Parsons School of Design and New York University (NYU) share many housing options in Manhattan. However, with the rising cost of tuition and housing, it’s no surprise that many parents are opting to purchase a condo near Parsons rather than foot the bill for on-campus housing.
Read MoreCongratulations, your son or daughter is going to The Juilliard School!
Read MoreParson’s is located at 66 Fifth Ave, right in the hear of the Greenwich Village neighborhood in Manhattan.
Read MoreMany of our buyers are out of town parents buying condo for their son or daughter that are in New York or moving to New York for either school or work.
If you are a parent looking to buy a property for your son or daughter, not sure where to start, here are 5 big tips for you:
We work with many parents who are buying for their son/daughter that goes to New York University, Parsons school of design, School of Visual Arts, Columbia University, Jillards music school and other well known schools here in Manhattan New York. Is this for your son or daughter that is currently working in Manhattan? Do they have a job stability or financial freedom? Are they currently renting and lease may be expiring soon or month to month arrangement? It is important for us to know the reason and timeframe so we can narrow down the search for you. Buying in Manhattan New York is very different than the rest of the country or world, once we identify the property, it will take some time to actually close on the property.
Each building has different rules and guidelines, as parents buying for children, not every cooperative will accept this type of scenario since all sales are subject to board of directors review and interview. Even if it is an all cash purchase, cooperative still review and decide if the perspective buyer fits the building’s profile. Condominiums are essential real property, therefore, the board of directors will review the perspective buyer as a formality but no interview.
If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage. Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mis-happens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement nor any earnest money when making an offer. Buyers and sellers agreed on the price and then both parties enter into attorney contract review period. With that being said, until both buyers and sellers sign the contract and the 10% deposit is clear, the property is NOT off the market and there is NO BINDING CONTRACT. This means if sellers receive a higher or better offer prior to they sign contract, they can change their mind.
This is the #1 concerns for many of our parents buying for children buyers. In Manhattan New York, this is a city where many of the people work or social until late past 9pm or after, most of the Manhattan Streets are very safe to walk around and pedestrians friendly, this is truly a city that never sleeps! We encourage our buyers to walk around the neighborhoods in different time of the day or week to see if they feel comfortable living in that neighborhood. Many of the Manhattan New York buildings are also doorman buildings, so if possible, it will be a good idea to look buying in a full time doorman building.
As parents buying for children in Manhattan New York, we have successful experiences that can guide you through this process and navigate through the Manhattan Real Estate maze. contact us now at (917)837-8869.
Read MoreMany of our foreign buyers are parents of International students from Europe, Asia, Canada,Latin America and other countries. Other than many career and investment opportunities, Manhattan New York has many distinguish universities and colleges that offers many international students undergraduate and graduate degrees. We helped many parents of international students from New York university, Parsons school of Art and Design, School of Visual Arts (SVA), Columbia University, the Jillard school, Cooper Union and other academic institutions.
Here are some options for international students and the parents to consider: School dormitory: If the student is very young and new to New York, the first year or first 6 months they usually stay in the dormitory so they can familiarize themselves with the city. This option is usually more expensive than renting an non-dorm apartment in the school surrounding areas.
This option costs slightly less than dormitory, although as an International student or foreigner, majority landlords requires extra security deposit sometimes up to 6 months of rent upfront to 12 months rent to establish relationship and security. If the student or parents do not have United States social security number, nor US credit history, the parents usually have to pay for one year upfront to obtain an rental apartment.
This is often the option for most of the international parents chose. In today’s market, there are well priced Manhattan New York condos for international students and parents to choose from. The important thing is to establish the location, the price range and the time frame to maximize the Manhattan New York condo search.
Buying a Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)
If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other building upgrades. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.
Looking to buy a condo for your son or daughter? And not sure where to start, give us a call (917)837-8869, let us help you.
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