- No Comments
Plenty of strategies exist for those who desire to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of money. One way would be to purchase a unit in a lower floor of a luxury building. A second floor unit can cost as much as 19% more than a comparable unit on the initial floor. Another option would be to seek units with higher maintenance or common charges monthly, as those often have lower asking prices. Alternatively, some lines in a building can carry a higher price tag than others… for instance, a unit line with windowed bathrooms will fetch a lot more on the open market when compared to a line whose bathrooms are lit only by fixtures.
If you need a home loan to get a NYC luxury real estate property, you should get a mortgage approval letter from your own bank stating the volume of mortgage loan that you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” A bank qualification letter isn’t exactly like an approval letter, and can not qualify one to see a property under bank-approval requirements.
In the true estate industry, “terms” identifies the stipulations under which money is given. For cash-closers, this relates to among other things, just how many days needed to close. For mortgage holders, it identifies your percentages for interest in addition to time needed to obtain the funds from the bank and transfer them into the appropriate ESCROW account. In a real estate transaction, terms are equally as important as cash, because they dictate to sellers under what conditions they’ll reach recoup their original purchase price. Once you learn your terms inside and out, it will make it easier for the broker or agent to negotiate with sellers for you.
In line with the National Association of Realtors, 88% of individuals start their real estate search online. In New York City, home of the savvy shopper, over 90% of buyers and renters start their do some searching online. The importance to do your own research is usually to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its rules for purchase and its particular amenities to provide. Each section of Manhattan has its disadvantages, quirks and advantages. Rather than every real estate agent or broker is equal. You will want to some conduct some research so as to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings us to your next point…
You might have heard this adage before in regards to the NYC Rental market: bring a bank-certified talk with you and be ready to close on a rental unit you like once you see it, because the next person to see it could snag it from under your nose. Similar fervor applies to the NYC buyers’ market, especially for luxury NYC real estate. International all-cash buyers are most likely your strongest competition in the NYC luxury market. They are able to walk right in and say “I’ll go on it,” and cash buyers can close in as little as two weeks. Know your own financial situation, and know precisely how quickly you are ready to move on a house you like. 東京の高級賃貸なら to quickly transfer to ESCROW will provide you with a significant advantage against other buyers.
Just because a property falls under the luxury umbrella, will not necessarily mean that it’s problem-free. Structural problems such as improper weight baring pillars and roofing issues, proof water damage and mold, or piping and HVAC problems are just some of the problems one will discover in any property. That is why it is integral that certain conducts a home inspection before signing on the dotted line. Most of all, ensure that your contract for purchase carries a home inspection contingency, i.e. a statement that permits you to freely walk away from the house if the inspector finds an issue with it. A reliable broker also won’t waste your time or their very own by showing you properties that are not satisfactory.
The New York City real estate market is really a market unto itself, comparable to none other in the United States. It plays by its own level of supply and demand rules. International demand for NYC luxury real estate is still one significant reason why Manhattan prices are so high compared to other areas. REBNY reported that 2012 was the most successful year (over $30 billion in property sales) for NYC property since 2008. REBNY also reported that broker confidence in the market has been higher in January 2013 than in any month of 2012. Sales numbers across most brokerages indicate the fact that we are continuing to trend towards a sellers’ market, as sellers and co-op boards continue to be able to choose among a pool of possible buyers. Know that the NYC luxury real estate market is not depressed by any means and factor this knowledge into your approach to purchase.