The New York City real estate market is a fast-paced environment. In order to maximize the time you spend on your home search, it is important to be prepared. Taking certain steps ahead of time can help to make the home-buying process less stressful and expedite approval by the seller, board (if applicable) and financing institution. We suggest the following:
- Evaluate your budget - know what you want to spend for a down payment as well as monthly expenditures (i.e.: maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, parking, etc)
- Review your credit report and remove all disputed claims. Reduce your debt, especially outstanding credit card balances.
- Speak with a Mortgage Lender/Broker and obtain pre-qualification for a loan. This makes you more qualified in the eyes of the seller.
- Have at least 20-30% of the purchase price available in liquid assets.
- Select an attorney who specializes in New York City Real Estate.
- Prioritize your needs - space, light, views, building amenities, etc.
- Identify your timeline for moving
- Explore different neighborhoods to identify your preferred needs
- If you have or are planning to have children, research schools in the selected neighborhood(s)
- Evaluate access to transportation in the selected neighborhood(s)
- Evaluate building amenities and house rules in terms of your needs (i.e.; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
If you are considering a Co-op or Condo unit:
Review building financials with your broker/attorney
Work closely with your broker to gather support materials for you mortgage application and Board Package (if necessary).
At minimum, most will require:
Personal and business reference letters, for which your Agent can provide examples
Employment verification letters and/or pay-stubs
Bank verification letter
Brokerage Statements
Net Worth Statement
Previous two years of tax returns
Mortgage loan application and commitment
Landlord reference
Credit check authorization
We understand that everyone's situation is unique and you may not have all of these items, but we can explain your options and guide you to properties that would be flexible in accepting what you do have. We offer complimentary consultations and guide you through the steps to achieve your home purchasing goals.
Have questions? Need real estate representation? Contact us at luxeurbanlife@nycasagroup.com