10 Tips for Buying Your First Home

You’ve decided on buying a home, condo or co-op,  it’s one of the biggest decision you have made. It’s your first home and you’re about to take on a lot of financial responsibility.

Here are some tips to understand the home buying process before you commit to your new home.

Here are 10  Tips for buying your first home :

1. Make sure you’re ready to buy, emotionally and financially.
2. Find the right broker.  A good broker can help you make sound decisions and guide you through the most important transaction of your life.
3. Get your finances in order, your last two tax returns, current earnings statement, bank accounts  and your credit report to review with a mortgage lender.
4. Determine how much you can afford.
5. When you look at the options of a house, a condo or co-op, focuswhat is the most important to you.
6. Don’t spend all your cash on home buying as you will need some resources for closing fees, moving cost, furniture and perhaps some improvements.
7. Determine in advance  if you can afford the monthly cost,  such as mortgage payment, real estate taxes, common charges or HOA fees, insurance and utilities  ( in a co-op real estate tax and common changes billed together monthly)
8. Check the Condo or co-op association rules and finances
   1. Make sure you know the rules and restrictions and the difference between owning co-op vs. a condo.
   2. Do they allow pets?
   3. Investigate the association’s finances because a poorly association can mean big assessments later.
   4. Does the association have plans for renovations?  These improvements will result in assessments later. Assessments will increase your monthly common charge for a few years.
9. Talk to the neighbors ask questions about the building amenities. Neighbors may disclose some building issues that an agent or seller may not disclose.
10. Hire your own real estate lawyer whom you feel confident will review investigate and negotiate in your best interest your real estate transaction.

It may all seem a daunting process and overwhelming to you but it will be well worth the effort to safeguard your investment.

Remember as a buyer you deserve to have all the relevant information about your new home, condo, or co-op before you make a commitment to purchase and before you make an offer to buy.

After you follow all these 10 steps you will be confident in your decision.

Good luck with your new home

Zahavit Paz
Residencial and Commercial Real Estate Broker
https://www.pazorealty.com/
646.330.0180