You have decided to move to New York and buy a home there – congratulations are in order! New York was, is, and will forever be a place on everybody’s wish list. After all, that is why people call this city ‘a city of dreams’. However, do not open that bottle of champagne and do not start celebrating your decision just yet. Leave that for after you buy a home in NYC. Why? Because doing that is a lot harder than you think. Doing that requires a lot of time, energy, money, nerves, and sacrifices!
But, as long as you know what you are doing and as long as you start with your home-buying preparations on time, everything will be in order. We are also here to help you out. We prepared for you the NYC home buying guide that will, hopefully, ease your purchase.
Organize Your Finances
It is time to move and buy a house in NYC. But, before you start looking for your dream home, ask yourself the following – how much home can I actually afford. Properties in NYC are extremely expensive, so be sure to organize your finances before anything else. It is easy to look for something big and in a great neighborhood, but paying for that is not. Thus, take a close look at your budget.
If you have a lot of savings – great! You can easily skip this step. But, if you do not – look for ways to get that money. For instance, you can get a loan from the bank or get a mortgage. If you are not sure how this is done, it would be best to talk to a mortgage lender, bank representative, or even a financial advisor. Once these people tell you how much home you can afford, the NYC home buying process will be a lot easier and quicker.
Prepare a List of Priorities
When you figure out how much money you have in your budget for buying a home in NYC, it is time to make a list of priorities. So, for instance, if you decided to buy an apartment and if Brooklyn is your first choice, then you should make your list of priorities accordingly. That is, you should decide which neighborhood in Brooklyn you want, how big of an apartment you want (square footage and the number of rooms), what amenities you want in your apartment and outside of your building, etc. Make this list of priorities as detailed as possible. Then, later, when you start viewing different homes, you will know exactly what you want and what you do not want.
Moreover, this list is great for speeding up your search and buying a home in a hurry. Just think about it – once you give that list to your real estate agents, they will instantly know what to show you and what to stay away from, and thus, save you a lot of time.
Hire a Local Real Estate Agent
Yes, technically, you can buy your home all by yourself. But, do that only if you have experience in real estate. Otherwise, this purchase may turn into a disastrous nightmare. Buying a home in a market as complicated and as competitive as NYC is far from easy. Only an agent who is local, who has connections, and who is experienced can help you find a home that suits your budget and that suits all those things from your list of priorities.
Not all agents are equally good. Thus, make sure to do a thorough background check on each real estate agent you come across. If possible, ask people you trust to give you some recommendations. If not, turn to our trusted ally – the Internet. Online you can find any pro you need for buying a home – a realtor, a home inspector, appraisal, contractor, mover, etc.
View as Many Homes as Possible
Maybe you saw a home you like and instantly fell in love with it. That is great! But, do not rush with buying that home and calling U. Santini Moving and Storage to help you move. Explore the market a little bit more. See a couple of homes more. Who knows – maybe you come across a home that suits your needs and budget even more than that first one. Today, doing this is easy. You can either go on open house events, book private tours with real estate agents and owners, or schedule an online tour.
Moreover, when viewing homes, be sure to pay attention to every possible detail. Go to the basement, attic, garage, storage, etc. Open every door and cabinet. Run water on all faucets. Go to the roof if possible. Buying a home is going to be one of the biggest investments in your life, so, when doing this, do everything in your power to make sure that you get absolutely everything that you paid for.
Make an Offer and Close the Deal
Finally, once you have found that dream home in New York City, do not delay making an offer and ultimately closing the deal. As previously mentioned, the market in NYC is competitive, and if you do not act quickly, the chances of somebody taking the home you like are high. So, be fast. But, do not be too fast. Before you make an offer and close the deal, consider hiring a home inspector.
A home inspector will check every inch of the home you are interested in buying and tell you if there is something bad or hidden about it. A home inspector will check all the nooks and crannies, hidden spots, etc. He will also notice if there are pests, leaks, draughts, or any other problems. Moreover, he will also tell you whether you need to remodel your new home after buying and how much is that going to cost. If a home inspector finds a lot of problems with the home you want to buy, talk to the owners and negotiate the price. The owners can either do the renovations and upgrades themselves or they can lower the price and leave everything up to you.
In the end, if everything seems in order and agreed upon, go ahead and close the deal. For that, you will need to gather all your documents and probably a down payment. Thus, be ready!
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