Property Records of New York works with new home buyers and current homeowners that want to sell their property across the state of New York. People are experiencing the daunting task of buying their first new home. But what keeps people’s heads up is that millions of people have been in the same situation and survived. If buyers do their homework and take their time they have the best chances of finding something within their budget and can handle it. Believe it or not, the big surprise for many “first-timers” is that they need to finish the first 5 steps on this list before they can even begin to look for a suitable home.
1. Transportation Cost
Another great idea is that buyers should research how long it will take to get to work and the transportation costs. There are many online cost-saving calculators that take into account one’s car vehicle type alongside payments, miles from A to B, gas, and other factors to help estimate the cost of a potential commute.
2. Go Over a Finance Plan
The first thing is first, before falling in love with the beautiful two-story house in the neighborhood buyers always wanted people to need to do a serious audit of their finances. Look at all the money people have worked hard for and saved in their savings. People shouldn’t even consider buying a home before having an emergency savings account with at least 3 to 6 months of living expenses. Look at how much is leftover in their savings and investments accounts that could go toward a good down payment.
The next step, look at how much is being spent every month – and where it’s all going. This will be the simplest way to tell how much one can set aside for mortgage payments. Make sure to write down every dollar that needs to be spent on utilities, gas, food, kids (if any), car maintenance, entertainment, savings, miscellaneous smaller items, etc.
3. Get to Know the Lender
If the buyer hasn’t made it clear to the realtors how much one can afford to spend they won’t even bother spending any time with a person like this, just like the saying goes “time is money”.
A lender or broker will assess the potential buyer’s credit score and the amount one can qualify for on a loan. The lender will go over every party’s savings, 401k, etc. This is where the homework on the first-time homebuyers program will help.
A smart thing to do is to research online, but with a live person who can review each situation, answer questions and, if necessary, suggest how one can improve their credit. Something to take into consideration is that online calculators don’t always include insurance and taxes or PMI (Private Mortgage Insurance that’s required if the down payment is less than 20%)
4. Utility Bills
Since apartments and condos use less energy (gas, oil, electricity, propane, etc.) buyers are going to see a big difference in their utility bills.
5. Look At All the Mortgage Options
Don’t be fooled by loyalty when seeking a pre-approval or searching for a mortgage. Shop lenders, even if someone doesn’t qualify for many loans.
6. Research first-time Programs
Being a first-time homebuyer has its benefits but in order to benefit from all of these special programs, the buyer needs to do their homework to see which one is the right one for them. After doing the proper research take this information with all parties to start looking for a mortgage.
7. Have a Backup Lender
Qualifying for a loan isn’t 100% guaranteed that a loan would eventually be funded. There have been cases where clients have signed loan and escrow documents, and a day later right before they were supposed to close were notified the lender froze funding on their loan program.
8. Research a Reliable Lender
When everything is set and the buyer knows how much he or she can afford and the loan amount qualifying for, it’s time to find a real estate agent. A smart way to go is to find one that works with a team of people who can offer suggestions about home inspectors, good insurance agents, etc.
If the buyer thinks about the realtor’s job they do a lot of the groundwork upfront for the buyer by contacting listing agents to set up showings and help negotiate the purchase. Some say that the best part is that a buyer doesn’t pay for working with a realtor. The service is free for the buyer since the sellers pay the commission.
9. Look at Several Neighborhoods
Most buyers probably have an ideal location, a good thing to keep in mind is when seeing houses the buyer can buy in different locations. People have to realize that homes and land are less expensive the farther they are from a metropolitan area. The long drive and cost of a long commute can undermine marriages, stress, and finances.
10. Property History Report of the Potential Home
The dream home was finally purchased and living the “American dream” and finally one of those people who are homeowners. Now what? The next smart step one can take is to get a history report of the home. A history report is a detailed document on a specific property that gives all the information one needs.
People did some research to find the best property profile reports in the real estate market and found a few but one stood out from the rest, this company goes by the name the Property Records of New York-based in Rensselaer, and for a small fee of $99 they will gather information on the property. Here is what’s included in the report: property details, transaction history, comparable, foreclosure activity, demographics, etc. Homeowners and home sellers can find more about history reports and the Property Records of New York here.
Company Name: Property Records of New York
Contact Person: Customer Service
Email: Send Email
Address:279 Troy Rd Suite #9-303
State: New York 12144
Country: United States