Buying Property in New York City: Going Direct vs Hiring an Agent
September 25, 2011 by admin
Filed under Buy Property
New York City’s property market is quite unusual and unique, even in the American real estate landscape. It has certain idiosyncrasies that can easily disrupt a happy purchase and confuse a new buyer looking to find apartment in NY. Of course, there is a whole set of conditions, rules and norms, which apply to the market, but then there is also the right way and the wrong way to go about trumping the system and procuring your dream property. Unfortunately, one cannot become an expert at this system by simply reading a manual. It requires a lot of experience in dealing with financial and property markets in general, and the New York real estate market specifically.
If you don’t have the asset of fairly recent experience in New York’s property market, it might be a good idea to bank upon a reliable agent to buy apartment in NY. You cannot ever afford to lose sight of just how complex, fiercely competitive and fast-changing New York’s real estate market really is. If someone can get the better of you, they usually will. That is the first reason why it is important to have someone reliable and trustworthy on your side. We all know just how shattering it can be if the purchase of a house goes wrong.
Your paperwork is very important, if you want a shot at having your own home in New York. Your financial statements, tax returns, references, bank statements and pre-approval paperwork for financing, all have to be flawless. Your dealers can provide crucial support in this respect, because they know exactly what paperwork is needed and how it is to be presented. Also, if you are getting your home financed, you will need to locate a competent mortgage broker. Here too your agent will be able to provide you critical support.
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The two major kinds of housing available in New York are condominiums and Co-ops, with 80% of the real estate market consisting of Co-ops. Which of these kinds of houses will suit you largely depends upon your requirements and your current and future objectives vis-à-vis your property. It goes without saying that making a sound decision involves knowing the exact advantages and limitations of both. This is where simply reading the basics off the internet may not be enough. You will probably need the support of an agent.
As far as co-ops go, the board of directors is very powerful and may accept or reject your application, depending on whether you fit their criteria of a good and reliable neighbor. After your application is reviewed, you will need to sit-in for an interview, and following that, the Co-op board will decide the fate of your application. This is a major reason why paperwork is so important, but apart from that you will need the help of your real estate agent in preparing for the interview. Your agent may even have previous experience with this board, and they can prepare you to face the exact requirements of the board. The process is easier with condos, but here too the housing board will call you in for an interview and has the power to reject your application.
It will be hard for you to match an experienced local real estate agent’s skill in conducting property negotiations in the New York market, and reading the fine print in a contract. It is quite common for agents to recommend alterations and adjustments in the contract to suit the interests of the buyer.
Finally, like in any other city, getting the support of an agent will save you from serious waste of time, while you find your next home that could be either quite affordable or a famous luxury apartment in some historic building. Once an agent knows your exact requirements and budget, they can direct you to specific neighborhoods and listings that may be impossible for you to find on your own. However, before you procure the services of an agent, make sure with the New York Buyers Agent Organization that they are reliable. All reliable and recommended agents are listed on the organization’s website.
Naturally, an agent will add to your cost, but a good agent might just be the difference between a failed and successful attempt to buy apartment in NY.
Anthony Lauro is the Director of Marketing with HotRentalsNY.com. He frequently contributes to their blogs. Anthony lives in New York with his wife and son.
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