If you're new to New York City, the housing market could be somewhat intimidating. The prices are higher here (although there are plenty of bargains in Kew Gardens), and some of the real estate jargon throws newcomers for a loop. Some of the most common questions that our clients ask revolve around Kew Gardens co-ops.
If you avoid Kew Gardens co-ops because you don't understand them, you could seriously limit your options. All co-ops come with different rules, fees and the like. As you consider co-ops, it's necessary to ask questions. Need some inspiration? Here are six questions to get you started:
1. How much of a down payment do I need to purchase Kew Gardens co-ops?
You could pose this question to five separate co-ops and receive five different answers. In any case, don't expect an answer lower than 20%. Co-op down payments that range between 20% and 30% are typical.
2. How much money will I need to have stashed away in reserves to purchase a co-op?
Kew Gardens co-ops require buyers (aka shareholders) to have a certain amount of financial reserves to purchase a unit. Again, this figure varies. It's smart to have approximately two years of mortgage payments and maintenance fees on hand, but you'll want to ask the co-op for specifics.
3. Can I use gifted money to purchase a co-op?
Being a first-time homebuyer in New York City is tough. Many people use gift funds to get the job done. Unfortunately, some co-ops don't allow this. If you plan to use gift funds to buy a co-op, this question should top your list.
4. How much is the monthly maintenance payment, and what does it cover?
The monthly maintenance payment works out to be a significant chunk of your housing budget. You need to understand how much you'll owe every month to determine if you can afford the unit. It's even more critical to understand what it covers.
If you are interested in Kew Gardens co-ops, we want to hear from you! Contact us today to see what's available.
Connect with us at 718-997-6000 or email us here for more information.