In addition to the mortgage, buyers should budget for ongoing monthly expenses, primarily common charges, property taxes, and homeowners insurance. These costs vary depending on the property type and location. Common Charges For condos, common charges typically cover maintenance of common areas, building insurance, staff salaries (e.g., doorman), and building reserves. In New York, they usually range from $1.50–$3.50 per square foot, though luxury or high-amenity buildings ma

Overall, for buyers purchasing primarily for personal use with a limited budget and who are comfortable with a stricter approval process, a co-op can be a more cost-effective option.For those seeking greater rental flexibility, a faster transaction process, and more modern amenities, a condo is generally the better fit. In terms of transaction risk, condos offer greater certainty once a contract is signed. With co-ops, even after signing a contract and paying a deposit, the d

Personal Identification Passport / Driver’s License / Green Card Complete recent travel history Marriage and family information (if applicable)  Proof of Income For Employed (W-2) Employees Last 2 years of W-2 forms Most recent 2 months of pay stubs Last 2 years of tax returns (1040) For Self-Employed / Business Owners Last 2 years of personal tax returns Last 2 years of business tax returns (1120 / K-1 / Schedule C) Proof of Assets Last 2–3 months of bank statements (subject

Attorney Fees In New York, both buyers and sellers must retain attorneys to complete a real estate transaction. The buyer’s attorney fee typically ranges from $1,000–$3,500.For new development purchases, buyers are usually responsible for both the buyer’s and sponsor’s attorney fees. For resale properties, each party pays their own attorney. Home Inspection Fees For resale properties, buyers usually hire a licensed home inspector to evaluate the condition of the property. C

Budget Assessment & Mortgage Pre-Approval Buyers first need to understand their  budget and communicate with a bank or mortgage broker to complete the necessary review and obtain a pre-approval letter. Property Search & Scheduling Showings After receiving pre-approval, ACRE’s professional agents will connect with you by phone to understand your needs in detail, recommend suitable properties, and arrange property tours. If you have any questions throughout the home-buying proc