I had a sudden panic attack after J and I made our first offer on an apartment. We had been looking for few weeks and saw an apartment that hit all of our main criteria — two bedrooms, spacious, decent kitchen, amenities (elevator building with laundry), manageable distance from public transportation, and it was in our price range. It even had a friendly doorman and a gym! We went back again during the next week’s open house to check it out and speak some more with the realtor, who was warm, helpful, and made us feel incredibly comfortable. J and I decided to go in without negotiating and offer the asking price. An hour later our offer was accepted and that’s when I panicked.
So, your team is assembled, you’ve been pre-approved by the bank, have a decent understanding of the current housing market, and have gone to a number of open houses. What happens when you stumble upon your dream apartment (or at least one that you would be pretty happy to live in for a long time)? You probably want to make an offer quickly, considering this is New York City, the rent is too damn high, and housing is always in demand.
But before you throw all of your money on the table and bare your soul to the sellers, you need to make sure you’ve hammered out the numbers.