Manhattan Real Estate Attorney Shares Home Buying Tips for Newlyweds
Buying a first home is exciting, especially when you are newlyweds. However, it also can feel like an ordeal in a place like New York City where prices are high and fierce bidding wars are the rule. These tips from an experienced Manhattan real estate attorney can help newlyweds get on the right track to home ownership.
1. Save…And Keep Saving
While a 20 percent or higher down payment may be rare in other areas, it's virtually expected in New York City. In fact, many couples lose out on a bidding war simply because they have a smaller down payment than another prospective buyer. This means that the more you have to offer as a down payment, the better your chances are of getting the home you want. Try to save enough to cover not just 20 percent of the purchase price, but also the closing costs – and an additional 12-24 months of maintenance and common charges.
2. Get Pre-approved Before Home Shopping
Being pre-approved is not the same thing as just being pre-qualified, which only tells you how much lenders are willing to give you. Pre-approval is a more thorough process that means a lender is ready to give you the money you need the moment you ask for it. Getting pre-approved before you shop will help you avoid the situation of falling in love with a place before you truly know whether or not a lender is ready to take the leap with you. It may also give you an advantage during negotiations, as you may “win” the offer over another buyer who doesn’t have one.
3. Be Prepared for Some Heartbreak
Bidding wars are the norm in New York City, and it's impossible to know who's going to come out of the woodwork with a 50 percent down payment or even the entire purchase price in cash. This means that it is really easy for you to “lose” that apartment you love if someone else has deeper pockets. Try not to get too attached to any one property, and if you do get attached, keep in mind that it's not a done deal until the paperwork is signed and the deal closes.
4. Work with a Manhattan Real Estate Attorney
Buying real estate in New York City can be a complex process, especially if you're bidding on a co-op. It doesn't hurt to have some legal guidance throughout your journey. In fact, it may give you the leg up you need to get the apartment you want. So contact an attorney now.
Contact the Sabra Law Group at (646) 472-7971 to learn more about the first-time home buying process.