buying an apartment...
rival.
Posts: 7,775
my girlfriend and i are looking to buy an apartment within the next 6 months, and before we get involved with a realtor, we were just asking around for information.
we've been renting for the past 2 years and are brand new to buying. generaly, for an apartment, how much do they ask you to put down on signing. i know for a house you would typically put down between 20-30K. but for an apartment that isn't in the same cost bracket as a house, how much do you think?
we've been looking in NJ/NYC.
we've been renting for the past 2 years and are brand new to buying. generaly, for an apartment, how much do they ask you to put down on signing. i know for a house you would typically put down between 20-30K. but for an apartment that isn't in the same cost bracket as a house, how much do you think?
we've been looking in NJ/NYC.
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it's not an absolute amount, it's a percentage. In the north east you're looking at AT LEAST $300K for an apartment (probably more in NYC- anywhere remotely close to the city in boston is at least $300-350K), so usually they say put down at least 10% which would be $30K. It doesn't matter if it's an apartment/condo or a house- same general advice of 10% downpayment applies.
oh and also, my friend just bought a condo and was shocked at all the "extra" costs. She was prepared for her downpayment, mortgage, everything, but closing costs can be HUGE (thousands of $), inspections, realtor fees, just a lot of extras you don't think about so be prepared!
routine was the theme..
there aint gonna be any middle any more
In NYC the minimum down payment for a condo is 10% (with a few rare exceptions that allow 95% financing but good luck getting a bank to back that one). If you go the route of a co-op you're looking at an average minimum down payment of 20% and it goes up from there. There are some co-op's and condop's that will allow 10-15% down but again, those are few and far between. As to closing costs, as a first time buyer you will want to try and avoid new construction because in NYC, almost without exception, you will be paying for the developers attorney along with the city and state transfer taxes (which are both usually paid for by the seller and will tack on an additional 2% of the selling price to your closing costs which you won't be able to finance). As to someone mentioning realtor fees, as a buyer in NYC you won't be paying any as we are compensated by the seller in every deal. Also something to keep in mind is that you will be required to pay PMI (private mortgage insurance) if you do not put at least 20% down. You will be required to pay this monthly fee until you reach the 20% mark. Hope this was helpful, and if you have any addtional questions don't hesitate to ask.
"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"
"What's your name?"
"FUCK YOU! THAT"S MY NAME!"
Damn Mook, you sure know your business huh? Well said.
Sweep the Leg Johnny.
If only I could find a way where I could get paid for posting on here and I would forget it all in a heartbeat!
"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"
"What's your name?"
"FUCK YOU! THAT"S MY NAME!"
Hey now... you are advertising here, you are investing in your business!
what mook said
and I will only add that my closing costs were approx 2.5-3% of the PURCHASE PRICE-big money and Im still not sure where it all went.
that was for a westchester condo
you should give the mookster a call so he can show you a few choice properties in NYC.
man, this sounds scarey. i hope we will be ready in 6 months! our lease is up in october. we've been leaning more towards NJ, right in the GWB area (fort lee, edgewater...). should be significally cheaper than NYC, but i know most complexes in that area are co-ops. we are in a co-op now, and it was hell getting in as renters... i can't imagine trying to get into one as a buyer.
Co-ops can be hell to get into, but it all depends on the board. You will save on the closing costs with a co-op and should be fine as long as you meet the boards financial and credit history requirements. Just be prepared for a board package that could rival an application into Harvard and also working at the boards leisure. Some only meet once a month and require that you have your package in up to a month in advance from the next meeting. So if your lease is up in October and you want an easy transition into your new place I would recommend you deciding on a place no later than June just to be on the safe side. Just to lower your fear level a bit there are co-ops that have no board package whatsoever and that also allow for lower down payments. I would ask your realtor to help you with those. I would do it for you, but alas, I am not licensed in NJ.
"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"
"What's your name?"
"FUCK YOU! THAT"S MY NAME!"
http://www.nyc.gov/html/hpd/html/buyers/lotteries.shtml
Throughout the year there are housing lotteries throughout all five boroughs for different income levels. Usually you are able to buy a unit for up to 50% off it's market value and is usually located in a luxury development. Furthermore they only require 5% down and sometimes will assist in the closing costs and/or give extra incentives to first time homebuyers. Definitely something to consider. The only downside is that some places require you to own the property for 20-25 years while others only require a 5-7 year holding of the property.
"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"
"What's your name?"
"FUCK YOU! THAT"S MY NAME!"
good info. thanks for your help, i appreciate your answers!
No problem and best of luck to you in your search!
"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"
"What's your name?"
"FUCK YOU! THAT"S MY NAME!"