BiggerPockets

New York City Real Estate for First Time Home Buyers

Friday, September 23

Buying a home for the first time can be an exhilarating and overwhelming experience. It is one of the most important decisions that an average American makes during his lifetime. Here are the essential tips for helping first-time New York real estate buyers achieve this rewarding milestone successfully.

1. First time buyers should avoid having a “rose-tinted” view of their ideal home. Though wanting the perfect home is not unreasonable, one should also be realistic and compromise according to priorities and budget.

2. Do extensive research before going home-shopping in New York. Keep abreast with the latest news and trends related to home-buying. Decide what you really seek from your “dream home”.

3. Keep your finances organized. Review all credit reports and work out your budget to ascertain that you have sufficient funds to cover all expenses related to closing the sale.

4. Have a pre-qualified mortgage ready before you start house-hunting. The New York real estate market moves at lightning speed and a delay in getting your loan approved can result in you losing your dream home.

5. Plan long-term. The type of home you buy should be based on whether this is going to be a starter house with the intention of moving to a bigger property later or a long-term investment.

7. Do not focus on investing all available funds towards purchasing the biggest home you can buy. This will leave you with insufficient funds for meeting home-decoration and other expenses.

8. Be a sharp buyer and judiciously inspect the home for any defects (and get them rectified before sale closing). Do not compromise or appear naïve when making such an important decision.

9. Consider hiring an exclusive real estate buyer’s broker who works in your interest, understands the market thoroughly and can help you get the best deals on the most suitably matched homes. Buyer representatives are often paid from the seller’s commission, so you may end up saving a lot without spending a penny.

10. Do not waste time waiting for policy changes or second-guessing interest rates if you are looking to invest in New York City real estate. The difference in price will not be drastic over a short period, and homes will vanish before you know it.

11. Balance the negotiate well. Do not try to gain by seeking an unreasonably low price. You may lose the apartment.

12. Work out a post home-purchasing budget. Take into consideration decoration and repair expenses.

Learn more: New York City Real Estate for First-Time Home Buyers

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