1 - get a pre-approval so your not shooting in the dark for your budget assuming what you can spend.
2 - know WHERE you want to live... and that in hand goes with choosing a real estate professional usually in that area who can help you focus.
I can help from the Bay Ridge thru Marine Park Areas & N /S of there as well as Queens.
If you are going to be getting a mortgage the first step would be to get yourself pre-qualified for the loan. You may need to speak to several bankers to make sure you are getting the best deal. After that you have to create a budget.
Let's say the bank tells you that you can borrow $100,000 and the rate will be 4% on a 30 year fixed mortgage. You have to determine your monthly payments to see what you can afford. With a rate like that you will be paying about $4.77 per thousand you borrow or $477.00 for every hundred thousand you borrow. You then have to add to your mortgage amount the maintenance and insurance costs for the co-op. Now you will have your monthly living expense.
You add your down payment to the loan amount to see how much you can spend. After that you simply look at all the properties that fit within your budget and see if any of them meet your needs. If one or more of them meet your need, you buy it! You will also need a lawyer once you make a deal.
If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Depending on your down payment percentage, you can consider either a co-op or condo. With rare exceptions (and they do exist) most co-ops require at least a 20% down payment. But many people can buy a condo for 10% or even 5% down.
Also, if you absolutely must have the ability to rent the apartment out, then you can only consider condos. Otherwise co-ops provide more square footage for the money and provide certain other advantages over condos. Fewer people can qualify to own a co-op, so that's one reason their prices are lower.
I often represent buyers and would be happy to help you. One important service your own agent can provide you is to help you research the history, surroundings and financial stability of the building before you make an offer on an apartment.
Remember too that the agent you meet at an open house is working for the seller, so be very careful what you say! But any licensed agent can represent YOU as a buyer, and put together an efficient tour of apartments that meet your criteria, and negotiate hard for your best interests, and keep aggressive seller's agents at bay. In NYC agents share commissions so you don't have to worry about that part. as a buyer.
One last thing: If there is a dog in your life, be sure every apartment you visit is in a dog-friendly building. Cats are more generally accepted but there are so no-cats buildings as well.
Licensed Real Estate Salesperson
New York, NY
Prudent to start with your Bank or Credit Union and get pre approved, this will help
Determine based on your Credit, earnings, debt rati, How much can you buy.
Thereafter you can decide what will be the price range you are comfortable with.
Then get in touch with many of the fine agents who respond to you on this board
And come up with a plan, as to what you are looking for in an Apartment, commute, cost, monthly dues,
Parking, schools, etc.
Have a great weekend.
You should not be paying anything for this service, but you will now be ready to start your search for a home.
I recommend a call to Brian Tom of Cliffco Mortgage Bank at 516-448-2434 or email him at email@example.com. You will get the best available rates.
AFter you have your pre-approval, give me a call at 631-425-6150. I will be happy to explain the complete process to you from start to finish and will be happy to recommend a Realtor in your area who will be able to show properties to you.