A Quick overview of our Approach

Whether buying a coop or condo, a solid understanding of the important factors is key. Same for the process of remodeling. We'll give you the essentials required for making informed decisions in either case. Ultimately, you want more than bricks and mortar, you want a comfortable home and a happy heart. We’re going to help you end up with both.

We will offer you two ways to become informed and knowledgeable throughout our site. We first provide a streamlined version of the key factors in each section. This is for those of you who like to skim, want perspective and initially are happy with just the essentials highlighted. For those who need greater depth and details, there will be links in most sections that take you to a fuller and more nuanced level of understanding.

Remember that as buyers you are embarking on a multistep process of finding, financing and ultimately purchasing a home. And for those of you remodeling, you’ll be learning what renovations the board allows, hiring a contractor, and probably agonizing over costs and design decisions. Yet, you will be armed with knowledge and insights, and if you can remain a bit flexible and summon a measure of patience from time to time, we’ll help you succeed in facing the challenges each project brings. So, whether you buy or remodel, or do both, we’ll get you oriented quickly as you embark on what for most will be a thrilling, at times bumpy, yet ultimately satisfying, adventure.

And for this month's topic in The Blue Pearl Digest…..click here

The Purchasing Process – The Menu for Buying an Apartment

Section 1 – Decide which type of ownership works best for you: Condo or Coop.

Section 2 – Most of you will probably want to work with a Real Estate Broker –
                 but there is no law that says you must.

Section 3 – You need a Real Estate Lawyer lined up before you start looking.

Section 4 – You need to know what you can afford to buy, and there are lots of
                 variables: price, borrowing limits, interest rates, type of mortgage,
                 down payment, ownership costs, debt/income ratios, recurring
                 debts, closing costs and having at least 4 - 6 months of living
                 expenses to spare. We'll review it all here.

Section 5 – You need to be pre-Approved for a Mortgage, not just pre-Qualified.
                 (PS – If Self Employed, There’s hope for you too!)

Section 6 – From Lower Manhattan to the Harlem River boundary – Where do you
                 want to live?

Section 7 – What do you need? What can you afford? The Agony of Prioritizing.

Section 8 – Know whether it is a Buyer’s or Seller’s Market.

Section 9 – When you find a place you Love and you separate needs and
                 wants….make an offer without delay.

Section 10 – Crucial considerations in a market where most contracts have no
                  mortgage contingencies.

Section 11 – You make an offer and the seller accepts….what now? Time to call
                   your Lawyer.

Section 12 – Make sure your mortgage broker has everything needed and your
                   loan is being processed.

Section 13 – Most contracts have two or three contingencies that can
                   potentially stop a purchase…..we’ll describe them briefly, but make
                   sure to ask your attorney about the specifics as they exist in your
                   purchase agreement.

Section 14 – Submit promptly a board package for board approval, usually with
                   your agents help.

Section 15 – Decide if you want to review the apartment floor plan of record
                   with the city.

Section 16 – Do you want an independent apartment inspection?

Section 17 – Determine your lender’s insurance requirements, if any. Make sure
                  you have adequate personal property coverage before moving.

Section 18 – Upon board approval, your loan can be released, and you can have
                   your Lawyer schedule the closing.

Congratulations, you did it! You’ve not only survived, you’ve got a new home of your own!
If you also want to do some renovations, proceed to our next section.

The Remodeling Process – The Menu for Renovating an Apartment

Introduction

You've closed on your new apartment – a major accomplishment! But, as is often the case, it needs at the very least some sprucing up. Most likely some serious renovating. And, clearly the ideal time to do it is before moving in. If you have to renovate while living in your apartment, you'll tear your hair out a few times before it’s over, but with determination you can get through it. In either case, our intent in this section is to open your eyes and help make the process as smooth as possible.

We'll discuss what the board typically wants. When building department permits are needed. What kind of timeline is common? What the usual pitfalls are. What steps you’ll take and hoops you’ll go through.

For those of you brave enough to tackle a major project on your own, we'll share our cautions and reservations, but also present relevant information and helpful links. And for those of you letting an architect or designer serve as the "project manager", we'll present what you need to know to work effectively with them.

We'll offer design tips, home furnishing stores worth visiting, and links to websites we've found to offer good value, advice, ideas or service. We’ll also help you find a contractor, if you need one.

When we're done, you’ll understand what it takes to get a remodeling project underway, and possess plenty of insights to help insure a successful result. Let's get started!

Section A – What would you like to do: basic painting to gut renovation?

Section B – Realistically, how soon after buying can you expect to start a major
                 remodeling project?

Section C – Basic Planning – Where do you start?

Section D – Where can a Do-It-Yourself-Type get some help?

Section E – Can you manifest a dream? We think so! But first, some general
                 design considerations. And some web sites worth visiting for ideas
                 and inspiration.

Section F – In broad strokes, what are the approximate costs?

Section G – Where can you shop for materials and furnishings? Some of our
                  Favorites.

Section H – The Contractor will be your most crucial selection.

Section I – What does a Condo or Coop Board typically want before giving its
                Approval?

Section J – Is there a fast-track approval process?

Section K – What is the plan of record on file with the city for your apartment?
                 What Building Department Permits are often required when
                 renovating? Where can you get relevant information?

Section L – What is the typical time frame to complete a remodel?

Section M – Congratulations! You’ve got the place of your dreams (hopefully).
                 We wish you the best wherever life takes you.

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