New York City Apartments & Townhouses for Sale

Start: Purchasing a New Home

Purchasing a home is rewarding and requires a long term commitment. You need a professional team who can handle the buying process without losing sight of your individual needs. Our expert team looks after all the details.

With Elika by your side you can navigate the home buying process with confidence and ease. Here's how the step-by-step process of buying a New York City home can work for you.

Buying a home is one of the most important purchases people make and many find the process overwhelming. The Elika Associates Free Home Buyers Handbook provides essential insider information on purchasing Manhattan Real Estate and is a comprehensive guide, providing details on everything you will need to successfully achieve this milestone. Useful Links: New York City Home Buyers Handbook Forgein Buyers Guide

Step 1: Making the Decision

Buying a home is a big decision from a financial and emotional perspective. Home ownership is the American dream. Yet owing a home must be your dream. The decision to purchase a home must make sense for you at this moment. Purchasing a home is a huge commitment. If you have your finances in order and find a good deal, home ownership is the best investment you will ever make in your lifetime.

Advantages of Homeownership

• Freedom. You have the freedom to do with your property as you please making it truly your home
  
• Build Equity. Rent paid will never be see again. A mortgage payment allows you to build equity
  
• Appreciation. Between 1998 - 2007 NY home prices saw gains of over 150% on average
  
• Tax Breaks. The US Tax Code allows you to deduct mortgage interest, property taxes plus more
• Predictability. Unlike rent, your mortgage payments should remain steady over the years
  
• Stability. Become part of a community, establish roots and lifelong freindships
  

To learn more and calculate whether renting or buying is the best financial option for you; use our Buying vs Renting Guide and Calculator

Step 2: Find a Buyers Agent

Find an agent who works for you – the home buyer. Real estate agents make sure that buying a home is an efficient process and stress-free experience. Find a local, knowledgable buyers agent that is an advocate for your best interests.

Real Estate Buyers Agents Listen and analyze your needs and preferences Keep you updated on current market conditions  Locate apartments and homes matching your criteria  Refer a team of professionals - attorney, inspector etc - on your behalf Perform a Comparable Market Analysis Negotiate with the seller on your behalf Prepare documents and submit Condo or Co-op applications Handle any additional issues Assist with post closing services - Movers, Insurance Companies etc

Useful Links

• Why choose a Buyers Agent?
• How to choose a Buyers Agent

Step 3: Arrange Financing

Lenders pre-approve home buyers for a specific amount of financing. Home buyers must feel comfortable with the amount of the monthly mortgage payment terms. If the figure strains your budget, monthly payments could become unmanageable over time. Ultimately, it is your decision but make it a wise one. Overstretching your budget can lead to unwanted stress.

Step 4: Locate Your Dream Home

How do you find your dream home? Once you are pre-approved for financing, you can begin to search for the perfect home. Looking on your own can be a confusing and an overwhelming experience. Your personal buyers agent can pinpoint homes that match your needs and preferences.

How to Search for the Perfect Home 

• Choose your preferred neighborhood(s) 
• Prioritize the  facilities and services you would like in your neighborhood. (schools, transportation, fitness center,…) 
• How much space would you like and need in your new home? Which type of space? (dining room, closets,…) 
• Is your priority the neighborhood or size of home? 
• Would you prefer to buy a 'fixer-upper or a 'move-in-ready' home? 
• How much importance do you place on home value appreciation? 
• Do you value neighborhood stability? 
• Would a condo or coop be a possible choice? 
• Which features and amenities (essential and luxury) would you expect in your home or building? 
• Tip: Preferences may change as buyers go through the process of purchasing a new home.

Useful Links: 

• Register - Gain access to the entire database of New York City properties for sale in realtime, Updated Daily! 
• Custom Search - Request a Buyers Broker assisted search of the best available options that meet your specifc needs.
  

Step 5: Organize and Submit an Offer

When you find your dream home, it is time to make an offer. Buying a home is an emotional purchase but it is a significant investment. Your real estate agent can help you estimate the fair value for a particular apartment  by researching market comparables. Agents will check out similar neighborhood properties, determine market value, and get you a fair price.

Purchase Offer Components 

• Price – pre-approved amount that meets your approval and you are capable of paying 
• Terms - other factors (financial and timing) in the offer 
• Contingencies - clauses allowing you to escape the deal under certain circumstances ( a problem that did not exist previously or of which you were not aware at the time of the contract, also perhaps a mortgage contigency should the lender not approve such property etc ).  Contingencies specify any event that must occur for the contract to be formed and enforceable.

Once agreeing on a price and signing a contract of sale you will then need to submit an application to the board of directors of the co-operative or the condominium building. The documents are generally the same, but the review is different. Learn More

Step 6: Inspect & Insure

When you find your dream home, it can be hard to see beyond the superb interior design or spacious rooms. Yet potential home buyers must dig deeper to discover possible hidden issues such as structural damage (water damage, bad construction etc) A property inspector can help find those issues for you.

Property Inspection

Home buyers should attend the inspection to gain a better understanding of the home. The inspector might unearth minor and major issues. Small issues can be fixed easily – even delayed for a period of time. Big problems, however, require calling in a specialist to examine the issue. A professional can advise whether you should fix the problem or walk away from the deal.

Homeowner's Insurance

New buyers must purchase a homeowner's insurance policy. This coverage protects homeowners against loss or damage to property as well as liability in the event that someone gets hurt in your home.

Step 7: Closing the Sale

When you have an accepted offer, mortgage commitment, and have completed a home inspection and a walk-through you are getting closer to moving into your dream home.
Just a few pre-closing duties will ensure that you do not risk your closing date or mortgage.

Pre-Closing Reminders 

• Keep control of your finances and credit
• Stay in contact with your real estate agent and lender. 
• Return phone calls and complete documents in a timely manner. 
• Contact your agent or attorney at least once or twice a week. 
• Verify with your lender that the mortgage funding steps have reached completion 
• Do a final walk-through of the home with your real estate agent. 
• Prior to closing, confirm with your attorney, home insurance official, and lender that the settlement statement, certified funds, and evidence of insurance is in place

Step 8: Moving In

Your dream home awaits its new owners. Congratulations! You can move in to your new home.

Buying a home is a step-by-step process but we know you found it much easier with the help of our professional team. Your real estate agent is here to help you – even after closing. Real estate agents can supply documents for tax returns, locate contractors and repair services, and track the current value of your home.

Agents help you move into your home and move forward as a new homeowner.

Quick Links:

• Useful New York City Links
• New York City Phone Numbers