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By Alison Rogers
Friday, May 09, 2008
It’s time for another round of “Ask the Realtor.” Here’s the latest batch of questions I’ve fielded—and answered. If you’ve got a condo conundrum or an apartment predicament of your own, send it my way.
I went to an open house to see an apartment, and I loved the apartment but I didn’t love the broker. Can I hire my own broker or is it too late?
The Department of State says that you’re a consumer and you have the right to be represented by whoever you want to—although in practice, you may find that the seller’s broker suddenly turns a little icy on you. (I’ve found this effect to be especially chilling in Brooklyn.) The best thing to do is to explain the situation to whatever real estate agent you want to bring in, and see if she or he wants to tackle the complexities.
I want to move to New York City, what do I need to impress a landlord?
Generally, a recommendation letter from your old landlord, if you have one, will work wonders. Other than that, any prospective landlord is going to try and run a credit check on you, so it might be worth paying the small fee—it’s usually around 10 bucks—to one of the credit bureaus to make sure that you have a decent credit score. (You can find out more at equifax.com or experian.com, which are two of the big credit bureaus.) Also, you’ll want to make an annual salary of 40x your monthly rent, so if you are moving here without a job, be prepared to crash on a friend’s couch for a while.
I already live in New York City and my rent is going up 10 percent. Is it worth it to move?
The answer depends, really, on what else you can find for your money, and that depends on what you already have. Some “luxury” parts of the market as softening because of the Wall Street downturn, while some “entry-level” parts of the market are holding up well as newbies continue to take the turnip truck to New York (see question above).
Since there’s no blanket answer, take a week to see some competing apartments—and weigh how much it’s worth to you to stick with the devil you know.
What does it mean when a building has “condo rules?”
You are probably looking at co-operative that leases the land it sits on—also known, rather sensibly, as a “land-lease” building.
The boards of the buildings often run them like condos—for instance, you can often buy in by putting 10 percent down instead of the usual 20 percent that you would pay in a co-op. In addition, if you want to own and rent out your unit, it’s probably much easier than in a typical co-op.
But if you are buying, these are questions that you want to ask the seller. If you are renting, you’ll want to ask the usual questions about whether there are common areas you can use, and whether you can bring your pets.
I’m thinking about buying. How long will it take me to find something I like?
So much depends on your personality. When I bought my first apartment it took me about a week of shopping—but I’ve been on apartment hunts where it has taken months. I would say that if you are working with a realtor you like and have a realistic budget, within three months you should have found your dream home—or you’ll need to go back and revisit your budget.
Alison Rogers is a real estate agent at DG Neary Realty in Chelsea. For help finding a green apartment, contact her at ali@dgneary.com.
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