Guiding tips for real estate buyers in New York

1. New York City always welcomed investors and international real estate buyers from around the world. Real Estate NYC as a real estate market is dynamic, stable and liquid. The best way for real estate buyers tofind apartments and buy them is to take assistance from experienced real estate agents. The New York real estate market is quite flexible with most of the desirable apartments are controlled by real estate agents. It is advisable for real estate buyers to take the help of real estate agents while buying the available New York properties for sale. The NYC apartments are of two types one is known as Co-ops (Cooperative) and the other being condominiums or condos. The older buildings that are those built prior to 1980’s tend to be called Co-ops and those buildings that are built during 1980 and onwards are usually referred to as Condos. Opting for Co-ops or condos for sale in NYC depends upon the concerned buyer’s personal, financial circumstances, lifestyle preferences and his/her past experiences when dealing with real estate. In a Co-op, the entire building is owned by a single cooperation. Instead of a deed, the buyers gets stock certificates in a cooperation and a proprietary lease that allows buyers to occupy a specific unit and lays down the rules and right in a similar way like a lease in rental building. In fact, buyers of Co-op are usually referred to as “tenants” or “shareholders” but not as “owners”. Guiding tips for real estate buyers in New York

2. Buying a Condo on the other hand is similar to buying a single-family house. The buyer gets a deed to the apartment that gives him or her ownership of the interior of housing unit and the surface of its walls as well as the undivided interest in the building’s common element. This is the type of ownership in everyone’s mind when thinking of buying New York properties for sale and almost all newer buildings are condos. International real estate buyers are flying in to the New York City from Europe, Asia, and Australia bringing their money with them. These buyers are duly attracted by the stable real estate market of this city and many of them consider the real estate market to be available at bargain prices. The condos for sale in NYC are available with an average price of $1,300 per square foot, which is much cheaper than in other cities of the world such as Monaco, London, and Paris etc. The huge property bubble in China and Hong Kong resulting in sky-high prices have forced investors to buy New York real estate. For those who dream of buying Manhattan apartments for sale must consider the expenses associated with the apartments that include monthly expenses in the form of taxes, common charges, insurance and depending on whether financing was used, mortgage principle and interest. The new development apartment buildings usually have a tax abatement that reduces the monthly tax bill. However, without abatement the annual taxes are between 0.5 to 1 per cent of property value. The insurance comes about $500 per year.Thus, these are some of the tips to be adhered to while buying properties in this city.