Home Buying in Rego Park>Question Details

First Time H…, Home Buyer in Rego Park, Queens, NY

If I want to buy sponsor unit that need a renovation how can I know the cost of renovation before deciding purchasing it ? I am looking for a studio

Asked by First Time Home Buyer, Rego Park, Queens, NY Fri Oct 9, 2009

around rego park any input greatly appreciate it

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Vincent Carrieri’s answer
If your purchasing a condo, you may qualify for an FHA loan allowing as low as a 3.5% down payment. This would allow you more money to fix the place up after your in. If it is a COOP you will not be able to do an FHA loan and mandated by most cooperatives would have to put a minimum of 10% down. I hope the repairs needed are cosmetic in nature and would not prevent you from obtaining financing. (leaks, exposed wires, bad plumbing exc..) If you have not been pre approved yet, please feel free to email me your information and I will be in touch to answer any further financing questions. As an earlier poster suggested asking the seller or sellers agent to allow a contractor to give you an estimate should not be a problem. Terry and her son Peter are very experienced realtors in the area and may be able to assist you as buyer side agents. They may be able to help you schedule an appointment to bring a contractor into the unit to get you that estimate!
0 votes Thank Flag Link Mon Apr 11, 2011
Hi First time home buyer, it's easy- get a contractor or 2 in there- get estimates and then make your offer if the apartment is still available. You need to move quick or it will be sold from under you. Depending on the price of the unit- it may already be priced based on the condition and not be too flexible- no matter what the work that is needed.
On the other hand- the most important is to find out from a mortgage banker or broker what mortgage you qualify for. Purchase price - down payment = mortgage(you may be able to include renovation). What the mortgage will cost you per month + the maintenance+ any assessments= your monthly cost+ your living expenses. Terry K 718-614-167 cell or email me therese.korahais@elliman.com
0 votes Thank Flag Link Fri Oct 9, 2009
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