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Buying New York City Real Estate
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Home Buyers Handbook
A no-nonsense, easy to understand guide that cuts through all the confusion and provides the information you need to buy the Condo or Co-op you want.
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New York City Townhouses

Elika specializes in assisting discerning home buyers Manhattan Townhouses
and investors with the purchase of townhouse properties throughout New York City.

Purchasing a New York City townhouse can be a complex process, but with Elika beside you, it can be done with ease. We focus on representing buyers, and providing the kind of expert unbiased assistance that guides clients through the entire process of purchasing a single or multi-family townhouse. Elika is known for its attention to detail coupled with the kind of diligence, integrity and in-depth knowledge
of the townhouse market that helps our clients make
informed and financially sound decisions.

A dedicated buyer’s broker, Elika saves our clients time and money. From financing to negotiations, to contracts, inspections and closing costs, we handle all of the details. That’s important because no two transactions are alike. In addition to providing tailored services, our goal is to utilize our negotiating strategies to secure the New York City townhouse of your choice at the best price, with the best possible terms, and with the least amount of hassle.

Below is a helpful guide summarizing the steps you need to take to purchase a townhouse.
Search, Request or Contact us at 212-590-0545 to begin your search.

Townhouse Buyers Guide

1 Townhouse Types 8 Understand the Deal
Estimate your Budget 9 Sign the Contract
3 Mortgage Pre-Approval 10 Accept an Offer
4 Choose your neighborhood 11 Home Appraisal
Know your home 12 Close the Deal
Hire a Real Estate attorney 13 Make your Move
Make an offer    

1. New York City Townhouse Types

Single-Family Home

A single-family home is meant to house 'one' family. The advantage of a single-family home is that it will be 'your' home. The reality (compared to rental properties) is that 'you' are responsible for everything about this home – including repairs and renovations. Single-family townhouses can be an expensive choice. Yet if you can handle the purchase and you value freedom and privacy, a single-family home may be the right choice for you.

Multiple-Family Townhouses

Obviously, a multiple-family townhouse comes with a significant up front cost (more than a single-family home). Since multiple-family townhouses include rental units, they can be wise investment. Even if a buyer has to borrow the purchase price, these homes can work out to be an affordable choice in the long term.

Home owners will be able to collect rental income from tenants. The collected rent can go towards mortgage payments. Lenders look more favorably on multiple-family home buyers. Often lenders are willing to give larger mortgages to on multi family townhouses. The lender will even accept a lower household income. They understand that rent will supplement their income. If a home has six or more rental units, home owners must charge within the guidelines of citywide rent controls.

2. Estimate your Budget

Knowing your budget saves you time and effort. When you know your limits, you won't waste time looking at houses that are beyond your budget. NYC real estate offers an abundance of townhouses in various price ranges.

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3. Mortgage pre-approval

Start the process receiving your pre-approval from your mortgage bank or broker. Call a mortgage broker, banker, or real estate broker. Home sellers react favorably to potential home buyers with pre-approved mortgages. When you have arranged your mortgage, you will have a firm idea of your price range and your ability to meet the financial commitments associated with owing a townhouse.

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4. Choose your Neighborhood

Building a list of needs and wants is the first step to finding the ideal neighborhood that will facilitate your lifestyle requirements . Do you need to be near primary schools? Do you want to be just a short distance from your work? Answering as many questions prior to beginning your search will help you narrow down the options best tailored to you.

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5. Know your home

Do not buy a townhouse until you have checked into all the details about the property. Look at the condition of the home and property. Get a home inspection.

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6. Hire a Real Estate attorney

Every buyer must obtain the services of a real estate attorney to protect themselves from contractual obligations and potential future liabilities – an expert in the field. When you are buying Manhattan real estate, the best choice is to hire a local attorney that has a history with townhouses and the interfaces involved. They know the Manhattan market and they can protect you.

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7. Make an Offer

Discuss the negotiation process with your real estate agent. With New York City real estate it is best to submit offers in writing and then the negotiation takes place via email and telephone. The details of the deal i.e. price, financing, occupancy, closing date, and more should be documented in writing. These details must be worked out prior to submitting your offer and may be advantageous to your efforts especially if seeking to purchase in cash etc.

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8. Understand the Deal

Do not just 'accept' the deal because you love the home. A buyer has to be aware of all terms and financial obligations that come with the purchase. Buying a home is a long term commitment. Your agent and lawyer will help you with doing the 'due diligence' from every angle.

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9. Sign the Contract

The buyer signs the contract and then it is sent back to the seller's attorney for the seller to counter sign the document. A down payment of at least 10% (or more) will be expected at this point and it will be held in the seller's attorney escrow.

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10. Accept an Offer

Accepting an offer is a big step but it is not 'final' until all parties have signed the executed the contract. There is no legal obligation until the final signatures. If everything is in order including the engineers report things tend to move smoothly in a quick and efficient manner.

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11. Home Appraisal

Prior to issuing an approval the lender will schedule an appraiser to visit and estimate the homes value. The lender will expect an appraiser to put a value on the property then the mortgage commitment letter will be issued and you are clear to close.

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12. Close the Deal

A closing is scheduled between the lawyers for both parties including the lender and title company.

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13. Make your Move

Moving into a New York City townhouse might take 1.5-5 months. Yet when you have experts working for you, the process is an easier one. In no time, you will be living in a terrific townhouse.

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Essential Guide to Mortgage Information

Closing Costs Please contact us and we can help you get a free mortgage pre-qualification.