Guide to buying a fixer-upper apartment in NYC

A fixer-upper apartment in NYC is a perfect solution for homeowners looking for an affordable property to purchase. Although, there are a few drawbacks that you must take into consideration, for example, the fact that your new home will need some serious makeover. Sure, some of these apartments are livable, and it is possible to get your keys and move in straight away. But if you wish to have a new picture-perfect apartment, you will have to invest some time and energy. Not to mention preparing your finances, so you do not run out of money in the middle of the renovation. Here is everything you need to know so you can plan accordingly.

Before purchasing a fixer-upper, ask about the building policies for renovation.

How easy or difficult it will be to renovate will depend on the type of building the apartment is located in. Therefore, before your adventure of buying begins, think carefully about where you should look for the apartment. For example, if you purchase real estate in the co-op, you will need the approval of the building's board. They usually have strict rules about the time of day you can work so as not to disturb the neighbors. Likewise, if their "wet over dry" rules are strict, you will not be able to make significant changes to the floor plan. On the other hand, you will have more freedom in a townhouse or single-family buildings. But even there, for major renovations, you will need permission from the Department of Building.

Make a detailed plan

When buying a fixer-upper apartment in NYC, a plan is of the essence. It takes no less than six months and more to find and sign the paper on a home. Next is the mortgage and the renovation approval, which can also drag on for months. After that, you need to make a timetable of how long the renovation will last. In this case, many factors can prolong the work, and it all depends on how much you plan to change. For example, it will not be a problem if you wish to design a home office or a study. But changing the placement of your bathroom or demolishing few walls will take a while. So you need to make a detailed plan with all the steps and approximately calculate how long it will last. Also, always go through the apartment with an expert that can tell you precisely what is possible to do and what not.

Have the support of a good team of professionals

When shopping for an apartment that you are planning to fix, it is always best not to do it alone, but in the company of experienced people who can best advise you. They will know better than you what matters the most in New York apartments and will be able to find the property that meets all your requirements. Therefore, make sure you have a real estate agent and an attorney. For the renovation part of the work, you will need a good architect and a general contractor. However, never settle for the first one you find. Instead, make sure you get estimates, references, and portfolios of previous works from at least three contractors. Do not hesitate to ask them as many questions as you have until you get a sense that they are the right fit for the job.

Common mistakes when buying an apartment in NYC

Often, people start celebrating too early, thinking that everything is done and they are about to receive the keys to their dream home. But then they find out they made one of the mistakes when buying an apartment that cost them everything. To become a proud owner of an NYC apartment, you need to avoid making poor decisions by being well informed on what not to do. Firstly never shop for real estate without an agent. The seller will have their agent present, and their only job is to get the best possible price for their client. Next, ensure you have the right mortgage plan, especially if you are not qualified for the best one. If you make a mistake and take one that does not have ideal rates, you will not be able to pay it off. Likewise, no matter how much you like an apartment, always stay within the boundaries of your budget.

Prepare a renovation budget

When you start making plans on how much a fixer-upper will cost you, you need to add the renovation expenses to the price of the apartment. They might add up to a considerable sum of money, but there are always low-budget home improvement ideas that are a lifesaver. For a professional job of home remodeling in New York, rates go from 100$ to 200$ per scare foot. And they too depend on many factors, like the quality of the materials. Also, if you wish to entirely structurally change the layout, get ready to spend a hefty sum of money. Likewise, if you get an apartment that needs a lot of work to even become livable, it will take a lot of time and money to make it so.

Appraise the conditions of the home

You need to know what you have on your hands, so it is essential to evaluate the home's conditions. Do not make the mistake of buying a fixer-upper apartment in NYC that is beyond saving. If there is a mold in the apartment and you realize it is a problem with the entire building, no amount of work will make it go away. Thus, it is best to have a walk-through with a construction specialist to tell you what all the flaws are. Then, try to imagine if what you are planning is possible with that piece of real estate. Likewise, always look at plumbing, electricity, and the overall state of the building. With a good plan and the right team of people, you will have a dream home in no time.

It is always recommended to work with a Licensed Real Estate Broker in N.Y.C. like Immacolata Giocoli of Tyler Vincent Real Estate.

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