From New York City brokers to other stakeholders in the real estate industry, many professionals are frequently asked one question – What’s your best advice for first-time homebuyers? Here is our answer to this question:
- If possible, choose the right time to enter the market. Sometimes, the interest rates are too high, and at other times, the prices are soaring. Even the months can impact how much inventory you may have to choose from. It’s possible to research these things, but a New York City broker can be instrumental in helping you identify the best time to buy.
- Understand the pros and cons of different property types. If you are looking for an apartment, co-ops and condos can offer significantly different buying and living experiences. This can also impact the price.
- Make sure you have enough money saved up for a down payment and all the other expenses associated with a new purchase. You should also have a healthy Debt-to-Income ratio so you can easily afford monthly mortgage payments as well as the monthly maintenance fees (co-op) or condo common charges.
- First-time home buyers should set realistic expectations and clearly understand what they can and can’t compromise on. If you can only afford a modest mortgage, you may have to forgo some amenities and avoid certain neighborhoods.
- Look into any and all benefits and subsidies available to first-time buyers. From down payment assistance to loans with minimum down payment requirements, you may find several options that might make your purchase easier and more affordable.
Having an experienced New York City broker by your side can make the entire process easier and smoother.
Also Read: How to Create a Budget for Your First Apartment
