Guide to Buy a Home in New York

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Shopping for a Home

Shopping for a Home

Once you have determined how much you can afford to spend for your new home and have assembled your team of real estate professionals to assist you, you can focus on the type of home you would like to purchase. If you are working with a real estate broker, be sure he or she knows what your priorities and requirements are for a home and neighborhood. Defining your price range, house or apartment size, and preferred amenities will help your broker narrow the search. Remember, flexibility in any of these areas will greatly increase your chances of finding the best home for you. Your broker will schedule an appointment with you to how you apartments that match your requirements. You also should attend as many open houses as you can even if your broker is not available. If you do attend an open house, be sure to register your real estate broker’s name as your representative so that he or she can assist you with the purchase if you decide to make an offer.

When you are searching for a home, bring a notepad to make notes about each property that you visit since the distinctions between properties tend to blend together if you visit several in one day. You may find it helpful to create a checklist to consider and keep track of the following items when you visit a potential home:

• What is the visible condition of the home’s exterior, and in the case of a co-op or condo, the lobby, the elevators, and the hallways? A co-op or condo building in need of major repairs may require an increase in monthly maintenance or a special assessment to raise money to cover the cost of the repairs.
•  Has the home been well maintained, or does it require major repairs or replacements?
• If you are looking at a co-op or a condo, where is the apartment situated in the building? An apartment that faces the front of a building will provide light but might be exposed to more traffic and noise.
• What is the condition of the other homes or buildings on the block? If neighboring homes or buildings are in poor condition, it could affect resale values.
•  How close is the home to shopping, schools, parking garages, and public transportation? Nearby services can add value to a home.
•  Are there community amenities close by? What is the reputation of the public schools in the neighborhood? Parks, museums, restaurants, and good public school districts can add value to the property.
• How long has the home been on the market? A home that is on the market for a long time may indicate a problem with the home or property or an inflexible seller.  

After you have looked at many homes, take some time to think about which one would be best for you. Use all the information that you have collected to compare the various homes before you commit to one. Weight all the pros and cons. One home may have all the features that you want, but the price may be too high. Another home may need significant cosmetic work, but may have other attractive features and may be in the right price range. Consider the monthly carrying charges and the resale value of the home and make sure that you can obtain the required financing before you make your final decision.

Source: Keith A. Schuman