Home Buying in 11236>Question Details

Octelnet, Other/Just Looking in 11236

How do I research buying a brownstone in Brooklyn?

Asked by Octelnet, 11236 Mon Jan 26, 2009

Hi, How do I research buying a brownstone in Brooklyn? For starters, how do I find the correct price range? I want to do as much preliminary research as possible, so that I know what I'm talking about when I contact an agent.

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The way to know your price range is to pre-qualify with a lender. Any agent will ask you to do this as a first step anyway. That serves 2 purposes. It helps you and your agent know the target price, and also the seller's agent of each property will want to know that you are prequalified and may not be willing to show it if you are not. You don't have to worry about math and formulas yourself, your lender will do this. I can recommend a very good lender if you'd like. Also I live in Park Slope and sell in all the Brooklyn brownstone neighborhoods, so I would be very happy to help you. Just click on my contact info and feel free to get in touch.
1 vote Thank Flag Link Mon Jan 26, 2009
The first thing is to identify how much you can afford. Take your yearly salary and divide it by 12. You would then take 43 percent of that number (ie 6000/month = $2580). The $2580 is what you could afford, this amount must include principal, taxes and insurance and PMI for a 1 family house. If you go with a 2-4 family you will get income for each unit and you can use 75 percent of that income towards your income (ie 2000/month rent would get $1500 income for you). So if you bought a 4 fam with 3 rentals all renting at $2000 a month the bank would credit you $4500 in income monthly in addition to your salary. This would help you to afford more of a house.

The second thing i to determine where you wanna live and what it costs to live there. Identify a neighborhod and get an address. Take that address and plug it into http://www.propertyshark.com. You then would run a "comparable" for the property to determine what other home sell for. A comparable is a house that s sold with 1/2 mile, 6 months of a similar construction and use. This will tell you what others are paying for for similair houses in the area. You can decide if you can afford the area.

The third thing is to really determine what type of brownstone you are looking for as their are several type to choose from. Goto http://www.brownstoner.com to read the blogs and the forums.

The fourth thing is to determine if you wanna buy something in great condition or something that needs some work.

The last thing is to get your "Team" together. A good honest Realtor, a good mortgage broker or loan rep, a good home inspector and lastly a VERY good contractor. You need these types of professionals if you are doing this for the first time, if you've done it before you can skip the Realtor and the home inspector.

I happen to be licensed as a Real Estate Broker in NY as well as being a Registered Mortgage Broker and a licensed contractor in NYC and Nassau. I carry all these licenses because I buy and sell property and well as build condos and do rehabs for myself and others. Check out my website to see our prior projects. If you have any questions during the process, you can contact me. I charge NOTHING unless I actually perform a service for you. Calls / Emails and advice are as free as air.

Good luck to you

1 vote Thank Flag Link Mon Jan 26, 2009
Hi, I would actually talk to an agent about it. A good agent will not only know the market and be able to do the research for you, but should also be able to guide you as far as your finances. I give all of my buyers a financial statement to complete so that we can go over their qualifications and everyone knows where they stand. I have some excellent bank contacts who can tell you what you will qualify for (make sure they do a full qualification and don't just jot down some numbers) and who can help explain different mortgage options to you. You don't want to be house poor, which I see many people make the mistake of doing and then have to sell. Get a good honest Brooklyn agent (feel free to check out my website and contact me if you like what you see) and let them help you.
Thanks and best of luck to you,
Catherine Cleland
City Connections Realty
0 votes Thank Flag Link Wed Feb 2, 2011
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