Thursday, October 4, 2012

Valuable information for the 1st time buyer or renter in New York

real estate


A guide for first-time renters and buyers

Roommates Matthew Gorman, left, and Steve Kaliski hang
Photo credit: Roommates Matthew Gorman, left, and Steve Kaliski hang out in their kitchen. (Charles Eckert)
It's no secret that the New York real estate market requires skill to navigate, but it's especially difficult for those who've never rented or bought property before.
While prospective renters and buyers can arm themselves with knowledge of market conditions, average rents, closing costs, inflation statistics and brokers fees, problems pop up in the process (the elevator broke, a co-op denies an application) that are hard to prepare for.
We spoke with real estate experts and a first-time renter to get advice for new renters and buyers, and to help experienced New Yorkers avoid repeating mistakes in the future.
The preparation
Gary Malin, president at CitiHabitats, said knowing the city's market conditions often doesn't arm prospective tenants and owners with enough information.

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