Homebuyer FAQs: Answering the Questions You Didn’t Know to Ask

Buying a home is one of the largest financial decisions most people will ever make, and it often comes with a long list of uncertainties. While many buyers come prepared with questions about price, location, and financing, there are other key factors that often go overlooked. Understanding these less obvious details can help you make informed decisions and avoid challenges later. This article explores some of the top homebuyer questions you may not have thought to ask when navigating New York City real estate.

Many buyers know to ask about mortgage rates and down payments, but in New York City, financing can be more complex. For example, co-op buildings often require larger down payments, sometimes as high as 20–30%. Some buildings also impose debt-to-income ratio restrictions, which can limit your financing options. Buyers who are unaware of these rules may face delays or even rejection from a co-op board.

Before making an offer, it’s important to work with both a knowledgeable real estate agent and a lender who understands local requirements. This ensures you are pre-approved for the type of property you are pursuing and that your financing structure aligns with building guidelines.

Co-ops make up a large share of New York City housing, but many buyers do not fully understand how they differ from condos. With a co-op, you are purchasing shares in a corporation rather than owning the apartment itself. This means you will need board approval to buy, sell, or even rent out your unit. Condos, by contrast, tend to offer more flexibility but often come with higher purchase prices and closing costs.

Asking the right questions upfront about the differences in ownership structure, approval processes, and long-term flexibility will help you decide which property type best matches your needs.

While most buyers account for the down payment, many underestimate the additional expenses of closing. In New York City, closing costs can range from 2–4% of the purchase price for condos and houses, and even higher for co-ops. These costs include legal fees, title insurance, transfer taxes, and in some cases, mansion taxes for properties above \$1 million.

By asking about closing costs early, you can avoid financial surprises and better plan your budget. A qualified real estate agent can provide estimates tailored to your situation.

Even if you plan to live in your new home, circumstances may change. Buyers often forget to ask about subletting policies, especially with co-ops, which can have strict rules on rentals. Some co-ops require owners to live in the unit for several years before renting, while others may cap the number of rental units in the building.

If future flexibility is important to you, it’s essential to clarify these restrictions before moving forward with a purchase.

One question many first-time buyers overlook is how a building’s financial health impacts long-term ownership. Reviewing the building’s financial statements can reveal whether it has sufficient reserves, manageable debt, and a history of stable maintenance fees. A building with poor financial health may face upcoming assessments or steep fee increases.

Asking your agent to review this information with you ensures that you are making a sound investment and not just purchasing based on location and amenities.

In New York City, board interviews are a unique step in the buying process. Many buyers know the interview exists, but don’t ask what it involves. Boards typically ask about your financial stability, employment history, and long-term plans for the property. They may also inquire about your lifestyle to ensure it aligns with the building community.

Understanding what to expect can help you prepare and present yourself effectively. A real estate professional who has worked extensively with co-ops can offer guidance on navigating this process.

Buyers often focus on what works for them right now, such as proximity to work or schools. However, asking about a neighborhood’s long-term potential is just as important. Infrastructure developments, zoning changes, and local amenities can all influence property values.

A skilled agent can provide insights into how different neighborhoods are trending and what factors might impact resale value down the road.

Property taxes in New York City can vary significantly depending on property type and location. Condos and single-family homes are subject to property taxes, while co-op owners indirectly pay their share through monthly maintenance fees. Additionally, assessments—temporary charges for building projects such as roof repairs or lobby renovations—can significantly increase monthly costs.

Asking about both current taxes and any potential future assessments gives you a more accurate picture of your ongoing financial responsibility.

Timing matters in real estate. Buyers should ask not only about the current state of the market but also how it impacts negotiation strategies. In a competitive market, bidding wars are common, and you may need to act quickly with strong offers. In slower markets, buyers may have more leverage to negotiate price reductions or concessions.

Understanding market conditions will help you prepare realistic expectations and make informed decisions.

Some buyers underestimate the value of working with a skilled real estate agent. Beyond showing listings, an agent guides you through financing options, board applications, contract negotiations, and closing details. They also provide insight into market trends and property values that you may not uncover on your own.

Asking your agent about their experience in New York City real estate and how they manage the process ensures you have the right support every step of the way.

Established in 2021, The Casagrande Team is led by experienced agent Lyndsey Casagrande. The group manages more than 300 transactions each year, demonstrating a strong presence in the New York City real estate market.

Lyndsey, who founded the team, also oversees multiple landlord portfolios with more than 20 exclusive buildings across the city. Since 2013, she has lived in various New York City neighborhoods, giving her deep insight into both local communities and the real estate landscape. This knowledge allows her to help clients find homes that meet their needs. The Casagrande Team is committed to providing straightforward and transparent service, ensuring that every client’s experience is as seamless as possible.

If you're looking to buy or sell a home or have any questions about the New York City real estate market, contact The Casagrande Team today.