Buying for the first time in NYC? Here are 5 things you should know
Buying a house or apartment is likely the most serious financial commitment you’ll ever make, and New York City’s complicated real estate market makes the task especially daunting. Still, you may be encouraged by the current buyer’s market and looking to snag a deal by becoming an owner for the first time.
As you begin your search for the perfect pad, here are five tips you’ll want to hold near and dear as a first-time home buyer in New York City.
1- Save Cash!
Considering that a down payment on an apartment in Brooklyn or Manhattan will generally be 20 percent of the purchase price, saving as much as you can is essential.
2- Get Pre-approved
You’ll know what you can actually afford only after you’ve spoken with a mortgage broker, worked through your pre-approval, and have the cash sitting in a bank account.
3- Be Open Minded
If you’re looking for the perfect place, stop now — you’ll never find it. It’s important to have a wish list of things you really want, but it’s equally as important to be willing to start sorting out your wants from your absolute needs.
4- Be Ready for Competition and Stay Confident
If you thought you won’t have competition when you submit your offer, this is your wake-up call. Demand for apartments in Brooklyn and Manhattan is always high — especially for affordable multi-bedroom apartments.
5- Work With a Buyer’s Agent or Broker
Yes — you should hire a buyer’s broker to represent you. When you’re dealing with one of the largest investments you’ll ever make (in the near term), it makes sense to have someone on your side that will treat it as such.
If you’re considering buying and are thinking whether or not it is the right moment, the stats indicate that this is definitely a buyer’s market. See below the market insights for August 2020.
Beatriz Moitinho is a Real Estate Salesperson, specialized in Luxury Real Estate and a Productivity Coach at Keller Williams New York.