New York City NYC

The successful purchase or sale of New York City real estate can be rewarding on many levels. Whether involving a home or an investment, it can also be challenging when undertaken without the right expertise. These guides are no substitute for having an experienced NYC advisor at your side, but they should help you to understand processes and products that are in many cases unique to the New York City market.

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For Buyers

GUIDE FOR FOREIGN BUYERS
Foreign Nationals are allowed to own real estate in the US. In fact, there are very few differences between a foreign and US buyer when purchasing real estate. However, if you are a foreign national and are contemplating a purchase in the U.S., it is important to understand the buying process and have  some basic information about general US real estate practices, as these may vary greatly from those in your home country. Read the Guide

UNDERSTANDING CO-OPS
Over 75% of the residential buildings in NYC are co-ops. On a cost per square foot basis, co-ops are generally less expensive than condominiums (condos). For example identical co-op and condo units might be priced at $1,250,000 and $1,450,000 respectively. Depending on your situation and goals, purchasing a co-op can be a great option that allows your budget to go further. To determine if it is likely to be the right choice for you, it is important to fully understand the nature of co-op ownership and the purchase process. Learn more

TYPICAL PURCHASE TIMELINE
Purchasing the home of your dreams in NYC is an exciting and rewarding process, but even with the very best broker representation it can take longer than you may expect. It can also vary greatly depending on whether you are purchasing a co-op, condo or new development unit. Our purchase timeline will give you a better idea of what to expect in your situation. See the timeline

For Sellers

STEPS IN THE SALES PROCESS
The first step in the process is always selecting the right real estate professional to assist you. In NYC this means a REBNY (Real Estate Board of New York) member with experience and up-to-the-minute knowledge of a market that changes from week to week and neighborhood to neighborhood. It also means a firm that will position your property effectively and broadly. For more about the advantages that Engel & Völkers NYC and our advisors offer, review our “Services” section.  To better understand the entire process, continue to review the steps.