How to Buy Real Estate in New York Choose Between a Co-op, Condo, or Cond-opMost New York apartments – around 80% – are co-ops. Newly built buildings are usually condominiums. Condos are considered real property, while co-ops involve buying shares in a corporation that owns the building. There’s also a third type: cond-ops, which are co-ops governed by some condo rules. Co-ops are generally...
When purchasing a co-op in New York City, buyers should budget for several categories of closing costs. These can vary by building and transaction type, but here are the typical expenses: For the Purchaser Real Estate Attorney: $1,500 – $3,000+ Mansion Tax: 1% of purchase price (applies to purchases of $1 million or more) Managing Agent Application / Processing Fees: $500 –...
Home Loans for Overseas Investors Buying an apartment in New York doesn’t have to mean paying all cash. If you are a foreign national, it is possible to secure financing from a U.S. bank — and we can help you through the process. Financing Options for Foreign Nationals Foreign National Loans: Non-U.S. citizens without lawful residency cannot access Fannie Mae, Freddie Mac, or FHA loans....
The Federal Opportunity Zone program, created under the 2017 Tax Cuts and Jobs Act, was designed to encourage private investment in low-income and urban communities. New York State participates actively in this initiative and has designated 514 census tracts as Opportunity Zones. Investors in these areas may benefit from significant tax advantages while supporting community development. Opportunity...
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