NY Condo Guide

Condo Guide
10 Buying Tips
Benefits of Buying
Loft Charm

Brooklyn Condo Guide

Many people who move to New York City are thrilled to be living on the island of Manhattan and all of the excitement it has to offer. But many of those people don’t realize that the borough of Brooklyn is a thriving community of its own with just as much shopping, dining and nightlife. Though prices for real estate in Brooklyn can rival those of its famous neighbor, there are still bargains to be found. Use this Brooklyn condo guide to help you find a new home in a Brooklyn neighborhood you’re sure to love.

Shopping for a Condo in Brooklyn

Buying a condo in Brooklyn is much like buying one anywhere else. Being prepared before you actually start looking for condos will make the process that much easier. It’s a good idea to know the style you are looking for, the type of neighborhood that you like, and exactly how much you can afford. Also, getting a little help along the way can lead you to the right place much faster. Learn more right here before you start your property search in Brooklyn.

Get a Real Estate Agent

Unless you already know a lot about real estate, using a real estate agent can help you narrow down your choices and find the right place for you. However, don’t go out and hire the first real estate agent that you meet. It’s important that you and your agent have a good rapport: if your personalities clash, it will make the search much more stressful. Also, find an agent that specializes in Brooklyn real estate. Brooklyn is a very large borough with a wide variety of neighborhoods and navigating those neighborhoods will be easier with someone who is already familiar with them. Last but definitely not least, get an agent who genuinely has your best interests at heart. Unfortunately, there are agents out there who will guide you toward the most expensive place because it means a bigger commission for them. If you feel your agent isn’t listening to your needs, find one that will.

Set a Budget

New York City is famous for having some of the most expensive real estate in the world and Brooklyn, though more affordable, is similarly expensive. A tiny studio apartment can cost the equivalent of a three bedroom house in other American cities. But those shopping for condos in the New York City area know that they are also paying for being in one of the most exciting cities in the world. Before you even begin looking, know what you are able and willing to spend. While it’s important to look at the total cost of a condo, you also need to take a look at your monthly budget. The majority of the money you spend each month will go to your mortgage payment, but don’t forget to ask about the HOA (homeowners association) fees. These fees cover the maintenance and other expenses of the building (as opposed to the individual unit) and they usually cost several hundred dollars every month.

Choose a Neighborhood

For people who are not familiar with the New York City boroughs, Brooklyn seems to be a neighborhood that is a part of the city. However, Brooklyn is a large area that encompasses quite a few distinct neighborhoods of its own. When choosing a condo in Brooklyn, it’s important to choose the neighborhood you want to live in. For many NYC residents, how far their apartment is from the subway or from their workplace can be a deciding factor. Decide how far you’re willing to go before looking at condos that are simply too far away. Choose a neighborhood that fits your lifestyle and offers many of the things you like to do. If you have kids, then you may want to look into the more family-oriented neighborhood of Park Slope. If you like to go to galleries and be surrounded by artists, then Williamsburg or DUMBO might be more your style.

To Co-op or Not to Co-op

One type of real estate that is fairly common in New York and in Brooklyn is the co-op. When you purchase an apartment that is part of a co-op, you’re actually purchasing a share of the legal entity that owns the building and that share entitles you to one unit in the building. There are two things to keep in mind when considering a co-op in Brooklyn. The first is the fees associated with the co-op: these are similar to HOA fees and can affect your monthly budget. The second is that you will face approval by the board of directors before you can purchase the place. If you like an apartment that happens to be a part of a Brooklyn co-op, ask about the approval process before initiating the purchasing process. If you’re ready to buy real estate in this New York City borough, get out and explore all of your options. You’re sure to find the perfect Brooklyn condo to call home.