|
|
Helpful tips |
|
|
Useful links |
Determine your budget and location
First up is to determine what you can afford towards your living space
you need to decide which areas to search it. Since New York City have so much to choose from. Unless you have a predetermined set of mind and know exactly what area or areas you want to live in. An intuitive decision can probably lead to an unsatisfactory circumstance. Obviously you are better off with at least an educated gut
.
Here is the breakdown!
New York City is divided into five boroughs.
Manhattan, Brooklyn, Queens, Bronx, and Staten Island. And then each of these boroughs have scores of neighborhoods that vary in the most perplexed and brooding culmination of any melting pot. Many people chose to live in Manhattan because it`s outer boroughs are usually cheaper. Even though many of these other boroughs have neighborhoods which are catching up to Manhattan prices. Neighborhoods like Bay Ridge, Williamsburg, and Brooklyn Heights in Brooklyn. Astoria, Glendale in Queens, Pelham Park, Riverdale, and Bedford Park in the Bronx. Even though to some a commute a given. Most people in New York are now easily considering at least an hour commute. Which will produce other upcoming neighborhoods with in an influx of Manhattan workers.
They are starting to reach out the opposite ends of the boroughs into neighborhoods like St. George and Stapleton in Staten Island. Sheepshead Bay and Coney Island (Link) in Brooklyn.
The word is getting out and an influx has been just beginning to start. So get it while prices are down!
Apartments go quickly so be ready and be ready to know what you want and don`t want in an apartment
.
The Do`s and Don`ts
Before you set on a quest for your new place you need to figure what you are willing to pay in monthly rent. You can generally calculate what your limit spending for an apartment is.
A good way to find your upper-limit is to divide your monthly net (after taxes) income by three. The resulting figure should come close in matching the rent
.
How to Find an Apartment in NYC
Due to the low vacancy rate in Brooklyn, the residential rental market is very competitive, and often landlords receive more than one application for quality apartments. Serious apartment hunters can be the most competitive by having their financial qualifications on hand when they are out searching for the ideal place
.
Be prepared by having the "Magic Four" qualifying elements:
1. Income: An applicant's total amount of annual earnings should be verified by a letter from his or her employer which details total annual income, length of time on the job, and the strong prospect of continued employment. Income may also be verified by a recent tax return, W2 or 1099 form, or a letter from a CPA who is familiar with the applicant's finances. The minimum qualifying income accepted by landlords equals 40 times the monthly rent.
2. Assets: An applicant's personal financial position is best verified by bank statements and/or investment portfolio statements. CPA letters or bank reference letters regarding assets are not preferred.
3. Housing: NYC landlords want to know that applicants have a good history of rent payment. An applicant should know their present landlord's telephone number when out looking for apartments. Also, a letter from a previous landlord or copies of last six cancelled rent checks best demonstrate such history.
4. Credit History: An applicant's payment patterns are considered seriously by NYC landlords. A new credit report must be run on every applicant on the day of the application.
5. Having these letters and statements in hand while looking for the right apartment saves prospective tenants critical time once they locate the perfect apartment. Often, the time saved by having these documents in hand makes the difference in whether or not an application is received first by landlords.
Rental Documents you will need
In most cases you will just need a copy of your photo I.D. (prefer current drivers license) And, copy of your W-2 Form or front page of income tax statement, And, telephone number of current landlord. (if there is a current lease)
If any other documents are requested have (on or after filling out an application) the following ready :
- Letter of employment stating positive, length of employment and gross
- Annual income on letter-head stationary from company.
- Copy of your most recent pay stub (s)
- Copy of your most recent bank statement.
Funds Apartment Seekers should have with them during the search
Application Deposit: After you see an apartment and decide to apply for it, you will need a deposit (refundable). This deposit is applied towards your finders fee and refunded to you (minus any application fees) in the event that your application is rejected. Application fees cover processing and credit check.
First Month's Rent: Which is payable to the landlord in the form of a certified check or money order and due at the lease signing.
Security Deposit or (Last Month's Rent): Equal to One or Two months Rent (Also payable to the landlord in the form of a certified check or money order and due at the lease signing.)
Broker Fee: (usually up to 15% of the first year's rent and may vary)
The Brooklyn real estate market operates using CERTIFIED FUNDS. Personal checks are almost never accepted. Cash, certified checks, official bank checks, travelers checks, or money orders are accepted.