: Get a mortgage pre-approval letter before touring.
: Easier to buy and rent out, but more expensive upfront. Financial Requirements buy studio apartment nyc
: Most boards look for a DTI ratio under 25-28%. Closing Costs : Condos : 2-4% of purchase price. Co-ops : 1-2% of purchase price. 📝 The Buying Process : Get a mortgage pre-approval letter before touring
: Usually takes 60–90 days from the signed contract. ⚖️ Pros and Cons Lower purchase price than 1-bedrooms Very limited square footage Lower monthly carrying costs Harder to resell if the market dips Great for pied-à-terres or rentals Minimal storage space Closing Costs : Condos : 2-4% of purchase price
: Co-ops often require 1–2 years of mortgage/maintenance payments in the bank after closing.
: Submit with a "REBNY Financial Statement" to show you are a serious buyer.
: Studios are the most common entry point for buyers.