International students’ parents buy Manhattan NYC Condos
Many of our foreign buyers are parents of International students from Europe, Asia, Canada,Latin America and other countries. Other than many career and investment opportunities, Manhattan New York has many distinguish universities and colleges that offers many international students undergraduate and graduate degrees. We helped many parents of international students from New York university, Parsons school of Art and Design, School of Visual Arts (SVA), Columbia University, the Jillard school, Cooper Union and other academic institutions.
Here are some options for international students and the parents to consider: School dormitory: If the student is very young and new to New York, the first year or first 6 months they usually stay in the dormitory so they can familiarize themselves with the city. This option is usually more expensive than renting an non-dorm apartment in the school surrounding areas.
Renting an non-dorm apartment:
This option costs slightly less than dormitory, although as an International student or foreigner, majority landlords requires extra security deposit sometimes up to 6 months of rent upfront to 12 months rent to establish relationship and security. If the student or parents do not have United States social security number, nor US credit history, the parents usually have to pay for one year upfront to obtain an rental apartment.
Buying a Manhattan New York condo or building:
This is often the option for most of the international parents chose. In today’s market, there are well priced Manhattan New York condos for international students and parents to choose from. The important thing is to establish the location, the price range and the time frame to maximize the Manhattan New York condo search.
Buying a Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)
Mortgage consultant:
If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other building upgrades. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
Accountant:
If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
Manhattan Real Estate Attorney:
In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.
Looking to buy a condo for your son or daughter? And not sure where to start, give us a call (917)837-8869, let us help you.
