20 THINGS FOREIGN BUYERS MIGHT NOT KNOW ABOUT APARTMENTS IN MANHATTAN
• It is possible for a foreigner who is not a US citizen, who does not live permanently in the US, and who does not work here to buy an apartment in New York - as long as that person has enough money to purchase here, of course.
• Apartment owners in Manhattan (this applies to both co-ops or condos) have to pay maintenance fees each month. There are also real estate taxes associated with property ownership that owners have to pay to the city. Owners with diplomatic immunity do not have to pay property taxes.
• All dimensions in New York are usually given in feet (and area is described in square feet). If you come from a metric country, conversion rate is 1 square foot = 0.092903 square meters; and 1 foot = 0.3048 meters
• Kitchens in New York are always fully equipped with cabinets, refrigerator, gas range/oven, sometimes also with dishwasher, microwave oven.
• Bathrooms are usually equipped with mirrored storage cabinets above the sink as well as sink bathroom vanity cabinet.
• Even if there is a garage in the building, it is never "free", (covered by apartment maintenance fee); there will be a separate monthly charge if you want to park your car there
• Washer/Dryer is not always allowed inside apartments. Always check with the management, do not assume that you can install w/d if you wish to. In newer condos, most apartments do have w/d installed. In addition, almost all buildings have separate laundry rooms.
• There are 3 kinds of residential property in New York: condos (condominiums), co-ops (cooperatives) and townhouses. More information on this subject is HERE
• Not every apartment that is shown as available for sale can be bought by a foreign buyer.
• While pretty much every condo available for sale in Manhattan can be purchased by a foreigner, it becomes more complicated in case of co-ops. It is a good idea to discuss your requirements and your situation with a trusted buyer's agent and then you'll be able to decide what kind of property should you focus on and what would work best for your purpose. If you have any questions, please feel free to contact us.
• Condominium apartments are the best choice especially for investor buyers, who want to buy an apartment in order to rent it out to tenants and collect rent.
• Listing agents (agents whose name appears on the listing page next to a property for sale on internet) represent the seller and can not represent buyer's interests at the same time. A foreign buyer should work with one knowledgeable buyer's agent who would assist and guide the buyer throughout the buying process. If you are planning to buy a property in Manhattan in the near future and you do not have buyer's agent yet - please let us know and we would be happy to assist you! What we do for our buyer clients is listed here. We have over 20 years of experience in working with foreign buyers and we do not charge our buyers any fees.
• It is possible for someone who is not a US citizen, who does not live permanently in the US, and who does not work here to get a mortgage loan for a portion of the price of the property from a US bank - as long as this buyer satisfies bank's lending requirements.
• Not all buildings allow pets and some might have weight restrictions on dogs. Please make sure before buying!
• In some buildings, health clubs and pools are "free" (meaning: they are included in monthly maintenance or common charges), in some others there might be an additional fee.
• In most condo buildings, gas, heat and hot and cold water are included in monthly maintenance. Occupant would have to pay for other utilities, such as electricity, phone or cable.
• Real estate brokers in New York cannot prepare sales contracts. Each buyer must hire a real estate attorney to review the contract, offering plan, and building financials. A real estate attorney is usually a part of buying process from the time of contract till closing.
• New condo developments might seem a bit more expensive, however, they often have so called tax abatements. Tax abatement means that the new owner will pay much lower tax rates for the next 10 years if they buy in such a building.
• When buying an apartment in a brand new condo building directly from the sponsor (original developer), the buyer is usually asked to pay transfer taxes and sponsor's attorney fee. This can be sometimes negotiable.
• A foreign buyer does not have to buy a condo apartment in New York under his own name. He can buy it under the name of LLC. When you buy under the name of LLC, your "real" name is hidden from public records. We know experienced real estate attorneys who can set up LLCs for foreign buyers, if needed.
We specialize in working with foreign buyers of residential real estate.
If you are serious about buying in Manhattan, please CONTACT US today.
Krystyna Rachtan, CNE, GRI
Licensed Real Estate Broker
Email: [email protected]
Phone: (212) 991-8072
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• Apartment owners in Manhattan (this applies to both co-ops or condos) have to pay maintenance fees each month. There are also real estate taxes associated with property ownership that owners have to pay to the city. Owners with diplomatic immunity do not have to pay property taxes.
• All dimensions in New York are usually given in feet (and area is described in square feet). If you come from a metric country, conversion rate is 1 square foot = 0.092903 square meters; and 1 foot = 0.3048 meters
• Kitchens in New York are always fully equipped with cabinets, refrigerator, gas range/oven, sometimes also with dishwasher, microwave oven.
• Bathrooms are usually equipped with mirrored storage cabinets above the sink as well as sink bathroom vanity cabinet.
• Even if there is a garage in the building, it is never "free", (covered by apartment maintenance fee); there will be a separate monthly charge if you want to park your car there
• Washer/Dryer is not always allowed inside apartments. Always check with the management, do not assume that you can install w/d if you wish to. In newer condos, most apartments do have w/d installed. In addition, almost all buildings have separate laundry rooms.
• There are 3 kinds of residential property in New York: condos (condominiums), co-ops (cooperatives) and townhouses. More information on this subject is HERE
• Not every apartment that is shown as available for sale can be bought by a foreign buyer.
• While pretty much every condo available for sale in Manhattan can be purchased by a foreigner, it becomes more complicated in case of co-ops. It is a good idea to discuss your requirements and your situation with a trusted buyer's agent and then you'll be able to decide what kind of property should you focus on and what would work best for your purpose. If you have any questions, please feel free to contact us.
• Condominium apartments are the best choice especially for investor buyers, who want to buy an apartment in order to rent it out to tenants and collect rent.
• Listing agents (agents whose name appears on the listing page next to a property for sale on internet) represent the seller and can not represent buyer's interests at the same time. A foreign buyer should work with one knowledgeable buyer's agent who would assist and guide the buyer throughout the buying process. If you are planning to buy a property in Manhattan in the near future and you do not have buyer's agent yet - please let us know and we would be happy to assist you! What we do for our buyer clients is listed here. We have over 20 years of experience in working with foreign buyers and we do not charge our buyers any fees.
• It is possible for someone who is not a US citizen, who does not live permanently in the US, and who does not work here to get a mortgage loan for a portion of the price of the property from a US bank - as long as this buyer satisfies bank's lending requirements.
• Not all buildings allow pets and some might have weight restrictions on dogs. Please make sure before buying!
• In some buildings, health clubs and pools are "free" (meaning: they are included in monthly maintenance or common charges), in some others there might be an additional fee.
• In most condo buildings, gas, heat and hot and cold water are included in monthly maintenance. Occupant would have to pay for other utilities, such as electricity, phone or cable.
• Real estate brokers in New York cannot prepare sales contracts. Each buyer must hire a real estate attorney to review the contract, offering plan, and building financials. A real estate attorney is usually a part of buying process from the time of contract till closing.
• New condo developments might seem a bit more expensive, however, they often have so called tax abatements. Tax abatement means that the new owner will pay much lower tax rates for the next 10 years if they buy in such a building.
• When buying an apartment in a brand new condo building directly from the sponsor (original developer), the buyer is usually asked to pay transfer taxes and sponsor's attorney fee. This can be sometimes negotiable.
• A foreign buyer does not have to buy a condo apartment in New York under his own name. He can buy it under the name of LLC. When you buy under the name of LLC, your "real" name is hidden from public records. We know experienced real estate attorneys who can set up LLCs for foreign buyers, if needed.
We specialize in working with foreign buyers of residential real estate.
If you are serious about buying in Manhattan, please CONTACT US today.
Krystyna Rachtan, CNE, GRI
Licensed Real Estate Broker
Email: [email protected]
Phone: (212) 991-8072
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