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Apartments NYC- Buying and Renting Tips

Apartments in NYC

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I am pleased to introduce Rotem Elias, a BizBuzzNYC Expert for a discussion on the NYC Apartment Real Estate market. Rotem was born, raised, schooled in NYC and has a bachelor’s degree in marketing.  He is a licensed real estate salesperson for BSD Realty, a prestigious commercial and management brokerage firm, located in the Flatiron District. As a consummate New Yorker he knows the city’s neighborhoods and markets like the back of his hand, providing full representation for you from your first meeting through closing and will provide you with the strong negotiating skills you deserve in your real estate transaction.

Buying an Apartment

Buying an apartment in NYC can be tough. Inventory is low and prices have increased year over year for the past 6 years. It’s a seller’s market but here are some tips that can help you as a buyer.

  • Don’t wait to go see an apartment if it just came on the market. Go right away and if you like it make an offer. If you don’t, someone might make one before you and you can lose it.
  • Get a preapproval letter from a lender or mortgage broker. Most sellers will ask for this when you submit an offer and it will give you a sense of up to what loan amount you can get at what interest rate. It will help you know what your budget is when you are looking at places to buy.
  • Try to find out why the seller is selling. If it’s someone that owns a bunch of apartments and the apartment is priced high, he might just be trying to see what he can get for his place and you might not want to waste your time. If for example, the seller is moving away and is currently buying a new place to live then you might have an advantage in the fact that they just want to get rid of their place quickly.
  • Check what the maintenance and taxes are on the unit for sale. This payment will be added on to your mortgage payment so it is important you check if the complete payment falls within your budget.
  • Pay what the apartment is worth to you. If you feel that it is worth it to pay an extra few thousand above market price, go for it because there is low inventory and no guarantee you’ll find something similar at a lower price.
  • Work with a real estate agent that you like and is knowledgeable. They will help you submit an offer letter and when your offer is accepted they will help you compile any documents you might need to submit to the coop or condo board. They will also be knowledgeable about all the other facets of buying an NYC apartment you might have forgotten to research yourself.

Renting an Apartment

Inventory for renting an apartment is also low but here is the easiest and best way to get the apartment you want.

Prepare your documents which are listed below.

  • Letter from employer stating position, salary and length of employment (or start date if you have not yet started), and any information regarding bonus, guaranteed or otherwise.
  • Name, addresses, and phone numbers of previous landlords
  • Two personal reference letters
  • Two business reference letters
  • Verification of other assets such as real estate, securities, etc.
  • Photo identification (driver’s license, passport, etc.)
  • Last two pay stubs
  • Last two years’ tax returns
  • Last two months’ bank statements

If you have these documents ready, then it will be easy for you to lease that apartment. Renting an apartment is faster than buying so the second you see that listing come on market, go see it right away.

 

 

Negotiating the best deal for you at the best price

Rotem Elias

Licensed Real Estate Salesperson

BSD Realty

646-853-2351

Property Listings- Click Here: http://www.rotemsells.com/

http://bsdequities.com/

www.linkedin.com/pub/rotem-elias/2b/904/8a9/

google.com/+rotemelias1

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