(Partner Article) The New York real estate market, considered one of the safest in the world, continues to attract many foreign investors. Among the contenders for the title of owner in this safe haven renowned, there are many French people who want to buy a property for rent later: this is called rental investment.
You belong to it?
To embark on such projects, it is important to be familiar with the US real estate market, which is very different from the French market in many respects. One of the most important aspects concerns the different real estate products on the market, and more particularly the difference between a condo and one Co-op. You've probably heard your American friends use these strange words to talk about New York flats … what do they mean? What are the differences to consider before deciding to buy a condo or one Co-op At New York?
The expert Patrick Ben Hayoun, French real estate agent installed in New York for 25 years, enlighten us on this subject. " In a co-op, you do not buy an apartment strictly speaking, but rather shares in the cooperative owner of the building ". And this involves several rather restrictive rules. First, to validate your purchase of an apartment Co-op, the co-op's board of directors must approve you as a new acquirer. First difficulty: if you do not have US citizenship, the adventure is likely to stop there for you. Second obstacle when you want to rent your property: the council will have to validate the future tenant. In addition, a Co-op being made to be the main residence of the owner, you will in most cases have the obligation to live in the apartment for several years before you can rent it.
" Conversely, the condominium is more like co-ownership than we know in France. "Continues Patrick Ben Hayoun. And the procedure is much simpler: you receive a title of ownership without having to pass in front of an assembly. Ditto for renting: no assembly, and a much more flexible legislation that will allow you to rent your property so to speak as you wish.
Only disadvantage of the condo, its price, since as Patrick Ben Hayoun reminds us: " A condo can be up to 10% more expensive than a co-op ".
You understand that if you want to get into rental investment in New York and can afford it, the condo is the smart choice.
Once this distinction is made, it is already easier for you to understand the US real estate market. But the subtleties are still numerous. In order to thwart all the pitfalls easily, do not hesitate to use a real estate agent. He will guide you in your research using his knowledge of the local market and regulations in force, will deal with the negotiation of the offer as well as the administrative part.
Patrick Ben Hayoun, French real estate agent settled in New York for 25 years, puts at your disposal his expertise and his knowledge of the local market. To help you find the ideal property, he works with many French-speaking experts based in New York: lawyers, bankers and even architects. What to put the odds on your side to achieve your dream of becoming an owner in the Big Apple.
Contact :
Patrick Ben Hayoun
Telephone: (917) 214-6888
E-mail: pbenhayoun@ corcoran.com
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