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7 Steps to Buying an Apartment in Manhattan

Your real estate agent can be your greatest asset or biggest liability. Every detail is important in Manhattan and the agent you choose can make or break your deal. Read about the 7 steps to buying a Manhattan home below or contact us to help you get started on the road to home ownership.

Select a Sales Professional

Your agent needs specific expertise in dealing with Manhattan condo and co-op boards and should have the right contacts to get your deal closed. Without the right team, you have no deal – choose wisely.

Specify and Search

Your agent should perform a cost analysis and connect you with a mortgage banker/broker who can get you pre-qualified, an important step to closing your sale. Once financing is in place, your agent searches every available property on your behalf.

See Apartments

Now it's time for the fun part – apartment hunting! While it's easy to get swept away, keep in mind that every apartment that looks good is not always a good deal. Your agent should pre-screen and research all properties before you visit them and eliminate any that aren't a match. Choosing the wrong agent can be the difference between seeing hundreds of apartments you don't want vs. being the first one to see and close the one you do.

The Offer and Negotiation

Your agent should then negotiate for your best interest, creatively solving problems while maintaining your bottom line. Getting a deal done is in the interest of both parties, but inexperienced negotiators often prevent their clients from getting the homes they want.

Signing

You may think you’re in the clear, but your deal is still in jeopardy. Your agent should recommend a strong attorney that will research the property, make necessary changes to the contract and help include any specifications that your transaction requires.

Applications and Legal Papers

Manhattan real estate transactions have the added complexity of co-op and condo boards. You only have one shot at presenting yourself as a good neighbor. Your agent should help you prepare your application and prep you for the interview.

Closing

The closing process allows you to determine, “am I really getting what we agreed to?” The final walk-through acts as an inspection and quick work by your agent and attorney at the closing table helps keep deals together when transactions get rocky.

Your Next Step

Contact MNS

Contact our team today to get started.

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.