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CORE Checklist: 10 Tips for First Time Buyers

Agent Insight // Jun 05, 2015

When it comes to making life changes–major or minor–remembering everything you need to accomplish can be overwhelming. With the help of CORE Checklists, we hope to make even the biggest transitions as stress free as possible.

Purchasing your first piece of real estate is an important decision. Knowing where to start can be the toughest part. Use these tips provided by CORE agent and first time buying specialist Ben Jacobs to prepare for your first purchase.

  • Know the process – Are you familiar with the process? These are the 3 easy steps: (1) submitting an offer, (2) signing a contract, and (3) eventually closing.
  • Know market conditions – Since inventory is often low, be prepared for the possibility of entering a bidding war.
  • Find a real estate attorney – An attorney who is very familiar with the NYC real estate market and process will be super helpful in moving you along to sign on the dotted line.
  • Contact your bank – Determining a monthly cost (mortgage + maintenance) that you are comfortable with is essential. Don’t be afraid to research and compare offers.
  • File your paperwork – Do you know what you need to submit an offer? At a minimum, fill out a REBNY financial statement and secure a pre-approval letter.
  • Define your magic number – What are you comfortable spending? Determine a price that is within your budget and stick to it. Don’t assume you can negotiate down to meet your budget.
  • Show your worth – Money isn’t everything. Write a letter to the seller talking about yourself and what you love about the apartment. Submitting a resumé is also helpful.
  • Expand your horizons – Buying in NYC is about compromising. Unfortunately, we can’t have it all. Be open minded and willing to consider different neighborhoods.
  • Stick to a schedule – Property tours take a lot of planning. Knowing which days and times throughout the week that buyers can view properties is most efficient.
  • Patience is key – Don’t get discouraged. Remember that buying is a process and you will eventually find something you love.