New York City Apartment Buyers Guide


Fine Living New York was established to help the discerning real estate buyer purchase  the perfect luxury apartment in New York City.

The real estate agents of Fine Living New York will not only show you the best real estate that Manhattan has to offer but will also act as your personal concierge throughout the entire process from the inspection of the property, to the closing.

Below are a few items to consider prior to buying your luxury Manhattan Apartment, Brownstone, Condo, or Co-op.  Please note:  The real estate agents at Fine Living New York will review these items with you in detail.

1) Start with Your Budget: The most important decision you will need to make prior to buying your luxury NYC apartment is determining your budget.  The price of your luxury NYC apartment depends on various factors such as size, location, building type, and amenities.   As most buyers obtain a mortgage to finance their Manhattan apartment or commercial property  purchase, it is necessary that you become pre-qualified with an active New York City mortgage lender - Fine Living New York can assist you with this matter.


2) Select Your Neighborhood(s) of Interest.
Please click here to discover which Manhattan neighborhood suites you.

3) Apartment Size and Features.
Are you interested in burying a three bedroom apartment or buying an apartment with a balcony or outdoor space? Is a nursery or a home office a sticking point for you? Do you want a doorman or extra security?  Do you want to live close to the best schools?  You should jot down a list of not only what type of apartment features are most important to you but also what social features are important to you: do you want to live close to a transportation line that will get you to work?  Do you want to live close to Central Park?

3) Building Type and Amenities.
If you are in the market to buy a condo or co-op in New York, you need to understand the differences between these two types of home ownership, read any contracts involved in purchasing and/or residing in the unit, and determine what is right for you at this point in your life.

You will also need to determine the importance of features such as doorman, concierge, pre-war, brownstone, luxury high rise, pet policy, health club / pool, etc.

The Similarities
In both a condo and co-op situation in New York, you are living in an apartment-like dwelling which is usually attached to at least one other similar dwellings. There are shared common areas or "amenities" which may include lobbies, pools, parking areas, gardens, fitness rooms, roof-decks, etc. Though you own rather than rent both a condo and a co-op, each will usually require some sort of monthly fee to cover shared expenses.

A Condo
When you purchase a condominium, you are purchasing the actual unit you will live in. You own it (as some have said) "from the inside paint in". If they do not involve major structural changes, you are free to make renovation decisions without acquiring permission.

Most condominiums have an association board made up of owners. This board oversees maintenance of common facilities and maintenance of the buildings themselves (including exterior paint, damage repair and like issues). To pay for expenses involved in maintenance and repair, you will usually pay a monthly common fee or association fee.

The board will also act as mediator in disputes between owners, enforce complex regulations, and make decisions regarding special owner requests (like major renovations).

A Co-Op
The differences between a condo and a co-op is often apparent even before you buy your new home: many co-op buildings require that all new owners/members be interviewed and approved by a board made up of current co-op members. When you purchase a co-op you are actually purchasing a share in a cooperative. While your share gives you the right to reside in your apartment, you do not actually own the apartment itself. You can usually decorate, including painting and wallpapering, as you can in a condominium, but renovations usually need to be approved by the board.

As with a condo complex, a co-op building has a board made up of members of the cooperative. This board oversees maintenance and repairs as well as interviewing potential new members and enforcing rules and regulations. The board also manages the finances of the cooperative which owns the building and is responsible for maintenance, insurance, taxes and other expenses. A monthly fee, paid by each member of the co-op, pays the building expenses. This fee is usually higher than the monthly common fee for a similar condo.

4) Finding a mortgage broker.
If necessary, Fine Living New York can help you find a mortgage broker.

Please click here to have Fine Living New York help you find a mortgage broker.

There are many reasons why it is important that you are pre-qualified:

• You will have a much better understanding of the actual price range that you will be able to afford, allowing you to concentrate on an appropriate search.
• When you make an offer and if it is backed up with a pre-qualification from a recognized mortgage lender, the offer will then be much stronger than others from buyers who are not pre-qualified.
• Once your offer on your new NYC home is accepted, having been pre-qualified will speed up the closing process. If you had not been pre-qualified, it is possible that various surprises might pop-up and threaten the deal.


Please click here to have Fine Living New York contact you to assist you in finding your perfect piece of luxury real estate in Manhattan and throughout New York.  Or simply, phone us 212-672-8108  and we can immediately begin searching New York City co-operative, condominium , townhouse , or commercial real estate for you immediately. You can also feel free to schedule an appointment with us to stop by our Fifth Avenue (Manhattan) office to share your real estate dreams with us.