how to buy, remodel, condo or coop apartment, new york city

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Revised and updated for 2008.

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In Overview, the book will:

	Lessen that sense of being overwhelmed which most first time buyers in New York City experience.
	Demystify the steps involved in buying and renovating (this information benefits experienced buyers too).
	Cover all the essentials, from the history of condos and co-ops in the city, to the latest web sites for researching apartments; from sorting out your needs and wants, to getting a contract signed, obtaining a mortgage and satisfying the various board requirements.
	Offer a solid understanding of what to expect if you decide to renovate.
	Look at the practical details, the costs and the planning necessary to achieve a successful result.
	Cover design ideas and guidelines, finding a contractor, the board’s role in renovating, the permitting process, and setting a realistic time frame within which all work can be completed.
	Explain what’s involved in a partial remodel – say just the kitchen or bath – or a top to bottom renovation.

Here’s the Table of Contents (subject to change with updates and revisions)

Introduction......................................................................................................................	p	6
The Purchasing Process – The Menu for Buying an Apartment
Chapter 1: Decide which type of ownership works best for you: Condo or Co-op...........................	p	9
Chapter 2: Most of you will probably want to work with a Real Estate Broker – but there is no law that says you must............................................................................................................	p	24
Chapter 3: You need a Real Estate Lawyer lined up before you start looking................................	p	30
Chapter 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.........................................................................................................	p	33
Chapter 5: You need to be pre-Approved for a Mortgage, not just pre-Qualified. (PS – If Self Employed, There’s hope for you too!)....................................................................................	p	63
Chapter 6: From Lower Manhattan to the Harlem River boundary – Where do you want to live?........	p	66
Chapter 7: What do you need? What can you afford? The Agony of Prioritizing.............................	p	68
Chapter 8: Know whether it is a Buyer’s or Seller’s Market........................................................	p	72
Chapter 9: When you find a place you Love and you separate needs and wants….make an offer without delay....................................................................................................................	p	76
Chapter 10: Crucial considerations in a market where most contracts have no mortgage contingencies....................................................................................................................	p	79
Chapter 11: You make an offer and the seller accepts….what now? Time to call your Lawyer..........	p	82
Chapter 12: Make sure your mortgage broker has everything needed and your loan is being processed.........................................................................................................................	p	84
Chapter 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....................................................................................................	p	86
Chapter 14: Submit promptly a board package for board approval, usually with your agents help......	p	90
Chapter 15: Decide if you want to review the apartment floor plan of record with the city..............	p	94
Chapter 16: Do you want an independent apartment inspection?...............................................	p	96
Chapter 17: Determine your lender’s insurance requirements, if any. Make sure you have adequate personal property coverage before moving…............................................................................	p	101
Chapter 18: Upon board approval, your loan can be released, and you can have your Lawyer schedule the closing…………………………………..............................................................................	p	102
The Remodeling Process – The Menu for Renovating an Apartment
Introduction....................................................................................................................	p	103
Chapter 19: What would you like to do: basic painting to gut renovation?...................................	p	104
Chapter 20: Realistically, how soon after buying can you expect to start a major remodeling project?...........................................................................................................................	p	108
Chapter 21: Basic Planning – Where do you start?...................................................................	p	109
Chapter 22: Where can a Do-It-Yourself-Type get some help?..................................................	p	120
Chapter 23: Can you manifest a dream? We think so! But first, some general design considerations. And some web sites worth visiting for ideas and inspiration........................................................	p	121
Chapter 24: In broad strokes, what are the approximate costs?.................................................	p	127
Chapter 25: Where can you shop for materials and furnishings? Some of our Favorites...................	p	129
Chapter 26: The Contractor will be your most crucial selection..................................................	p	132
Chapter 27: What does a Condo or Co-op Board typically want before giving its Approval?..............	p	135
Chapter 28: Is there a fast-track approval process?................................................................	p	142
Chapter 29: 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?....	p	145
Chapter 30: What is the typical time frame to complete a remodel?............................................	p	149
Chapter 31: Congratulations! You’ve got the place of your dreams (hopefully). We wish you the best wherever life takes you................................................................................................	p	150
Appendix #1: The Blue Pearl Digest Archives – real estate articles and market recaps, decorating tips..................................................................................................................................	p	151
Appendix #2: Glossary of Real Estate Terms.......................................................................	p	198
Appendix #3: Resources and Links....................................................................................	p	211