Thinking about investing in a New York City place to call your own? Here are five quick tips to get you started!
- Get finances in order. Know how much you have in your checking, savings, and investment accounts. and make sure all your accounts are in order. If you have family or friends assisting with the downpayment, make sure you know what they are willing and able to contribute and be prepared to get a gift letter.
- Account for any revolving debts. This not only helps when getting your financing in order, it also will help your agent determine your debt to income ratio, which is important when buying especially if considering cooperative buildings.
- Attain a mortgage pre-approval. This process is very simple and will give insight into how much a bank or lender will be willing to finance. Not only will this clarify your budget, it will also signify to the seller’s agent that you are a serious buyer.
- Make a list of must-haves. Decide the top five things that you need in the property you want to purchase. This will help narrow in on the right apartment and neighborhood.
- Meet with a real estate professional. A good agent will help clarify your timeline and create a plan of action. It is never too early to get set up on a web portal that will keep you up to date with the latest listings so you and your agent can keep an eye on the activity and market trends in your desired neighborhood.