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Buyer's Guide and description of properties

The Budget: Location, size, amenities, building type, school locations and nearness to public transportation are crucial to determining what a property will cost. We suggest that buyers review financing options to determine what amount of money they can put toward a deposit and then determine what they can afford for a monthly mortgage payment. Some people may want to see if they pre-qualify for mortgage status in order to know what budget they will be working within.

Type of Property: The next thing to determine would be the type of property you'd like to buy. Would you like an apartment, condominium, coop or commercial property?

Townhouse Purchase: For townhouse purchases there is no approval process, besides normal financial inquiries. Buyers are entitled to have complete control over any renovations they wish to make. Maintenance costs are the sole responsibility an owner and with this the owner gets total control over maintenance and repairs. Transferring deeds or reselling an apartment does not require approval. The size of a property can vary according to a budget and location of the property.

Condominium Purchase: Condo owners buy the apartment and also own a percentage of the common building areas, i.e. entrance areas, hallways and recreational areas etc. The condominium is considered real property; because of this fact, owners have the right to do use the property any way he/she has a need for it w/exception to condo/house rules. Owners are subject to pay property taxes which can either be escrowed into a part of a monthly mortgage payment or which are paid annually as an expense. Monthly common charges fees are generally paid to the building's condominium association.

Coop Purchase: Buying a coop requires careful reading and following co-op “application requirements”, but Brooklyn Landmark Real Estate team of qualified agents can help. When purchasing a cooperative apartment the purchaser is really purchasing shares in corporation. The shares correspond to the units in which you will live. Coop fees include a monthly taxes payment and maintenance fees for the building. Maintenance fees are sometimes high but both mortgage payments and maintenance fees generally result in higher tax deductibles.

 

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