While living in the vibrancy of New York City is appealing, some people might get tired of “The City That Never Sleeps.” If you want to buy a larger property, but still want to be close to NYC, Westchester County is the place to look. Unfortunately, buying a home in Westchester, especially as a first-time buyer, is not as easy as it seems. It is easy to get overwhelmed by the process, and even miss some key steps along the way. To obtain the best deal on your journey to homeownership, here are some of the best practices to follow.
Save for a Down Payment
Unless you submit an all-cash offer, you must obtain financing to purchase your property. Down payments are typically around 20% of the home’s purchase price, so start saving early.
Westchester homes for sale can be expensive since the towns are close to Manhattan, and have a distinct historic charm not found in most American towns. The best way to begin saving is to set up automatic deposits to a designated savings account. Also, you can miss vacations.
Obtain a Mortgage Pre-Approval
In the Westchester real estate market, obtaining a mortgage pre-approval is important if you want to buy a house in Westchester. Having a mortgage pre-approval during negotiations reassures sellers because they know the lender supports your offer.
As you start your search, obtain your W-2 forms, bank statements, and lists of assets to speed up the process. Also, ensure you have a good credit score, and meet with various lenders to compare their rates.
Target Your Town Search
Where you buy property affects your everyday life, so you require a checklist before making offers.
Some people prefer the quiet of towns like Chappaqua, especially if they do not have to commute to Manhattan everyday. On the other hand, others want an interesting downtown shopping experience, meaning areas like Rye or White Plains would be perfect because you can readily access NYC by the Metro-North in 45 minutes.
Sort Out Different Agents
Although most first-time buyers assume they can save money by negotiating directly with a listing broker, inexperience can result in oversharing information and possibly overpaying. It is important to The Suarez Team Westchester real estate agents on your side as they understand the home buying process, and can help you navigate it.
Sort out various agents by checking their track record, communication style, familiarity with Westchester, and more. You should also ask your agent if they offer a commission rebate, which can save you thousands of dollars.
Do Your Due Diligence
It is easy to get caught up in the thrill of purchasing a vintage Westchester property. The price might seem reasonable, the setting is lovely, and the house is spacious. However, overlooking inspections and rushing to close the deal can result in hidden issues like corroded pipes or leaking roofs.
Work with your real estate agent to perform an extensive home inspection of your property before buying. This way, you can save on numerous unforeseen costs down the road.
Buy a Home in Westchester County
Each home-buying process is unique, so obtaining professional advice and adapting these guidelines, as necessary, is important. But do not do all the hard work yourself! Allow the local experts at The Suarez Team to guide you through the home-buying process. The agents are dedicated to professional, quick, and courteous service to feel at ease and understand the home-buying process. Make a call today to get started!
