Clients Guide to Real Estate
Navigating the world of real estate, whether you're a first-time buyer, seller, or renter, can feel overwhelming. This comprehensive guide aims to ease your journey by providing essential information and tools to supplement your interactions with real estate brokers. Regardless of whether you're buying, selling, or renting, this guide offers valuable insights to help you establish a solid understanding of the process, no matter which side you're on.
Renter's Guide
Renting an apartment in New York City is no easy task. The demand is high, the market is fast paced, and there is a lot of financial paperwork that landlords and management companies require in order to lock down a unit. The Internet is loaded with "bait and switch" ads, dishonest brokers and lots of false hope. Selecting an honest agent who knows the neighborhoods, is up front about fees, manages your expectations graciously, can make or break your moving experience in this crowded city. Understanding what you need to prepare and also what you should expect to spend up front is the first step in securing your next home.
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Rental Requirements
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Income
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40 - 45 x's the monthly rent (ie: a $3,000 apartment would require you to make an annual salary of $120,000 to $135,000)
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"Guarantors" aka "co-signers" will need to make 80 - 85 x's the monthly rent in annual salary
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Credit
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700 + credit score is ideal, anything less landlords and management companies will require additional security deposit
Proof of Income
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2 most recent tax returns
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3 most recent pay stubs
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Offer or employment letter
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Assets
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3 most recent bank statements