• Types of Property: Apartment building, Condominium, Co-op, or Commercial.

• Budget (Price): Is determined by location, size, amenities, type, school district, public transportation, etc. Calculate down payment and monthly mortgage payment. Get yourself pre-approved.

• Apartment Purchase: No need for approval. Buyer has complete control over renovation and repairs.

• Condo Purchase: Buyer owns a unit and portion of common areas like hallways, entrance, yard, and basement. It is real property.

• Co-op Purchase: Buyer is purchasing shares of Corporation. Land is leased long-term from the city. Co-op fees include monthly mortgage payment and maintenance fee.

• Closing Costs: They depend on the type of property. We can explain the details.

  • Downpayment: Usually 20% for residential properties so you don’t have to pay PMI (Private Mortgage Insurance) and 35% for commercial properties.

  • Attorney fee

  • Appraisal fee

  • Additional fee

  • Condo Board Application or Co-op flip tax

  • Credit report

  • Document preparation fee

  • Escrow

  • Mortgage insurance

  • Origination fee

  • Recording/Transfer fee

  • Title search and insurance

Williamsburg Realty NY also has extensive knowledge of interior design and craftsmanship work, so you can know all of your options before making the purchase.