Guide to buying an apartment in Brooklyn

You have been saving for years, and it is finally time to buy an apartment. It is an exciting time in your life, so you cannot wait to get started. However, many obstacles make the New York real estate market the most difficult one in the US. Firstly, the demand for flats in one of the most famous parts of the Big Apple is enough to deter even the biggest enthusiasts. You might make an offer to the seller, but there is always a possibility that somebody will overbid you. So, securing a property is a challenge that does not always yield positive results. Nevertheless, the trick to buying an apartment in Brooklyn is knowing all the ins and outs of the business.

Before shopping for an apartment in Brookline, you need to get ready

Whether you decide to purchase a flat in Fort Greene, Brooklyn Heights, Williamsburg, or Bay Ridge, you need to show the seller and the agent that you are a serious buyer. You want them to recognize you as a potential client and not a tourist checking out what is on the market. The competition is fierce with so many people from the US and ex-pats moving to NYC. Thus, before buying an apartment in Brooklyn, you need to get approved for a mortgage. It will give you a sense of what you can afford and a ticket into the real estate market. Additionally, you will need to put in a whopping 20% down payment. If you are buying with cash, you will need proof of existing funds; otherwise, they will not take your bid.

Secure your finances before buying an apartment in Brooklyn

You need to assemble a good team

A mistake people often make is attempting to buy a flat alone. Unfortunately, plenty of how-to articles will tell you that you do not need an agent, but this is far from the truth. A seller’s agent works in favor of their clients, and even though they might be polite and very welcoming, ultimately, they will try to raise the price as much as possible. If you do not have experience and the know-how, you are at a disadvantage from the beginning. So if you are in a hurry to move and you have already found movers on brooklynmoversnewyork.com, better come prepared to view the property. However, some homeowners, and these are rare, do decide to sell without an agent. In that case, it would not be polite to bring your own. Additionally, you will need a lawyer and a lander specializing in the type of property you are interested in.

Start looking for a Brookline apartment you would like to buy

The best way to find a property you like and would like to buy is to visit open houses. They will give you a sense of the prices and types of homes available on the market. Also, for this reason, financial planning is crucial before you even start searching. Once you know how much money you have, you will know which neighborhoods to look at and the size of the apartment you can afford. As soon as you find one you like, ask your agent about the listing. Another great way is to walk the neighborhood you like and look at for-sale signs. Likewise, always check the agencies that operate on a smaller scale and check with them if they have any yet-to-be-listed properties.

Always visit the potential property with your agent because they will act in your best interests

Book residential movers on time

As you can imagine, relocation is a booming business in New York, and you will have a problem finding a moving company last minute because most of them are booked months in advance. It is ok if you are planning to do it yourself, but if you want to move in no time and hassle-free, you will need professional help. A team of highly trained residential movers will know how to do it efficiently. Firstly, they will bring their quality packing materials and make sure all your belongings are secured for transport. Secondly, they know how to disassemble and carry large furniture with minimum risk of injuries. Also, they have insurance, which gives you an extra layer of protection. So, if anything happens and something gets scratched or damaged, they will reimburse you.

Make an offer

Once you find an apartment you like, you should make an offer. Unfortunately, many first-time buyers are afraid to do it because they think it is a definite decision. But nothing is 100% certain until both parties sign the contract. It would be best to make a strategy based on how long you plan to stay in the apartment. If you see yourself living there for just a few years, aim for the market price. Yet if you feel like you have found the best place to retire, then shoot high so that nobody can overbid you. Likewise, there are ways to lower the price by inspecting the property. Invite a certified inspector to take a look at the place and write down all the flaws. If a major renovation is necessary, you will be able to buy the apartment below the asking price.

Do not hesitate to make an offer for multiple apartments because they are not binding

Buying an apartment in Brooklyn is a marathon

Do not be surprised if the property you put an offer for is sold to a different buyer. It happens often, and even if you sign a contract, a co-op board can rule against selling. So do not fall in love and start planning for the future as soon as you see the place. Buying an apartment in Brooklyn is not a sprint. The patience and determination of a marathon runner are required to succeed in New York real estate. So, no matter how much you like the apartment, distance yourself from it until the keys are in your hands.