What you should know
Define your wants versus your needs.
Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming. Insist on your needs. Hope for your wants.
Check your credit rating and get pre-approved for a mortgage
Being approved for a mortgage is critical and a very easy process. Any of our agents can get it done with just a phone call. Having a pre-approval in hand affords a buyer strength in negotiating, particularly important in a highly competitive marketplace like New York.
Investigate the neighborhood.
Where are the schools and places of worship? How far is the nearest hospital or grocery store? Where do you park and how expensive are garages? Is their a waiting list at area garages? How quickly can you get to work using the subway from this location? Are their rental car companies nearby to get out on weekends? These are basic, yet important, questions that some first timers may not think of until after closing on a property.
Check out all the cooperative or condo documents thoroughly
Is there a flip tax? A move in fee? An elevator fee? Are their only certain days that you can move in? Must you reserve a day in advance? Are their big hikes in maintenance or condo fees on the horizon that could bust your budget? Did you check about pets? Is their storage in the basement or common outside space?
Get a home inspection.
Attend property inspections, be aware of environmental concerns and ask questions. A small investment of time and money could save buyers a lot of headaches down the road. Consider getting an apartment with a home warranty. Aon® Home Warranty offers a comprehensive insured home warranty that decreases the likelihood of a sale failing due to unexpected surprises. (contact our Concierge about home warranties: dwilliams@coldwellbanker.com
Get help with the details.
Coordinating these and the many details of a move can be overwhelming for even the most experienced homebuyer. Look for a real estate company that can help coordinate related services. The COLDWELL BANKER ConciergeSM program is an exclusive service that aids in coordinating all the necessary details involved in buying and selling a home.
Don't rush.
You may be just excited about moving into your new home or you may be concerned about the possibility of hikes in interest rates, but don't rush. Many first-time buyers hurry important decisions and overlook property flaws. Think through the process to avoid making choices you will regret later.
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