What's up everyone. Email me at sargis@corenyc.com to book your Free 30-minute one-on-one consultation if you are looking to buy, sell or rent in New York City or if you just have questions regarding NYC Real Estate.
Sargis, your videos are terrific. I'm the chief lending officer at a financial institution (not in NYC) and your detailed explanations would help any buyer. I'm moving to NYC or Hudson County when I retire and the purchase process there is much stricter than where I live (SC).
Thank you. I am glad it was helpful. In general, the real estate purchase process in NYC is considered to be one of the most complicated in the entire country, especially when buying a co-op apartment. Some condos can also have a pretty lengthy purchase application. My email is sargis@corenyc.com , Let me know if there is anything I can help you with.
Hi Sargis. Love your informative videos. Does the common charges include insurance of the building? If so what is generally the details of its coverage? Thank you. Btw I am an owner of a condo in LIC but have no idea what the common charges include.
Hi Rick. If you are asking about the master insurance policy for the condo, then yes, the common charges you pay every month should include your portion of the master insurance policy. The coverage limits and policy details depend on the specific building, the insurance company and a lot of factors, so I can't tell you any details about the coverage. The building's financial statements should provide you all the details about the condo's income, expenses, reserves, etc. You can request a copy of the financials from your managing agent and review them. If you need help you can reach out to me anytime.
Great video! I have recently made an offer for a condo in NYC and the owner has accepted it. However, my agent told me that the building management will require me to submit an application that would include my tax return and bank statement to prove that I can afford to pay the common charges that you mentioned. I was quite surprised by this, is it normal to ask for all these information?
Generally speaking that is correct. Owning a condo apartment give your more flexibility. Depending on a specific situation, buying a co-op may or may not be the best choice for an individual.
Well yes. But there is a big difference between a condo and a co-op board package. The purpose of a co-op board package is to qualify the buyers and the co-op board can reject the application. Condos can ask for information but they don't qualify the buyers. They have what's called a right of first refusal.
Well, the timeline from having an accepted offer all the way to closing depends on a different factors. Generally speaking, condos can be faster, since there is no interview required and the board packages usually are not as lengthy. But it all depends on the building, and how fast they review the application. There are condos that have pretty lengthy board packages.
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
hey buddy we looking for condos in bronx nyc around 150k$ cash but I wanna know what the average of monthly maintenance and what the average of rent if I wanna rent it to make money ? like how I much I can collect monthly clear if you can help me , thx
The cheapest condos in Bronx that I can see currently listed are over $200,000. If you want to talk about more details you can email me at sargis@corenyc.com
@@_santos13 Individual condo unit owner's insurance policy, which is also known as a homeowners insurance is not covered in your HOA fees. Every unit owner in a condo building is responsible for their own homeowner's insurance policy premium. However there is another type of insurance called a condo master insurance policy, which is held by the condo association and the insurance premium is included in monthly HOA payments.
Well the process of buying in a co-op can be very complicated and the whole paperwork might feel like being invasive, but everyone's situation is different and buying in a co-op building can be a great choice for a lot of people.
I am not familiar with VA loan program details. I know the advantage of a VA loan is the ability to buy a home with no down payment, but there are requirements to determine one's eligibility. My market is the Manhattan market where the majority of the housing stocks are co-ops. Co-ops have their own requirements and it doesn't matter what kind of loan program an individual qualifies for. They still need to satisfy that specific co-op's financial requirements, in order to buy in the building. Most co-ops would want to see at least 20% down payment. Some of them require as high as 40-60% down payments. I know some co-ops that allow 10% down payment, but I haven't seen anything lower than that. Besides the down payment, they usually want to see low DTI and sufficient post-closing liquid assets. Some condos can have a min down payment requirement, which if they do most of the time it's 10%, but I don't know what VA program requirements are when it comes to condos. I would imagine in other boroughs (Brooklyn, Queens, Bronx and Staten Island) people would be able to buy single-family or multi-family residences using VA loans, but since I don't work in other boroughs and I haven't closed any VA loans and I am not familiar with VA loan eligibility details, I can't really give a definite answer. Thanks for watching the video.
What's up everyone. Email me at sargis@corenyc.com to book your Free 30-minute one-on-one consultation if you are looking to buy, sell or rent in New York City or if you just have questions regarding NYC Real Estate.
I've also watched your co-op video. Looks like you have more freedom in a condo building than in a co-op.
That is correct. The question is whether or not you actually need those benefits and does it make sense to pay the premium for it?
Sargis, your videos are terrific. I'm the chief lending officer at a financial institution (not in NYC) and your detailed explanations would help any buyer. I'm moving to NYC or Hudson County when I retire and the purchase process there is much stricter than where I live (SC).
Thank you. I am glad it was helpful. In general, the real estate purchase process in NYC is considered to be one of the most complicated in the entire country, especially when buying a co-op apartment. Some condos can also have a pretty lengthy purchase application. My email is sargis@corenyc.com , Let me know if there is anything I can help you with.
Very detailed explanation
Glad it was helpful!
Super helpful video)) I have to come back to this video when it's time for me to buy
Thank you
I learned so much, thank you!
Glad it was helpful!
I watched your co-op video too. Condos sound much better to own.
It really depends on the situation. There are a lot more co-ops in NYC than condos, so for a lot of people co-ops can be much better option.
Thanks
Excellent video about NYC condo purchases. Thank you very much.
Glad it was helpful. Thank you
Awesome video. Very helpful
Glad to hear it!
Excellent content and informative! New subscriber. ❤️
Thanks for waching. I am glad it was helpful
@@SargisMosyan You're so welcome 🙏
Thank you for sharing your knowledges
Thank you for watching. I am glad the video was helpful.
@@SargisMosyan absolutely
Hi Sargis. Love your informative videos. Does the common charges include insurance of the building? If so what is generally the details of its coverage? Thank you. Btw I am an owner of a condo in LIC but have no idea what the common charges include.
Hi Rick. If you are asking about the master insurance policy for the condo, then yes, the common charges you pay every month should include your portion of the master insurance policy. The coverage limits and policy details depend on the specific building, the insurance company and a lot of factors, so I can't tell you any details about the coverage.
The building's financial statements should provide you all the details about the condo's income, expenses, reserves, etc. You can request a copy of the financials from your managing agent and review them. If you need help you can reach out to me anytime.
Great video! I have recently made an offer for a condo in NYC and the owner has accepted it. However, my agent told me that the building management will require me to submit an application that would include my tax return and bank statement to prove that I can afford to pay the common charges that you mentioned. I was quite surprised by this, is it normal to ask for all these information?
Nevermind, I just finished your video, you explain it all lol
Congrats on having an accepted offer!!! I am glad the video was helpful.
Looks like you have more freedwm in a condo building than in a co-op
Generally speaking that is correct. Owning a condo apartment give your more flexibility. Depending on a specific situation, buying a co-op may or may not be the best choice for an individual.
So no matter what you're buying a condo or a co op you still have a board package to complete?
Well yes. But there is a big difference between a condo and a co-op board package. The purpose of a co-op board package is to qualify the buyers and the co-op board can reject the application. Condos can ask for information but they don't qualify the buyers. They have what's called a right of first refusal.
Thanks
You are welcome
So it's a lot faster to close on a condo than a co op?
Well, the timeline from having an accepted offer all the way to closing depends on a different factors. Generally speaking, condos can be faster, since there is no interview required and the board packages usually are not as lengthy. But it all depends on the building, and how fast they review the application. There are condos that have pretty lengthy board packages.
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
Hi. You can reach out to me at sargis@corenyc.com to talk about all the details.
👍👍👍
Thanks for watching.
hey buddy we looking for condos in bronx nyc around 150k$ cash but I wanna know what the average of monthly maintenance and what the average of rent if I wanna rent it to make money ? like how I much I can collect monthly clear if you can help me , thx
The cheapest condos in Bronx that I can see currently listed are over $200,000. If you want to talk about more details you can email me at sargis@corenyc.com
What about the insurance?
Thanks for watching. What exactly is your question about the insurance?
@@SargisMosyan Is it covered in the HOA fees?
@@_santos13 Individual condo unit owner's insurance policy, which is also known as a homeowners insurance is not covered in your HOA fees. Every unit owner in a condo building is responsible for their own homeowner's insurance policy premium. However there is another type of insurance called a condo master insurance policy, which is held by the condo association and the insurance premium is included in monthly HOA payments.
@@SargisMosyan thanks!
Co-ops are so invasive and exclusionary. Big turn off.
Well the process of buying in a co-op can be very complicated and the whole paperwork might feel like being invasive, but everyone's situation is different and buying in a co-op building can be a great choice for a lot of people.
Anyone used a VA to purchase in NYC
I am not familiar with VA loan program details. I know the advantage of a VA loan is the ability to buy a home with no down payment, but there are requirements to determine one's eligibility. My market is the Manhattan market where the majority of the housing stocks are co-ops. Co-ops have their own requirements and it doesn't matter what kind of loan program an individual qualifies for. They still need to satisfy that specific co-op's financial requirements, in order to buy in the building. Most co-ops would want to see at least 20% down payment. Some of them require as high as 40-60% down payments. I know some co-ops that allow 10% down payment, but I haven't seen anything lower than that. Besides the down payment, they usually want to see low DTI and sufficient post-closing liquid assets.
Some condos can have a min down payment requirement, which if they do most of the time it's 10%, but I don't know what VA program requirements are when it comes to condos.
I would imagine in other boroughs (Brooklyn, Queens, Bronx and Staten Island) people would be able to buy single-family or multi-family residences using VA loans, but since I don't work in other boroughs and I haven't closed any VA loans and I am not familiar with VA loan eligibility details, I can't really give a definite answer.
Thanks for watching the video.