The adventure of buying an apartment in NYC remotely

The past few months have been hard on us all. Isolation, working from home, and employment security as a result of the current pandemic have all put pressure on people. NYC and its inhabitants have felt first hand the destructive force of the COVID-19 virus. The pandemic has wreaked havoc on the healthcare system and has weakened the economy of the city. People and businesses needed to be creative in order to ensure their survival. The Governor of NYC Andrew Cuomo ordered the halting of face to face of real estate properties showings as part of the package of measures aimed at stopping the spread of COVID-19. This, in combination with social distancing measures, has opened up the opportunity for a new way of selling properties. The adventure of buying an apartment in NYC remotely has just begun.

The adventure of buying an apartment

Before you start looking for a broker and an apartment, you need to consider a few things and then find a balance between your wishes and realistic possibilities. Start thinking about different moving options available to you and research moving companies online. Finding out what services moving companies like Zenith Moving NYC can offer will help you organize better.

List your criteria for buying a home in NYC that any potential apartment has to meet. Make sure that you have defined your budget for every step of this journey. Here are some of the factors you should consider when buying an apartment in NYC remotely:

What type of apartment are you looking for?

• Condo – you could choose to rent or buy an apartment in a condominium. The owner of each apartment in the condo can be different. In addition to this, the apartment itself is usually managed via a third party.
• Co-op – these apartments are owned by corporations, which means you don’t actually buy an apartment but shares in the entire building. The larger the apartment you buy, the more shares you will have. These apartments are usually cheaper than condo’s but are usually in older buildings as well. Maintaining an apartment in this type of building usually involves a more stringent approval process.
• Railroad Apartment – this kind of apartment has a straight floor plan where one room leads directly into another.
• Loft – lofts are usually found in converted factories or warehouses. Their layout usually encompasses an open living space with large windows and a high ceiling, exposed brick walls, and hardwood floors.

Potential neighborhood

An important step in the process of finding your dream apartment is finding a good neighborhood that suits you. If you are not from NYC or you don't know its boroughs that well, do your research online. Find out what each neighborhood has to offer, whether it meets your needs, and if it does, find out the average apartment costs in your chosen area. Once you have done this, you will be ready to relocate here from any part of the state with the help of a trusted and reliable moving company.

Caption: Finding a perfect neighborhood in one of the first steps in your adventure of buying an apartment in NYC remotely.

Alt-Text: Brooklyn NYC real estate building

Budget

Before you even begin to search for your ideal apartment, you need to set your budget. Defining your budget from the beginning will help you narrow down potential neighborhoods and potential apartments through online filters on real estate websites.

Apartment building

When searching for an apartment, you should consider what it is you expect from the building the apartment is located in. Make a list of preferred amenities. Asking yourself the following questions may assist you in this process:

• Is sub-letting the apartment to someone else possible?
• How many floors does the building have? How many elevators are present and what condition are they in?
• How involved is the board of directors in the everyday running of the building?
• Does the building have a pet policy? If so, does it suit you?
• Is there a doorman or someone who is assigned for security purposes?

Looking for a broker

When you find the answers to the questions above or while still in the process of researching them, you should search for a reliable broker. Ask your family and friends whether they have any recommendations, search for reviews online, make a few phone calls, and try to get a feel of the broker that might suit you. With a reliable broker by your side, you should start by going through your list criteria, and let your broker make inquiries about the apartments that you like the most.

Caption: Having a reliable broker will help you find and buy your dream home.

Alt-Text: Contract being signed with an overlayed picture of house and keys.

Open days and showings

Learn a bit more about buying an apartment and inform yourself about the real estate business, which steps to take, and what is expected of you. You should also know what to expect from your agent. If there is no possibility of seeing an apartment firsthand or doing in-person appraisals and closings, as the situation now dictates, your agent will need to be creative and use virtual tools.

There is an array of tools that can be used. Agents are using apps such as FaceTime, Zoom, and Skype to show their clients homes. Some agents are using video tours that they upload on YouTube. There are tools that allow for 3D staging, and organized virtual open houses, streaming via open house tours, and interactive one on one tours should all be available to you. Combining all of these will ensure that you get a detailed picture of any potential flat.

Caption: Many different online tools are available to help you choose your home and go through the process of buying an apartment.

Alt-Text: Video conferencing is one way of experiencing the adventure of buying an apartment in NYC remotely.

Closing and appraisal

An executive order from the Governor of NYC Andrew Cuomo that allows for the notarization of virtual documents through apps like Zoom is making the online closing process a reality.

Inspectors and appraisers are still doing their jobs. Whether they are conducting an appraisal or inspecting a property, they should be the only ones in the apartment at the time, and they should do so at different times so as to keep in line with social distancing measures. A final walkthrough and contract reviews are elements of the closing process which can be conducted virtually. This is all new and people need time to adjust, but deals are being closed and the current system seems to work. If this whole process makes you feel insecure about buying, and you consider pulling out of the deal, stop and think things through. Consider every pro and con and only then should you make a decision.

Photos used:

https://pixabay.com/photos/manhattan-empire-state-building-336708/

https://pixabay.com/photos/brooklyn-nyc-new-york-city-4028745/

https://pixabay.com/illustrations/video-conference-skype-webinar-5162927/

https://pixabay.com/photos/sale-sold-hand-signature-house-3701777/