Reena Gulati Blog

Purchasing real estate in New York can be an exhilarating but potentially daunting experience. The process involves considering more than just the property's purchase price. As a savvy homebuyer, it's essential to be aware of the hidden costs associated with buying real estate in New York City to avoid unexpected financial surprises. In this blog, we'll explore some of these expenses and provide valuable insights to help you make informed decisions.

When buying real estate in New York, it is important to consider whether or not you need title insurance. Title insurance is a form of insurance that protects the buyer and lender from any losses that may arise from defects in the title of the property. In New York, title insurance is not required by law, but it is highly recommended.

When purchasing real estate in a community with a homeowner’s association (“HOA”), the buyer must assess these fees in estimating the cost of maintaining their property. Such a fee does not exist for single-family homes outside such communities. The HOA fee is mandatory. Once you acquire the property in the homeowner’s association, you are automatically a member of the association and subject to the HOA fee and/or assessments.