Happy New Year and Congratulations on your Ph.D!
Welcome to making a new choice/decision in your life. As many of my colleagues below have pointed out the pro's and con's of owning a Loft apt vs a 1-bedroom home, I think its best if you visited them all. I have had buyers say to me " I want a loft" and ended up buying a traditional cookie cutter one-bedroom. And vice versa. So my advise to you is make the time to view them all and you will be happy you made an informed decision. I also concur with the others that you are be best off working with a Buyer broker to guide and navigate you through out the process one step at a time.
I have represented buyers mostly and worked the downtown market since 2001, and would love to be of service to you. Should you wish to, feel free to contact me at email@example.com. I can assist you by sending you all the available listings in your price-range both co-op and condo, set-up and accompany you on the showings, give you sold and active comps, help you with mortgage brokers/bankers/attorneys and making offers. All the way to the finish line.
All the Best in your search and Good Luck,
While it is an excellent accomplishment to receive your Ph.D at NYU, the buying power you have at this very moment depends on a few factors. If it were up to me, someone who has not earned a PH. D., I can recognize your earning potential and stability in your potential as a stable citizen in the neighborhood. However banks do not think along those same lines, and hence, is a factor as to why they are in so much trouble financially. With that said, your best approach to deciding on what type of property to purchase is to first get pre-qualified for a mortgage. In this way, you will know in advance what you have to spend, and can purchase. Once you know your price point, you can then begin to focus on whether or not a loft or an apartment is best for you at this time.
Let me conclude by recommending to you that the most important thing you can do for yourself at this time, aside from getting pre-approved for a mortgage commitment, is to choose to work with a Buyer's Agent. A Buyer's Agent works on your behalf, and is free for buyers because the seller pays the commission. It is important to know that if you planned on responding to apartment listings online, in the NY Times, etc., etc., you will be responding to ads placed by the Seller's Agents. These agents work for, are paid by, and represent the Sellers, in order to sell the properties that they represent, for as much money as possible. A Buyer's Agent works to save the buyer time and money while helping them find, and purchase their dream home. The Buyer's Agent is motivated to do this because it is far more valuable to get the referrals, and the future sale listing, from the buyers that they worked with.
If you have any questions, please feel free to get in touch... I hope you consider letting me work for you.
Senior Real Estate Sales Associate
Congratulations on your achievement!
Now that you are ready for your next step in life, choosing an apartment has a lot of options to decide. However, there are 2 things that are very important: your financial situation and what you like. That takes me to your question: loft or regular apartment? Many of my colleagues below mentioned many pros and cons, like the lack of privacy in a loft or the preference by more buyers for a regular apartment.
Buy what you like and can afford.
Trust in a real estate broker to represent you and work in your behalf. Have in mind that sellers might have representation too.
Do not hesitate to contact me if you decide to work with an agent or for any additional questions.
All the best,
Licensed Real Estate Salesperson
As I love to say: Real estate is an investment whether you like it or not. I believe one bedrooms are easier to resell than an equivalent loft, especially since the loft owner expects people to pay a premium for owning one.
That said, if you plan to be there for at least 5-10 years, it probably doesn't matter from an investment standpoint which configuration you choose.
Consider inviting a broker to help you--we all work with buyers as well as sellers. The sellers' broker happily works with buyers' brokers, it's normal in Manhattan, and both agents share the commission, which is paid by the seller.
Your own broker/agent will be able to pull data about the history of the property you're interested in, and help you choose a reasonable offer to make, and will negotiate hard on your behalf. This is the biggest investment of your life (perhaps even more than you invested in your education) , and you want to be as informed as possible.
Licensed Real Estate Salesperson
Charles Rutenberg LLC
You have some great answers here, First of all I want to Congratulate you on your great achievement and now that you are moving forward to the next chapter in your life, get an expert in your area of preference. Once you make the connection with an agent, there are no boundaries!
Best of Luck!
1930 Williamsbridge Road
Bronx, NY 10461
CERTIFIED BUYERS REPRESENTATIVE
Sounds like you have arrived at a new phase in your life. Personally I think you need to look at both lofts and regular apartments and see what feels most comfortable to you. Finding a home is a very personal and visceral experience, I have been a downtown broker for over 12 years and would love to talk to you about your priorities and budget to better advise you. Please contact me
VP Brown Harris Stevens
Congratulations on your Ph.D. The Village is a wonderful area of the City and you will have some decisions to make before considering looking for an apartment.
1. How much money are you alocating for a downpayment?
2. Coop or a Condo?
3. Coops require a minimum of 25% down and you will have to show a full finacial statement, go through a board approval proccess. Coops are cheaper, price per square foot but you will need to have a more substantial financial statement to show with funds in liquid after closing. Coops are conservative, in most cases require the apartment to be your primary residence.
4. Condos: much easire for a buyer, less requirements, you may purchase in your name or in an LLC, with a family member, a board package may be require but no board approval proccess. You will need to simply show that you have the money to purchase (no extra funds needed after closing).
Once you have established what is the best for you, even if financially both coops and condos are of interest, then you consider looking for the best one bedroom/ one bath on the market in the area.
Being a loft, a brownstone apartment or a doorman building. Wish you the best for 2012 and happy to represent you on the search for a new home. If you wish to reach me may I ask that you email me at MFP@corcoran.com?
Best regards, Maria Pashby
My answer is pretty much the same as the rest. It will depend on the individual space that you see.
Everything is a factor, neighborhood, building amenities, the actual apartment, etc.
Please feel free to call me and I can assist you in viewing several apartments to help find you the right one.
Bond New York
Everyone's answers are pretty much on the money. Only you can answer what the pros and cons are to each living space, and to do that is would behoove you to get in contact with a real estate professional and go view a few apartments and a few lofts. Usually you will find lofts in low rise buildings rather than high-rise buildings. If you would like to further discuss or would like for me to find you some samples of both, please contact me at your convenience.
Bond New York Real Estate
You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).
These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour.
If there is anything that you are interested in seeing via the listings which have building information, taxes, floorplans, etc. Pleas feel free to reach out to me at your convenience.
SVP/ Associate Broker
Rutenberg Reatly NYC