Here is our best advice for potential first-time buyers in New York City.
1. Location, Location, Location: Find a neighborhood you want to live in and can afford.
2. Co-op, Condo, or Townhouse: Determine what type of property you want to buy.
3. Expect a 10% – 20% down payment: Figure out how to save up enough if you’re financing.
4. Secure the mortgage quickly: Getting pre-approved is just the first step.
5. Partner with a Bizzarro Agency buyer’s agent: Their services are free and make the process much easier for you.
6. Don’t forget about the closing costs: It can reach into the tens of thousands of dollars, depending on your purchase price.
7. Prices are starting to dip: Take advantage of the current buyer’s market.