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A real estate purchasing timeline guide

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REAL ESTATE NEWS A real estate purchasing timeline guide

Finding your new home in New York City and completing the purchase will be one of the most rewarding things you do in your life. However, it will also be one of the most difficult and will be filled with different steps and procedures from beginning to end. Bear in mind, that the timeline will vary depending on which type of property you want to buy, whether it's a townhouse or an apartment in a new condominium. It will also change depending on your own timeline and preferences and how quickly you would like to move into your new home. In order to ease the stress of buying a home in New York City, we've created a real estate purchasing timeline guide to give you an inside look on what you can expect when purchasing your new home. 

The pre-approval of your mortgage: 

  • One of the most important parts of purchasing a home is to know exactly what your budget is and what you can afford. 

Approximate timeframe:  

  • You’ll want to know exactly how much time you have to buy a home and which season or months would be best for moving. 

Estimated down payment percentages:  

  • Downpayments for condos are usually 10 percent, whole down payments for co-ops are usually 15 percent. 

General availability percentages (in NYC):  

  • The percentage of condos  available in NYC is 15 percent while co-ops are 85 percent.

Locating your perfect apartment: 

  • Depending on your sense of urgency, where you would like to live, and how much time you have to look for an apartment, you will need at least 1-6 months to find your perfect home. 

The average number of viewings:  

  • Expect to look at 14 - 21 homes at least before you reach your decision. 

Negotiating the details: 

  • Remember that everything is negotiable. You’ll want to negotiate whenever and wherever you can to get the lowest possible price for your home. 

Finalizing the contract: 

  • The average time for finalizing the contract will be 1-4 weeks 

  • The seller’s attorney will write the contract and deliver it to the buyer 

  • The buyer's attorney will perform due diligence on the contract which can include a review of all financial statements, relevant building documents, etc. 

  • The buyer or buyers sign the contract and send it, with the relevant deposit or down payment, to the sellers 

  • The seller or property owner then executes the contract 

  • Finally, the contract is only binding upon signature by both parties 

Application for a mortgage:

  • It’s important to note that without an executed contract you will be unable to process your mortgage application. This should take at least 1-4 weeks 

Closing finalization: 

  • Closing finalization will typically take 1-3 weeks 

 

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