Absolutely. You can definitely buy an apartment with your parents in NYC. There are numerous ways of making this happen, and we'll take a moment to discuss each method.
Your Parents Buy the Apartment Outright
Using this method of purchasing an apartment, your parents will buy the apartment in its entirety. They will take care of the down payment as well as any financing, should there be a need for any. Your parents may expect you to take care of the monthlies, such as taxes, common charges and the mortgage. They may also cover these monthly costs. It's important that you have a clear understanding with your parents about this type of arrangement.
Your Parents Co-Purchase the Apartment with You
Your parents may help you out by agreeing to purchase the apartment with you. They may provide part or all of the down payment. They may also agree to have their income be attributed to the financing, which will enable you to get the mortgage you need. Both you and your parents will be on the deed and mortgage. Your parents will likely expect that you take care of the monthly payments, since you're the one who is going to be living in the apartment and enjoying the New York City life.
Your Parents Gift You Cash for the Down Payment
Another option to get help from your parents is by having them gift you funds that you can use for your down payment or renovation. This is a common method, and your lender will simply require that a proof of gifted funds form be filled out to help secure your financing.
Receiving help from parents to buy your first apartment in NYC is quite common. We've worked with numerous clients who have sought out financial assistance from their parents.
It's also important to recognize that while condos are generally very relaxed about parents helping out their children, not all co-ops allow co-purchasing or gifting of funds. We know how to identify properties that will be best suited for you when you seek to purchase a property with the financial assistance from your parents.