Insider Tips for Apartment Seekers

Featuring agents Noah Kaplan & Deanna Kory:  http://www.amny.com/real-estate/nyc-apartment-hunting-tips-experts-weigh-in-on-key-issues-1.11716373

 

Finding an apartment in New York City is tough.

It entails scouring listings, calling brokers, scrambling to see 10 apartments in a day and handing over all your personal finance information - and money - to complete strangers.

To help you navigate the market this spring and summer, we asked area real estate experts for insider tips:

FOR RENTERS Measuring is a must

"Bring a tape measure with you," advised Caroline Bass, an associate broker with Citi Habitats. "Apartments look smaller when they're vacant and most people think they can't fit their items," she said - but if you measure the space, you can plan where to put your furniture before deciding to sign a lease.

Move money beforehand

If the funds for your down payment are in an IRA or other financial account, square it away before you start looking, Bass said. "Landlords aren't going to wait a week for your money to clear," she said. "They want to approve you and they want you to sign leases usually within 24 to 48 hours of your approval."

Make a BLT

Another way to prepare is by get-ting together your bank statement, letter of employment and recent tax return - or your BL T, said Noah Kaplan, a licensed real estate salesperson with the Corcoran Group. Have your credit score handy too, he added. "If you don't have those items, you will have to sort of come up with them [last-minute]," which can be stressful, Kaplan said. "It's very rare that building owners won't ask you for them."

Don't fear the broker

Many renters are opposed to paying broker fees, especially since base rents in New York are so expensive, Kaplan said. But he advised to be prepared to pay one. “I would tell first-time renters that some apartments [will have] a 15% fee, which is standard," he said. "You never know what you're going to find, that you're going to like, and you have to be prepared."

FOR BUYERS Preparation is key

If you're looking to buy, first get your preapproval letter from the bank and complete a financial statement with your .broker, suggested Bass, of Citi Habitats. A preapproval letter "shows that someone's actually vetted you," she said, and a financial statement "will really show you, do I qualify for this [home]?"

Find a good lawyer

"Pick your attorney well in advance," Bass said. Buying a home is "a big financial decision, and you don't want to be rushed and pressured into finding an attorney at the last minute."

Vet your broker

Shop around for the right broker, noted Deanna Kory, an associate broker with Corcoran. "Ask around to see what their reputation is in the industry, through friends, and by looking online," before hiring one, she said.

No sudden movements

If you're approved for a major loan, a bank will be skeptical if you immediately spend all your savings on a car, a vacation or even furniture, MNS CEO Andrew Barrocas said. "[Banks] have gotten stringent with accepting somebody's application ... and then they check prior to the closing and the person spent a significant amount of their savings," he said. "They could cancel your loan - I've heard of it."