Living in New York is an exciting and thrilling adventure, but it isn’t without its trials. Finding a suitable living place is expensive, difficult and very time consuming. One aspect of the New York apartment purchasing process that makes things even more difficult than usual is that about 75% of New York apartments for sale are owned by a corporation. This means that when you buy an individual apartment in a building, you are essentially purchasing a share of the company and subsequently become a shareholder of the building. Below are just a few tips to help you with the co-operative buying process.
Be Aware of Your Finances:
In any situation, it is useful to always be aware of your finances. When it comes to the co-operative buying process in New York though, there are very specific financial requirements that the buyer must meet, even when it comes to taking out a loan for a co-op. These obligations are created to ensure that the buyer is able to be financial responsible for their purchase and that other shareholders are protected. For example, this New York Times article provides a thorough and useful overview of the financial obligations when taking out a co-op loan.
Choose an Experienced Agent:
Due to the complicated co-operative buying process, one of the best things that you can do when buying a co-op is to hire a knowledgeable and experienced real estate agent that knows their way around co-op buying. The agent will help you find a place, seek pre-approval for a mortgage, review whether you meet the obligations, negotiate prices, and complete the application process. This can easily save you time, energy, and even money because the agent does the work that you don’t have to, leaving you time to focus on your own job and personal matters.
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Be Prepared for the Intervie:
Purchasing a co-operative is a lot like trying to gain entrance into a top university or coveted job. Like these trails, there is also an interview involved. Those that purchase a co-op are required to undergo and ace the co-op board approval process. While it may seem like the questions that you may face are straightforward, boards are notorious for throwing at you some extremely varied questions. Here are just a few curveball questions that you may face. Knowing how to answer them, and even being aware that you may be asked them can help you easily ace your interview and gain the admission that you want for the place that you love.
Purchasing a co-op does not need to be difficult. The above tips are meant to be a guide to help you secure the place that you want and to be aware of the process that is involved. Following these tips will make things much easier for you and prepare you for the long co-operative buying process ahead. Best of luck buying!