Found a House! Now What?
My husband and I very recently decided to start looking for a townhouse. As first-time buyers, we figured we’d ease into it slowly and casually, but I fell in love with the third house we looked at. I am now paranoid that someone will buy it before we figure out our next step! What should…
My husband and I very recently decided to start looking for a townhouse. As first-time buyers, we figured we’d ease into it slowly and casually, but I fell in love with the third house we looked at. I am now paranoid that someone will buy it before we figure out our next step!
What should our next step be? We’ve been casting out feelers for a buyer’s agent– is that the right direction? Would that person help us with what to do next? And how long does it usually take to find the right one? (I’ve read we should interview at least three…) Or do we bring in someone to look at the actual house first? The house needs a gut renovation, and we need to get a ballpark idea of how much that could be, to see if we can actually afford the place, but we don’t know whom to ask. A home inspector? A contractor? And how the heck do we find one? (I know I’d like to be getting recommendations and seeing past work and interviewing and stuff, but I’m panicking a little because I. love. that. house. and I don’t want anyone else getting it!) (They just lowered the price!) I’ve bought a few “first-time home buyer” (and renovation/old house) books, but I’m getting overwhelmed. The house needs a lot of work, of which we can do a lot, but obviously we can’t update the electricity or plumbing ourselves, or know the extent of the water damage & mold in one of the rooms.
We would welcome any recommendations & advice. So far, we only have one recommendation for a buyer’s agent, but it’s from a friend who bought a coop in Soho. (We’ve got two recs for home inspectors.) BTW, the house is on the very, very, VERY upper west side of Manhattan, if it makes a difference for recs. (But even though it’s in Manhattan, I hope you’ll still help us!)
Thank you in advance!
PS- Sorry if this question has been asked before; as I mentioned, I’m a little overwhelmed.
Ha! Ask any one of the PLUSA’s. A resounding ‘No’.
It’s somewhat ridiculous at this point.
Nokilssa, did you guys finally make it out to BK? Jock
OK, first, you need to organize your thinking. Is your bid contingent on how much it will cost to fix up the house, or are you prepared to bid and deal with the consequences? If the latter, make your bid, get to an agreed price, then bring in an inspector, get the report, perhaps make minor adjudtmetns to price or insist on some conditions, but otherwise just then go to contract. If the former, tehn you need to visit the house again with a contractor — not an inspector, but an actual contractor you might use — and find out what needs to be done and get a ballpark of cost. Add 50% to that ballpark, and use that to inform what you are willing to pay. Either way, skip teh notion of a buyer’s broker — just one more mouth to feed who will have his own, not your, interest at heart. Find a lawyer and have the lawyer hold your hand a little bit.
Some here are saying that you don’t need a buyers agent, but when it came to negotiations with the seller ours proved to be invaluable – we were able to secure some beneficial concessions. I would recommend someone who works in the UWS. My buyers agent was Julie Smith her office is on the Upper West Side, she is very familiar with the area.
Julie Smith
Senior Vice President
Halstead Property, LLC.
408 Columbus Ave
New York, NY 10024
212-381-2218
I also can’t recommend enough my attorney. He went above and beyond for us in a very difficult closing, we had to travel out to Long Island to the seller’s attorneys office and he drove my 8 month pregnant wife so that she would be comfortable. He continues to follow up on issues with us. I know he handles real estate deals throughout the city and out to the Hamptonsd (as he’s handled some of our clients out there now, as well).
Larry Tetelman, Esq.
Lustrin Tetelman, LLP
28 West 44th Street, Suite 920
New York, New York 10036
212) 991-9590
If you are considering a gut, I’m not sure a home inspector is necessary. I would use a walkthrough/ interview with an architect and a contractor to get their recommendations. By no means am I downplaying the importance of an inspector but in your case with a gut renovation you need to know more about the potential of renovation. There will always be unforeseen conditions and in most cases the inspector just becomes a scape goat for unforeseen conditions that are inevitable.
Manhattan renovations are tricky, we have handled several townhouse jobs that required landmarks approval, community board review and changes in use. A good architect will bring along a team of a contractor and engineer to make a full assessment for you. Also he/she would secure a expediter to help file all the proposed changes. Don’t skimp on soft costs to save money for the renovation – I’ve never seen a happy outcome.
If you are interested, contact me and I’ll send you a portfolio of our townhouse work (we can’t publish online due to confidentiality agreements).
Good luck,
Drew Stuart
Incorporated Architecture & Design
212-673-1695
http://www.incorporatedny.com/
Jock!
Wow. We worked with Jock, and he couldn’t be a nicer and more thorough and professional architect.
Nice to see you!
Since you’re looking on the Upper West Side, may I highly recommend my real estate attorney, Ken Thomas, 212-889-7990. He handled my purchase, and 5 years later sale, of a co-op in that hood, and then our purchase of our co-op here in Brooklyn. Super super nice guy, knows his stuff, will talk you through all the steps you need to take and in what order.
He lives on W 93rd so can meet you in his home, or in his office (which I think is in Chelsea-ish area?).
I would be more than happy to visit the property with you to discuss renovation strategies, and to help you get a handle on probable costs. Please let me know if I can be of any help.
Good luck,
Kyle Page
Sundial Studios Architecture and Design, PLLC
(718) 852-6708
Good attorney is key. Best lesson I learned – it’s great to fall in love with a place, but be prepared to walk away. Y’know, as with other things 😉
Also, a gut reno is, I’d think, less likely to move quickly. These days playing a little hardball and taking some time to keep looking might pay dividends.
Good luck!
You do not need a buyer’s agent, especially if you’ve selected the house. As noted above on which professionals you need. Just pick ones using reasonable diligence; don’t assume everyone is out to get you or may be incompetent. Do not panic.
You say you can do ‘work yourselves’…what type & level? Have you done such before? Obviously, painting, minor repairs, even floor sanding are relatively easy, but anything else you’ll need help. Don’t skimp on electrical or plumbing details if you’re changing them and don’t know what you’re doing (I for instance am quite comfortable with electrical, which seems to terrorize most).
Since this is Manhattan, you’ll probably have to go by the book (unlike, as noted here, in the wilds of Brooklyn) so there’s city bureaucracy and intransigence to deal with, you may need an expediter.
If you’re the picky sort or want high-end stuff, the above figure may be correct; in which case, turn it all over to an architect. I’ve done plenty of renovation for less than 1/2 that. But then I use handymen/ carpenters, wing the details, act as GC and don’t sweat the small stuff.