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Seeking advice on, GULP, buying an apartment in PS — Brooklynian

Seeking advice on, GULP, buying an apartment in PS

lnelson
lnelson
edited November -1 in Park Slope
Hi all,

My husband and I are at the very beginning of the process of looking for an apartment to buy so we can stop throwing our money away on rent, finally.

Buying an apartment is a big deal. We don't know how to do it. But probably some of you do.

I'm a journalist, so my natural instinct is to seek out experts and question them about whatever I'm trying to learn about. As far as this research is concerned, pretty much anyone who has recently bought an apartment in Park Slope is an expert.

Rather than start a long thread on this topic, I invite people who would like to share their knowledge about how to buy an apartment in Park Slope to PM me. The maybe we can meet and talk. Since this research isn't for a story, I can break all kinds of journalistic rules and buy you coffee, or tea if that's how you roll.

One thing: Very generally, we are not zillionaires, so if you're a zillionaire and were able to just buy the first place you fancied and hire all sorts of people to handle all the difficult bits for you, your advice may not be so helpful. But advice from all others is quite welcome.

OK...PM away!!

Comments

  • brooklynjack
    brooklynjack
    My advice is the read a lot

    there are 2 publications dedicated to coops and condo The Cooperator (cooperator.com) and Habitat Magazine (habitatmag.com)

    There are several books about coops and condos. Start with
    http://www.amazon.com/New-York-Co-op-Bible-Everything/dp/0312340753

    Spend your weekends going to open houses and get familiar with the market. It doesn't cost anything and you are under no obligation. It can take seeing 25-30 places before you are comfortable with putting in a bid and knowing it is right.

    When you are ready to buy there is only 1 person on your side, not the selling agent, not the listing agent, only your lawyer is on your side. Find a good one and know who it is before you make an offer on a place. It'll cost between $1,200 and $1,500.

    Get prequalified for a loan and know what you are in for before.

    There are advantages and disadvantages to both coops and condos and to big buildings and small buildings you should know what the trade offs are.
  • slopehead
    slopehead
    I think this is perfectly worthy of a thread! I'm sure you're not alone in your interest.

    There are too many variables to offer much meaningful advice that will apply across the board. I can only say that, in hindsight, we wish we'd stretched a bit further to buy a bigger place. We were nervous, it was our first time, we'd never contemplated such staggering sums of money - so we were perhaps slightly more conservative with our decision to buy a 2-bed instead of 3-bed coop. This may not apply to your situation, but it might be worth considering how you envision your life 5, 10, 15 years down the road and how much space you'll need.

    Otherwise I'd say read some good books (Home Buying For Dummies was my bible), talk to folks who've been through it, and generally do your homework. Don't be scared off by the sheer complexity of it because like most things it's not as bad as it seems. I suspect finances are much more critical these days, so it would make sense to get as organized as possible in that department - know what you're worth, know where your money is, know your annual income, have tax returns available, etc. Obvious stuff really.

    Good luck!
  • emily
    emily
    This isn't an official pronouncement of board policy, but as a board reader, I'd encourage people to share their experience/knowledge in a way that everyone can benefit from, not just the original poster.

    We bought a place in PH, not PS. But here's my general advice: Go to a lot of open houses, so that you know what's out there and know a good thing when you see it. Also, think for the future, as someone else already said. We saw a lot of 1bdrms that were evidently being vacated in a hurry by people with a lot of baby equipment crammed into the place. Apparently those apartments turned out to be untenable once you had a baby--so we bought a 2bdrm that we could stay in longer. Get prequalified for a loan but don't take the amount that they prequalify you for as a budget target. If we've learned anything in the past few months, it's that people can get loans for far more than they can really repay comfortably.
  • bookistan
    bookistan
    Look at www.brownstoner.com daily - this is a great source of info on what is going on in Brooklyn's brownstone neighborhoods. It also contains a comprehensive list of real estate agencies.

    Get to know neighborhoods well and decide what is most important for you. Park Slope is fairly large, and some parts are better served by public transportation, supermarkets, and other conveniences.

    Also, if kids are in the picture, understanding the zoning for schools you might be interested in. Apartments in the 321 school district are at a premium, but with all the new condos being built, they could have an overcrowding problem soon.

    Finally, be willing to look at some areas outside the Slope - south slope/Kensington, Windsor Terrace, Prospect Heights (but again, figure out the school situation in those neighborhoods if you decide you want to look there).

    Good luck!
  • veets
    veets
    I have advice that I used many years ago and even with the inflated prices this is still good advice. Don't think about buying an apartment (coop or condo) at all. Think about a 2 or 3 family house so that the rent coming in helps to cover mortgage and expenses. Note.. I said "help" because given what buildings cost in and around Park Slope , unless you got the perfect situation, I would expect you to be taking money out of your pocket. This concept means you need expert advice when you look at the "numbers" but in the long run, whether you live out your lives in PS or not... It is a better investment than any coop or condo.
  • brooklynjack
    brooklynjack
    I'll also add that the time to think about selling is before you buy. Remember the amenities most sought after are light and quiet and to buy the best of what you can afford. That means buying a really nice 1 bedroom in a good building with an elevator instead of a so so 2 bedroom in a walk up
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