How to Prepare for Buying Your First Condo in Manhattan
Buying a condo for the first time, especially in a competitive market like Manhattan, takes an extraordinary amount of planning and dedication. Many people fail to plan, which means that their hunt takes longer and is likely much more expensive than it has to be. When you prepare for buying your first condo in Manhattan, you'll be much closer to making your dream of home ownership a reality.
Start with Neighborhoods
Maybe you already have some ideas about which neighborhood suits you. Whether you're thinking Upper Manhattan or Bed-Stuy, spend some time in all of the communities that are of most interest to you. Get to know the buildings and the layout. Start dipping your toe into the local real estate market by browsing Zillow and similar sites. This gives you an opportunity to narrow your focus to a likely handful of neighborhoods.
Get Pre-Approved for Financing
When you're buying your first condo in Manhattan, mortgage pre-approval makes all the difference. That's especially true because there is a surprising number of cash buyers out there. Also, if you find yourself in a bidding war and the other bidder is pre-approved, then that war might be over before it starts. Things happen fast in the Manhattan real estate market. You have to be ready to strike with pre-approved financing.
Find a Real Estate Broker
In a seller's market, many brokers hardly seem interested in working for buyers. Accordingly, it is vital for you to find a reputable real estate broker who knows the business and is willing to be your tireless advocate. An experienced broker will sniff out promising condos and work fast to ensure that your bids receive the attention they deserve.
Be Prepared for the Long Haul
Ideally, it would be wonderful to find that perfect condo on your first open house expedition. The reality is that that rarely happens. Condo buyers in Manhattan could easily spend months or even a year trying to find the condo that's right for them. Usually, this involves bidding on more than one property. Make peace with the idea that frustration is likely to be your companion many times.
A competent Manhattan real estate lawyer can help you with real estate closings, reviewing contracts and other related matters. Contact Sabra Law Group today at 646-472-7971 to learn more.
For more information, listen to a real estate expert on our podcast, Coffee Break With Sabra: