Manhattan apartments are notoriously hard to come buy, so owning your little plot on this island is an accomplishment and one worth holding on to. Manhattan apartments come with their own set of rules and buying a Manhattan apartment is truly an adventure.
Feel free to browse the internet to get a feel for prices in different neighborhoods. Talk to a mortgage broker if you plan to finance and fill out a financial statement and decide what kind of Manhattan apartment you can afford. Keep in mind to purchase a Manhattan apartment that is a sound investment you want to make sure you are not stretching yourself too thin and that you can afford a Manhattan apartment.
MANHATTAN APARTMENTS
To purchase a Manhattan apartment you will want to spend a quarter of your income on debt payments. Tally up all debts figuring in your monthly mortgage and maintenance payments on a monthly basis. Use a simple mortgage calculator that you can find on any website like http://www.mortgage-calc.com/.
Buying a apartment that is a coop will require that you make a down payment of at least 25%-30% and typically a Manhattan apartment coop wants you to have significant liquid assets - anywhere from one year of mortgage and maintenance payments to three times the asking price after your down payment. There are many exceptions to these rules so ask your agent what Manhattan apartment buildings fit your requirements.\
History tells us that buying a Manhattan apartment is typically a sound investment only to increase in value. Only a small percentage of people own Manhattan apartments and the vast majority of Manhattan apartments are rentals.
