So, the time has finally come and you’ve decided to take the leap and purchase your first property. You’ve saved up over the last few years and are ready to say goodbye to monthly rent checks and hello to long-term investment. Congratulations!
Buying your first home in New York is a big and exciting step, but it can also be an overwhelming process that requires a lot of thought and research. Platinum Properties is here to help guide you in the right direction with tips and tricks for first-time home buyers.
Save, Save, Save!
New York City is one of the greatest — but most expensive cities — in the world. This is why it’s essential to continually be conscious about saving your money to ensure you are comfortable with the price as well as the down-payment requirement on a potential new home. There are a lot of different fees factor into your final closing costs, so it’s important to make sure you have enough for your down payment, plus inspections and additional closing fees.
Hire an Agent
Buying a home is one of the largest investments you’ll likely make in your lifetime, so it’s critical to get the advice of an expert to guide you throughout the process. Hiring a real estate salesperson ensures that your best interest will be prioritized, as well as guarantees that you make the most well-informed decision regarding your search.
Before purchasing a property, it’s important to have a clear understanding of what you can and cannot afford regarding monthly payments. To help with this, it’s a good idea to meet with a mortgage broker to get a pre-approval letter and discuss your options. The lender will need to verify your income, check your credit score and receive more information about your assets and liabilities. By gaining pre-approval, you’ll have the clearest idea of what apartments financially make the most sense to invest in before taking the plunge!
Keep an Open Mind
When it comes to buying an apartment for the first time, it’s super important to be open-minded. A common mistake in home-buying is to create a picture of the perfect home and not be willing to compromise or look past certain cosmetic factors that can ultimately be changed. To avoid feeling stuck, create a list of wants and absolute needs at the start of your property search, in order to differentiate which aspects you can sacrifice vs which aspects you cannot when it comes to location, size, price and aesthetic.
Be Prepared for Competition
If you thought finding a rental in New York City was competitive, sadly, buying an apartment is not much less. This isn’t necessarily a bad thing, just something to be well-aware of when beginning the home-buying process. Well-priced condos or co-ops won’t last long, so it’s important to act swiftly if you come across an apartment that checks off most of your boxes. Be prepared to miss a few opportunities due to the competition from other buyers, but don’t let that discourage you! When the right home comes along, you’ll know.
Though the buying process may appear intimidating for first-timers, Platinum Properties is here to alleviate any concerns and help find a home that suits you and your budget! Send us a message to connect with an agent who can help kick-off your home search and help you get your ducks in a row.