Manhattan Real Estate Lawyer

Important Considerations When Purchasing Your First Condo in Manhattan

Manhattan has an abundance of properties and therefore condo hunting can be quite a daunting task.  It is best to make a list of your must haves as well as a list of questions to ask that will help you eliminate properties that do not meet your specific criteria. 

Below is a list of questions to ask that you may have not considered: 

  1. Is the garage underground or on floors above ground? With extreme weather conditions such as hurricanes and storm surges, it is important to consider your safety and the safety of your vehicles.
  2. Are there security cameras throughout the premises? Not only should there be security cameras in the elevators or common areas but also in the garage.For many people, safety is a top priority and condo buildings with security cameras throughout may deter criminal activity or at least capture it on camera so it is able to research the situation and resolve the matter.
  3. What are the extra fees/charges to use the private party room or other amenities? If you are an entrepreneur and frequently need to use the private party room for business events, it makes sense to determine what additional costs you will be expected to pay out of pocket to reserve the room.
  4. What do the online reviews disclose about the property? It is important to do your research first and read the reviews about the building prior to setting an appointment to view the building and units.While some reviews are exaggerated; you may see a common theme throughout, which may be an indication of a real problem.
  5. If you are new to Manhattan, it is important to ask questions about the neighborhood?Where is the closest grocery store? Dog grooming place? Nail salon? Public transportation? Restaurants? Dry Cleaning? Parks? Playgrounds? Places of worship? Police station? Hospital?
  6. Consider checking the crime rate in the neighborhood where you are seeking to buy a condo.As we know, a big city like Manhattan can have crime in any neighborhood, there are certain areas that are higher in crime than others.If safety is a high priority, then take the time to do your due diligence prior to signing that real estate contract.

Purchasing Your First Condo in Manhattan?

Whether you have found your dream condo in Manhattan or just beginning your search, contact our office for assistance with your real estate closing and guidance during your search and negotiations. You can count on the expertise and experience of Sabra Sasson, Manhattan real estate attorney.  Contact Sabra Law Group today at (646) 472-7971.

The Guide to Buying Your First Condo in Manhattan

Have you have been saving up for years for a down payment to buy a condo?  If you are going to spend your hard earned money on buying a condo in Manhattan, do your homework first and go into the home-buying process well prepared. 

We have put together some guidelines that will facilitate a smooth real estate transaction and prepare you for the entire home-buying process.

STEP ONE: Finding the Right Property

  • Decide what neighborhood fits best with your lifestyle and your budget.  Remember to factor in your commute time to work, your non-negotiables, and if you prefer a more happening part of town or a more quiet and serene location.
  • If you choose to live in the heart of the city, you have to be willing to sacrifice space.
  • Monthly common charges and assessment fees are not negotiable and can rise from time to time.
  • If you are interested in a hot property, be prepared to move quickly or risk losing it to another buyer.

STEP TWO: Financing

  • Have your financing in place before you start the condo search because if your financing is not in order, you could lose your dream condo in the process of waiting for approval.
  • When trying to determine what amount you can afford prior to going through the official approval process, a practical guideline that you can use is to estimate that you may be able to afford a purchase price up to three times your annual income (of course there are other considerations such as existing debt, financial obligations and credit score, to name a few).
  • It is beneficial to try to lower your debt prior to applying for financing as lenders will subtract any debt payments from your income; thus, resulting in a smaller property or lower priced property than you initially hoped for.

STEP THREE: Making an Offer

  • Remember that the market dictates the value of the condo
  • Research what other condos have sold for in the same neighborhood and building and how long they were on the market.Also assess the type of amenities when comparing prices.
  • Instead of focusing on the total price of the property, look at it in terms of monthly payments as that is what will matter the most when it comes to determining if you are comfortable paying that price point. For instance, the purchase price may be higher than anticipated, but the common charges lower than comparable properties.

OTHER THINGS TO CONSIDER:

  • Use a mortgage calculator to determine your monthly payment
  • You must have enough income to also pay property taxes and homeowner’s insurance in addition to the mortgage and monthly common charges payments.
  • Consider reserving some funds to maintain the property and to pay for repairs as they arise.
  • Good credit history:a good credit history and record will increase your chances of getting approved and at a lower interest rate.

Buying Your First Condo in Manhattan? 

Contact Sabra Law Group for assistance with your real estate closing or questions regarding the purchasing and closing process (646) 472-7971.