Why buying in NYC for the first time can be such a shock
There are many ways in which buying in New York City is unlike anywhere else—but having to compromise on your purchase when you're spending hundreds of thousands of dollars is one of the biggest surprises for many buyers who have not bought here before. Even those with millions to spend often find it eye-opening they can't get exactly what they want.
For example, you might fall in love with a beautiful apartment in a prewar building, but find you aren't allowed to install a washer and dryer because the plumbing can't handle it. Or perhaps you're willing to buy a place for $3 million, but the co-op board wants you to have funds in the bank to cover your monthlies—a sum that could be equivalent to the sales price—or double.
In this episode of the podcast, host Emily Myers is joined by Brick Underground’s managing editor Jennifer White Karp and Kobi Lahav, director of sales at Living New York, to talk about what Lahav describes as the "shock and awe" buyers often experience when they set out to buy in NYC for the first time.
It's not only expensive and competitive, it's complicated and often requires a level of financial disclosure that can make new buyers uncomfortable. It can be very startling, especially for people who are well established in the careers, to have to open their books, expose their accounts and assets, and make a case for themselves. So why jump through all the hoops? This episode of the podcast gets into the risks and rewards, the layers of bureaucracy, the legal wranglings, the board politics, and why buying in NYC still holds such an appeal.
As always, the podcast aims to help you better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition whether you’re selling, buying, or renting.
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