decision of their lives. Make sure to weigh the pros and cons of each apartment and rely on the objectivity of your real estate broker to make an informed decision.
The mortgage recording tax is one of the largest potential closing costs NYC homebuyers pay when buying with a mortgage. Learn if it will apply to your purchase.
August 31, 2018