Buying a 00,000 Apartment in NYC at 24 Years Old | Cost Breakdown, Process, Criteria

I bought an apartment in NYC! In this video I break down why I bought the apartment, what my criteria was, what the process looked like, and exactly how much I had to pay upfront and month-to-month. I’ll be sharing more details on the renovation process and an apartment tour when finished. Let me know if there are any other videos you’d be interested in seeing! See below for my video from last time on apartment hunting in NYC.

Hi everyone welcome back to my channel i’m angela and in today’s video i have some really exciting news to share i officially bought my apartment in new york city in today’s video i’m going to share why i ended up buying an apartment what my qualifications were what the process was and what the exact breakdown looks like in terms of what i had to pay up front

And what my monthly payments will be because i did take out a mortgage i was looking for a studio in the city somewhere between union square to central park because that would be the easiest way to get to work for me but every single studio i looked at was above two thousand dollars and any of the studios that were even two thousand dollars were just not great

They were in super old buildings all the appliances were pretty worn down and look like they were from the 1940s and if i wanted an apartment that even looks sort of new i would definitely have to go above 2.5 k and that sort of sprung me on the search to purchase a apartment initially i was just looking and seeing what was out there i wasn’t completely committed

To buying an apartment because it wasn’t something that i’d imagined for myself so soon in my career however ultimately i did find an apartment i like this particular apartment that i found did financially make sense for me given the monthly payments were pretty much equivalent to what i would have had to pay in rent anyway firstly i was looking for a condo and

Not a co-op the reason why i was looking for a condo is because co-ops have incredibly strict rules on renting out i know that i’m not going to be staying here forever and that i’m going to want to rent this out as an investment property co-ops have really strict rules they only let you rent it out for two years at a time and then you’ll have to live back there

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Again for another three years and it just didn’t match up with what i wanted for this property in the long term i ended up raising my budget a lot during my process in the beginning i was looking at apartments that were around 300 to 400k but there’s pretty much no condos in the city that are that price only co-ops so i raised that price to 500 then 600 and then

Ultimately 700 000 until i found a suitable studio to look at so in the end my budget was 700 000 that was the budget that i used when i was looking up apartments online my third qualification is that it had to be located somewhere central in manhattan i wanted it to be located somewhere between union square to central park this is because i wanted somewhere where

It was easy for me to get to work to get to anywhere centrally in manhattan and to easily get to the subway if i needed it for qualification is that the building had to have both a doorman and an elevator this goes hand in hand with how new i wanted the apartment to be i found that the newer apartments always had a doorman and an elevator so that was just a general

Qualification that i wanted in every apartment that i looked at next there needed to be a washer dryer in the building it didn’t need to be in my unit but i needed to have one in the building next qualification it had to be a decent size and for me the qualification wasn’t too lofty i just wanted to be above 450 square feet i visited a studio that was under 400

Square feet and it literally felt like i was in a shoe box all i could fit was a bed and a tiny table next to it and nothing else you could probably do a somersault in the room and reach the other end and my last qualification is that it needed to have big windows and good lighting i like sunshine it’s good for my mental health and i also work from home and film

Video so i need good sunlight i first started out by looking at dozens upon dozens of apartments on street easy i then reached out to all of the agents for those apartments and ultimately ended up picking one agent to be my real estate agent she ended up taking me around over a dozen apartments in new york city across around two months or so once i found the

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Apartment i wanted and i decided i wanted to make an offer it was an incredibly fast process and wire 10 of the purchase price to be held in escrow while the rest of the process continues and now we have a fully executed contract my next step was finding a bank who would be able to handle my mortgage i checked with a couple of banks just to see who would give

Me the best rate and in the end i went with citizens bank who was able to give me 2.625 on a 30-year loan at 25 down i felt like this was a decent rate as far as mortgages go since the 30-year loan at the amount i borrowed which is 450 000 are generally upwards of 3 my last step in the process was submitting a board application both co-ops and condominiums in

Manhattan have board applications but condo ones are much less strenuous and they’re more like a checkpoint to just make sure that you have the right document this full process took about two months time and once the board approved my application a closing date was set i went to my lawyer’s office and it was pretty much me signing papers for about two hours my

Hands were super cramped but at the end of it i had a pair of keys to my apartment so the apartment i found actually fit all of my qualifications and i genuinely thought it’d be a very good investment property this is because this apartment has much lower fees compared with other apartments in the city so in terms of what i paid up front i paid a 25 down payment

On a 600 000 apartment meaning i paid 150 000 upfront there was also about 20 000 worth of closing costs that involved things like attorney fees and taxes and a random assortment of other things associated with buying property so all in all a hundred seventy thousand dollars was what was paid up front now in terms of my monthly payments going forward my mortgage

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Is roughly eighteen hundred dollars per month and i also need to pay hoa fees and real estate taxes so the hoi fees of this building is what really caught my eye the hoa fees are only around 300 per month whereas if you take a lot of the other typical common charges in manhattan they’re much more generally in manhattan you can find them anywhere from 600 to 800

Or even above a thousand dollars so me only paying 300 for my fees was a really good price and the reason why my hoa fees are so low is because there are so many units in my building that it spread across everyone my real estate taxes for this apartment are around 350 which i felt was also reasonable real estate taxes typically go up a little bit every year but

Not that much so i knew this would stay relatively constant and lastly i also have to pay homeowners insurance which is around another 75 dollars so all in every month i’m paying around 2 600 and if i were to rent out this apartment i would be able to rent it out for two thousand six hundred dollars or even more just based on similar apartments in the building

That have been rented out and so that’s why i decided to buy this apartment it’s somewhere i would personally be willing to live is because it’s in a pretty safe and central location in manhattan and on top of that it was a good investment financially just because of the low fees of the apartment and i know there would be a lot of demand just looking at all of the

Other units that have rented out historically this apartment will be undergoing a renovation across the next couple of months so i’m excited to show you guys that process if you have any questions on this let me know down in the comment section below i’m excited to take you on my journey so if you haven’t subscribed subscribe to my channel give this video a thumbs

Up if you enjoyed it and i will see you in the next video bye

Transcribed from video
Buying a $600,000 Apartment in NYC at 24 Years Old | Cost Breakdown, Process, Criteria By Angela