If you are unfamiliar with the Manhattan Real Estate market, the first step to learn about the NYC Real Estate market. That first step is to learn about the difference between a co-op and a condo and why that's important to you as an investor.
The next step is to learn about the pricing and what to expect within certain price segments and types of apartments. An investor looking to purchase a penthouse condominium with Central Park Views and a buyer looking to purchase a studio condominium are both looking at properties with a high value proposition, however the characteristics that influence pricing are going to be different for each segment of the market.
So, let us know your price range, the type of apartment you are thinking of purchasing and we can start to talk you about availability and your expectations for buying a condo in NYC for investment purposes.
The next crucial step is how you are going to purchase this investment property or second home?
If you are a cash buyer that will make the purchase process much much easier. Obtaining financing is possible, however the financing process is going to detail a very close and meticulous relationship with a local Manhattan bank. We 100% recommend that if you need financing to purchase, you work with a mortgage consultant who understands and knows how the Manhattan condominium works.
Closing costs will depend on the price point you are purchasing, if you are financing the purchase, and the type of apartment you are buying. In New York, the seller almost always pays the commissions, so you do not pay anything to have us work for you and represent you as a buyer's broker throughout the transaction.
What's the next step?
This may seem like a lot to take in, but the next step should be to contact us, and we will walk you through the process. It is our job to educate you on the purchase and then help you locate the type of apartment you are looking to buy. Email Morgan.Evans@elliman.comor call us today (917)837-8869.
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