How to buy a co-op or condo apartment in New York City: A comprehensive guide
This guide to buying a co-op or condo apartment in New York City will help you navigate one of the most complicated and expensive real estate markets in the world. In Brick Underground's typical no-nonsense fashion, we take you through each step of the buying process, including information that many real estate agents may be reluctant to share. Throughout our guide, you'll also find links to dozens of useful Brick Underground articles to further your understanding of the nuances—arcane and strategic—involved in buying a co-op or condo apartment in New York City.
Table of Contents
Deciding between buying a co-op or condo
Downpayment and asset requirements for buying a co-op or condo
Co-ops vs Condos: Lifestyle and other considerations
How to get a mortgage to buy a co-op or condo
The difference between mortgage contingency and funding contingency clauses
Deciding whether to work with a real estate agent when buying an apartment
When to work with a buyer's broker
How to hire a good real estate lawyer
Essential questions to ask about the building before you buy
Guide to attending open houses
How to evaluate an apartment's location in a building
Buying a co-op apartment from the sponsor
A guide to lot-line windows and illegal bedrooms
Common problems with buying new construction
Tips for buying "preconstruction" condo
Getting a mortgage to buy a brand new condo
A guide to buying a condo with property tax abatements
How to negotiate with a developer when buying a condo
How to make a successful offer to buy an apartment
Getting approved by a co-op board
Now, onto the first step of your search: Determining whether you, your finances, and your lifestyle are better suited to a condo or co-op.