Finding the perfect apartment in your preferred New York City neighborhood can sometimes feel as if you are hunting for unicorns. Some claim the mythical beasts exist, yet no one has ever found one.
But even in the tightest housing market in the nation, finding a suitable apartment to purchase is indeed possible. The following three tips may help you close on your dream apartment here in New York City.
Budget for surprises
No matter how much research you have done prior to going to sale, inevitably, costs creep up that must be covered before you can take ownership of your apartment. You might have to pay the co-op board for copies of their board package or add a feature to comply with ADA guidelines. Make sure that last-minute expenses don't tank your purchase.
Expecting the unexpected can allow you to accept with equanimity the last-minute snarls that can delay your closing.
Retain a real estate attorney
You may think that you can negotiate the contract on your NYC apartment on your own. Why not cut costs by foregoing retaining a real estate attorney But unless you are well-versed in New York contract laws, you could be doing yourself a very expensive disservice and wind up without the apartment you're seeking to buy.
Your attorney will run interference for you when problems crop up. The can detect red flags that might go unnoticed but that will wind up costing you a bundle.
Making the move from renter to apartment-owner is a major step and you want everything to go as smoothly as possible. The steps you take now can provide you with peace of mind as you take ownership of your property.