Renters

One of the most important decisions you can make is whether to buy or rent an apartment. There are times when it makes more sense to rent. When that’s the case, a licensed real estate broker can help sort through the lifestyle and financial considerations involved and help you make the right choice for your needs. An experienced Wald Real Estate agent knows the market and understands the rental process. We can negotiate on your behalf and guide you through the complexity and range of considerations you’ll face in today’s rental marketplace. Some factors you may want to consider in your decision to rent versus buy are financial consideration, job relocation, future needs, home maintenance, and repairs. If you don’t have time for ongoing maintenance and repairs, renting is a better option, as the landlord or management company is responsible for the property.

Whether you’re looking for property for sale in New York area or property for rent, Stephen P. Wald Real Estate Associates, Inc. makes searching easy. Use our unique geolocation mapping feature to root-out your ideal condo, coop, townhouse or apartment and contact the owners direct. We will help you find your dream house in just a few seconds. Don’t hesitate and contact us for more info today!

TYPES OF RENTAL BUILDINGS IN NEW YORK CITY

In New York City there are three types of buildings in which you can rent an apartment: rental buildings, cooperatives (co-ops) and condominiums. Each of these types of properties has its own rules and regulations. It is important to understand the distinction between them, as this will influence the timing and parameters of your search for a home.

Closing Costs ── The Difference between Co-Operatives and Condominium in New York

Co-Operatives

An apartment in a building owned by a corporation or trust, in which each owner purchases stock representing the value of a single apartment unit and receives a proprietary lease as evidence of title. Shareholders pay a monthly maintenance fees to cover building expenses including real estate taxes the shareholders portion of the underlying mortgage(if there is one) Generally sales are subject to approval by a board of directors, and buyers must submit a purchase application (board package). The board will also require an interview. Financing and subletting is restricted in most coops.

Condominium

– A multi-unit structure or property in which persons hold fee simple title to individual units and an undivided interest in common areas(lobby, halls, stairways etc) Each individual apartment gets a separate tax bill from the city. There is also monthly common charges for building expenses. Financing and subletting is more flexible.

*It varies if you own attorney. Check with bank/mortgage broker for additional fees . New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584) . These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.