Wish-List, Needs and Wants
Choosing Between a Condo and Co-op
(Estimated timeframe: 1 – 2 days)
After receiving your mortgage pre-approval, you will need to decide how much you can afford your monthly expenses and down payment. Your wish list is next required. But, first, make a list of your priorities, preferences, and needs.
Your wish list will help you determine how much your new apartment will cost. If you are using a buyer’s agent, your representative can take this list into account while matching you up with as many better apartments as possible that fit your budget and priorities.
- Would a condo or coop be a possible choice?
- How large should your apartment be?
- How many bedrooms do you need?
- Where would you like to live?
- Do you need a washer/dryer?
- Do you need or prefer to have a doorman?
- Are you ok with a walk-up building, or elevator is a must?
- Would you prefer to buy a ‘fixer-upper’ or a ‘move-in-ready home?
- Would you prefer a high floor with sweeping views or more square feet on a lower floor?
- Which features and amenities (essential and luxury) would you expect in your home?
- Choose your preferred neighborhood(s).
- Prioritize your preferred amenities. (schools, transportation, fitness center)
- Is your priority the neighborhood or size of an apartment?
Be flexible, ready to compromise.
Based on the initial wish list you had made before you began shopping, you might not be able to afford Park Slope, even though you have your heart set in that neighborhood. However, adjacent Brooklyn areas could offer more space and additional amenities and still be within your budget, so stay open-minded.
If you are not prepared to stray from your dream section of New York City, adjust your list and scratch off that new bath, or the outdoor space, both of which add thousands of dollars to an asking price.