Is there anything I need to pay attention to when buying an apartment in New York?

"A lot of people don't know their net worth," Cooper noted. ”

First and foremost, every buyer should take a hard look at his or her assets before the home buying process begins. Evaluate your savings and estimate how much of your balance can be used for a down payment. Also, check your monthly bill.

If you don't do this homework beforehand, the lender or co-op committee will do it for you, but it doesn't always end up as planned.

2.The beauty bar reminds you to choose your partner carefully.

You'll need three experienced members of your home buying team – a real estate lawyer and one arrival.

Mortgage Specialist and a Real Estate Agent. While this is rare elsewhere in the U.S., most New York buyers hire a real estate lawyer to represent them in the buying process; Mortgage.

Specialists help them get loans; Real estate agents, on the other hand, show the target property to buyers during real estate transactions and negotiate the transaction on their behalf. Every member of the team is expected to meet a high standard.

"Real estate is like a quarterback on a football team, and it's very important," Cooper said. A bad real estate lawyer can kill a property transaction. The same applies to an incompetent mortgage specialist or real estate agent.

3.Co-ops and condominiums are two very different things.

The condominium is immovable property and the buyer has ownership of the dwelling; In a co-op, the company that manages the condo owns the property, and the buyer only holds a stock share of the property, but not the ownership of the property. Co-ops are non-real property. Often, it's harder to meet the conditions of a co-op's board of directors than it is to satisfy a lender.

"Buying a co-op requires the buyer to provide proof of a higher financial burden, and banks typically increase the borrower's debt-to-income ratio to 43 percent, whereas co-op buyers are looking for lenders with a debt ratio of less than 28 percent," Cooper said. Therefore, the bank's letter of commitment can be said to have no effect until the buyer has been approved by the co-op board of directors.

4.The buyer's broker is free.

Like most New Yorkers who rent an apartment, you'll pay a fee when you rent an apartment. However, when you buy an apartment, you don't need to pay a fee for the first person, which should be paid by the seller. So cross off the broker who charged you your ** fee from your shortlist.

5.The real estate agent you choose is crucial.

If a friend of yours has hired a particular person, you think that the agent will be the right fit for you, which is not advisable, which means that the above conditions do not mean that you should hire the same person. With veteran.

Real estate experience is an important part of your search for a qualified person. This person needs to have a detailed understanding of your assets, income, debts and credit, and of course market sensitivity is also very important.

"You're going to share everything with your real estate agent," Cooper said. Therefore, when choosing a broker, you must make a wise choice carefully, knowing that the right ** can bring you unexpected gains. ”

The money must first be prepared sufficiently, and then the relevant documents must be required. It's okay to be ready.

Hello, the main problem of buying a property overseas is to understand the economic development of the area of concern, as well as various local policies, including taxes, loans, immigration, etc., but also to understand the cultural differences between the East and the West, of course, how to choose a property with appreciation potential, and how to manage your own property, etc., are all things that buyers need to carefully consider and understand in detail.

1. Understand the local economic development status.

Find out what the local market is in right now. According to the investment model of the mainland, you can get a good return by choosing a good location, but the development of the overseas real estate market has its own cycle, if you enter the first cycle, even if you invest in the top location, it is difficult to ensure the success of the investment, so it is a key issue to choose the cycle of real estate and choose at which point in time to enter the market.

2. Local policies should be clear.

According to industry insiders, the main purpose of overseas home buyers is to consider immigrating or their children to go to school in the future, so they should have an understanding of local policies, especially immigration policies. Of course, the policies of various countries for overseas buyers should also be grasped.

3. Make good use of bank loans.

Experts said that when applying for mortgage loans, it is necessary to rely on the strength of professional institutions, and for ordinary home buyers, it is difficult to operate because they do not know much about the loan policies of various countries and regions. At present, the down payment for buying a house overseas is between 20% and 30%, which is relatively easy for mainland investment customers.

4. How to manage overseas real estate.

Experts recommend that home buyers try to choose an agency with multiple partners. It is understood that some companies do provide a lot of services, such as repossession, mortgage, resale, leasing and customer management and maintenance in the rental process, etc., and some companies even include tourism, immigration visas and other businesses, which will undoubtedly greatly facilitate home buyers. In the process of holding overseas property, there are also tax issues involved.

Industry insiders said that various countries and regions have different regulations, which need to be carefully understood by overseas home buyers.

The first thing to do is to find an agent, which is a must in New York.