Highly individual attention to help you sell, rent or purchase your condo, co-op, townhouse or house.
avery new york: We're all about you. 917.528.2020 917.733.3457
1. Down payment
2. Income minus
including tax bills,
loans & other debt
obligations i.e. utilities,
home insurance and
1. Get pre-approved for
2. Decide on the type of
mortgage (fixed rate or
not, long or short term)
3. Shop for the best
terms and rates
4. Check your credit
report and FICO score.
1. Identify your time-line
2. If you don't know what
neighborhood is best
for you ask your broker
or sales person to help
narrow down suitable
3. Identify those things
that will be important to
you regarding the
location of your new
home, ie transportation,
4. Identify the amenities
you would like, ie
What is the difference between a
condo, cond-op, and coop?
A condo is considered real property. Just like a house, you
are purchasing the unit out-right and will have a deed for
your individual apartment. You will have a real estate tax
bill sent directly to you for payment and if you have a
mortgage it will be solely on your unit . In addition, you will
pay common charges to the building for the building's
upkeep. The approval process is normally done by sub-
mitting either a limited amount of paper work or, less often,
a full board package. The review process is commonly done
by a couple of members of the board of directors who have
the ability to exercise the "right of first refusal." If they do
use that right the building is bound to purchase the apart-
ment from the seller at the same price the buyer contracted
to pay for it. Otherwise, the sale goes through.
When you purchase in a co-op you are actually buying
shares in the cooperation that entitle you, as the share-
holder, to have a proprietary lease for a particular apart-
ment. Unlike in the condo scenario, you are responsible for
paying a maintenance fee which covers the building
expenses as well as the real estate tax. Your mortgage is on
your individually owned shares, rather than on apartment
per se. A board package is submitted to the board of
directors who review it. If the financials are in order
generally their is an interview of all prospective buyers.
Approval of the purchase is granted by a board of directors
when they are satisfied that buyer is financially sound and
will be an upstanding citizen of the building.
A cond-op is building that has a combination of condo rules
and a co-op's financial structure. The approval process is
usually similar to the condo's, whereby the financials and
right of first refusal apply, but the purchaser owns shares
like in a coop and pays maintenance fees. Only a small
percentage of NYC buildings have this arrangement.
What Can I Afford?
There are many tools to help you learn what you can actually
afford to buy this important purchase. Many mortgage
calculators are available on-line. You know your income.
First, figure out your personal monthly expenditures: school
or car loans, tuition or any other debt obligations, etc. When
you know how much money you actually have available for
your down payment you can put some general information to
put into the calculator like our interest rate, the length of
time you are planning to borrow the money, and the amount
you wish to borrow. Recognize the calculators don't either
property taxes (condos) or home-owner's insurance. Include
them in your monthly expenditures.