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Author Topic: First time condo buyer - how long will the process be?  (Read 2020 times)

Offline Harorld

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First time condo buyer - how long will the process be?
« on: January 25, 2015, 11:23:18 AM »
Hi everyone  :)

First time to-be condo buyer here. My wife and I are hoping to purchase a two-bedroom condo in Jackson Heights that will need a total makeover (new kitchen, bathroom, cleaning up the floors, paint). From start to finish, how long do you think it could take to close on the place?

What's the general/average amount of time we should plan on for the renovation? I know every situation is different, but just trying to get a very general ballpark idea.

Thanks in advance!
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Offline Shelby2

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Re: First time condo buyer - how long will the process be?
« Reply #1 on: January 25, 2015, 01:01:00 PM »
I don't know that much about condos.  I think a good estimate for closing on a coop is 1 to 3 months, because it can depend on the board.

As for renovation, my kitchen took around 4 to 5 weeks.  I didn't have anything else done besides a bit of work in the bathroom. There was a delay with the counter top so it might have been completed earlier if not for that.  Also with renovation, you need to build in extra time for any approvals that are required by your building.
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Offline Minimal4me

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Re: First time condo buyer - how long will the process be?
« Reply #2 on: January 25, 2015, 11:48:55 PM »
We closed mid January last year and moved in at the end of April.

Ours was similar, but we just DIY'd a refresh to the kitchen ourselves. We had a gut reno in the bathroom down to the studs. And the rest of the apartment got refinished floors, new trim, new light fixtures, built in bookcases, an extra breaker, and paint, etc.

We ran into zero problems behind the bathroom walls, which is unusual, believe me. But they replaced all the wall board up to code, reinforced floor beams, and replaced all tile and fixtures.

A few things impacted our timeline. 1) we were living in a no-contract rental so, not rushing to move and 2) the Kohler deep soaking tub arrived damaged and had to be sent back and a new one delivered and 3) waiting for custom hand crafted tiles from Heath Ceramics for the bathroom floor, which are minimum six weeks from order to delivery.

What takes time in my experience is getting your materials ordered and in. If they are already on order, you are golden. But generally, you don't have the measurements down yet and the vision solidified in your brain. That's what takes time.

You can read more at my blog if you are interested.

Google: Renov8or.
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Offline agentarmen

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Re: First time condo buyer - how long will the process be?
« Reply #3 on: January 26, 2015, 09:55:09 PM »
Hi Harold,

Basically in buying apartments whether condo or coop, there are timelines that you have some control over and those you don't.

Things that you have some control over are the contract signing process, mortgage application process, board package preparation process.  What gives you some control is the research of the right team of people around you. Primarily a good/RESPONSIVE attorney and a good/RESPONSIVE Mortgage Loan Officer.  If you are using a broker – goes without saying.

Things you don’t have control over are the management company’s time table, the board’s timeline and in some cases- an unpredictable seller.

From experience I can tell you that no two timelines or deals are the same, but I can tell you when a buyer has the right team in place and the seller has the right team in place, transactions go smoothly and are better controlled for the benefit of all parties involved.
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Offline Minimal4me

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Re: First time condo buyer - how long will the process be?
« Reply #4 on: January 26, 2015, 10:07:35 PM »
Harold, what Agent Armenia says regarding the purchase is absolutely right.

I've purchased three co-op apartments in NYC. Every single one was its own puzzle.

The collective wisdom says 3 mos. contract to close. And I've seen that happen. I've also seen six months!

In Summer it is especially hard to move things forward. Co-op boards are made up of volunteers. Those volunteers might happen to go away on vacation at different times - things can stagnate for months.

Standing between you and the co op board is a managing agency. They too might stagnate, lose things, forget to follow up. It's a bit of a circus.

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Offline rhydewithdis

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Re: First time condo buyer - how long will the process be?
« Reply #5 on: January 27, 2015, 08:10:37 AM »
Quote from: Minimal4me on January 26, 2015, 10:07:35 PM
The collective wisdom says 3 mos. contract to close. And I've seen that happen. I've also seen six months!

OP says Condo which should be MUCH faster. There are only 2-3 condo buildings in JH, and you can pretty much close on them as quick as you can get financing.
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Offline Minimal4me

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Re: First time condo buyer - how long will the process be?
« Reply #6 on: January 27, 2015, 04:56:10 PM »
Sorry, I didn't see condo! I didn't know there are any in JH.
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