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Wednesday, February 4, 2009

New York Condominiums

By J. Kim

Even though the prices of New York condominiums are always high, it is great bet and investment when your interested in buying a condo. There are lot more condominiums in New York City, but the space is at a premium in a big city. The market for condos in New York have remain when the rest of the country is suffering from a steep decline in housing market. If you follow these steps, you will succeed in purchasing the right New York condominiums.

Do your own research first. Many realtors are going to steer you toward the properties they are selling, potentially earning themselves a double commission. Research the properties you like first, get an idea of the price you want to pay, and then contact a realtor. This will put you in control, allowing you to choose the properties you want to see instead of following someone else's lead.

Do due-diligence, visit the property you want to buy. Visit it at night, if can a whole different story from the day time when you visited. Unofficially check out the New York condominiums, talk to the neighbors, this will allow you see the whole story. Do not commit to anything without checking everything out.

Be wary of "pre-construction deals." The most recent housing boom showed a huge upswing in the amount of owners purchasing properties that had yet to be built. When the market began to sharply decline, construction projects were stalled or even canceled, leaving potential homeowners to fend for themselves and fight for their money back.

Look into buying a co-op. Though New York condominiums are becoming easier to find as new units have been built in a frenzy over the past few years, the more traditional way to buy in New York is through the purchase of a co-op. In these properties, you buy shares from a corporation who pays the mortgage and real estate taxes. In turn, you own not only your condo but a portion of the common areas. The major disadvantage to these is financing; you are often expected to have all the money upfront before making your purchase

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