What to Expect After Buying a Property in New York
Posted by Wei Min Tan on November 17, 2023
Buying a property in New York is a major milestone, and it’s important to be prepared for the steps that come after the closing. Here’s a rundown of what to expect after buying a property in New York:
1. Attend the Closing
The closing is the final step in the home buying process, where all parties involved come together to sign the necessary paperwork and finalize the sale. At the closing, you’ll need to bring a certified check for the remaining balance of the purchase price, as well as any closing costs that the buyer is responsible for.
2. Receive the Deed
The deed is the legal document that transfers ownership of the property to you, the new owner. Once the closing is complete, you’ll receive a copy of the deed, which your attorney will need to record with the county clerk’s office.
Client’s 2 bedroom apartment with park and water views. Buy decision driven by price value and luxury amenities.
3. Obtain Home Insurance
Home insurance is essential to protect your investment in case of damage, loss or liability. You’ll have to obtain home insurance coverage before closing on the property if there is a mortgage involved because the bank will require proof of it. If an all-cash purchase, then there is no proof required so you can take time. Nevertheless, it’s imperative to have home insurance effective the day of the closing.
Read Wei Min’s article: How to buy property in Manhattan, New York
4. Change the Locks
It’s always a good idea to change the locks on your new property, even if you think you know everyone who has a key. This will help to ensure that only authorized people have access to your home.
5. Utilities and Common Charges
You’ll need to setup autopay for utilities and common charges (HOA fees). In New York, utilities are via Con Edison while common charges will be through the building’s owner’s portal.
6. Set Up Mail Forwarding
You can set up mail forwarding with the United States Postal Service (USPS) to ensure that your mail is delivered to your new address. This is especially important for documents such as tax bills and bank statements.
Read Wei Min’s article: Expenses as Owner of Property in New York
7. Make Necessary Repairs
Once you’ve moved in, you’ll likely need to make some repairs or updates to your new property. This may include painting, fixing broken appliances, or making minor renovations.
Client purchased this condo for investment. Booked at pre-construction stage. Buy decision driven by the premium rental potential and wow factor (casement windows, high ceilings).
8. Pay Property Taxes
As a homeowner, you’ll be responsible for paying property taxes. Property taxes are typically assessed annually and are based on the assessed value of your property. You should setup autopay for property taxes through the NYC.gov website.
9. Enjoy Your New Home!
Once you’ve taken care of all the necessary paperwork and repairs, you can finally relax and enjoy your new home.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale