NYC is filled with so many fascinating and commutable neighborhoods. Take the time to wander! You never know what gems you might find. Scotty knows the ins and outs of many Brooklyn and Manhattan neighborhoods.
It’s best to explore the city at different times of the day and days of the week and see what feels like home.
Scotty can help you decide between co-ops, condos, and townhomes.
Important note about co-ops: Co-ops are a unique type of homeownership in New York City. You have to be approved ✔️ by co-op members in the building and that approval tends to have a higher threshold than simply getting a mortgage from a bank.
Each co-op has different criteria that need to be met for board approval; some are stricter than others.
A majority of the co-ops require a minimum of 20% down and many can be as much as 40% to no financing allowed for the more exclusive properties.
A basic financial guideline for co-ops is that buyers must have a debt-to-income ratio of under 25%-28% and liquid assets post-closing of a minimum of 2 years of housing/debt expenses.
When to Start Looking: You should start your search around 30-45 days before your ideal move-in date; however, most landlords will want prospective tenants to start their leases for vacant units within two weeks of the application date. That being said, the more you look, the more knowledgeable you will become, enabling you to make quick decisions at the moment.
Landlords typically require tenants’ combined annual salaries to equal or exceed 40x–50x the monthly rent. If you do not meet this requirement, many landlords accept guarantors, a third party who is willing to guarantee the entire rent and other provisions in the lease in case the tenants are unable to fulfill their obligation. Guarantors need to provide the same application support documents as you do. It is usually expected that guarantors are US citizens and earns an annual salary of at least 80x–90x the monthly rent. In some cases, pre-paying extra rent or security is acceptable.
Info on the Housing Stability and Tenant Protection Act of 2019.