Tips For First-Time Home Buyers

Tips For First-Time Home Buyers

Category: New York City

Vanessa Gad

Ready to buy your first piece of New York Real Estate? Great. But before you get started, here are few 8 tips to keep your head out of the clouds and keep your feet on the pavement.

  1. The dream home does exist, but you may have to work a little after your home purchase to get it. Bottom line, its okay to be strict about what you want, but you need to be realistic. Even if your home is custom built and bran new, it will never be “perfect”. Be prepared to make adjustments and settle on a few amenities, especially in New York.
  2. When you are searching for New York apartments, do you your homework first before you start looking. Otherwise you will just be frustrated. Decide what you really want, keep that in mind (write it down!) and then start searching for New York apartments and condos for sale.
  3. Before you even think about searching for anything, go through your credit reports with a fine tooth comb. Make sure that you have enough money saved to cover your down payment, closing costs and any other hiccups along the way. Make sure your finances are in order. 
  4. Why wait to get your loan? Knowing how much you are approved for will give you the edge you need when negotiating the purchase price. New York apartment sellers will not take you seriously if you are not pre-qualified. They don’t want to waist there time on shady buyers.
  5. Know what you like and don’t budge on your taste. Asking your friends, family and co-workers what they think about a property will cause you to be confused and unsure. Choose two people that you really trust and who know you well give their input.
  6. Time your move. If you start looking too early, you could be up for disappointment when properties sell fast. Find out when you are moving. Factors like your current lease or home will help estimate your move date.
  7. When looking for a New York apartment think about the future. Do you want to move into a bigger place now as you prepare for a family? Do you want to buy a small home? Do you plan to have income property? Answers to these questions will dictate what you are looking for as well as the type of loan you need.
  8. Don’t max out your loan and your savings. If you do, you won’t have any money left over to maintain your home, decorate your home or for anything else.



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