Buying a home is a time-intensive process, from scrolling through pages of available listings online to grappling with the idea of making multiple offers, so it makes sense that buyers can often feel a lot of anxiety and stress throughout their homebuying journey. To simplify things, we’ve compiled a list of the first five essential steps you can take now if you’re planning on buying in the upcoming year.
Where do You Want to Live?
The first step in the purchase process for your new apartment is to clearly decide what neighborhoods you’re open to looking at, and which are a deal breaker.
Take the time to explore your potential new neighborhoods during broad daylight and at night, running through your work commute and locating where all the hot spots and necessities are.
This way, you won’t waste you or your real estate agent’s time looking at apartments that won’t be a good fit for your day to day needs.
What’s Your Budget?
The next step is to put together a realistic budget. Understand and learn what your monthly expenses will be, and determine a housing budget that matches that (and doesn’t leave you strapped for cash).
There’s nothing worse than falling in love with a beautiful home and realizing you can’t afford it. Be upfront and clear with your maximum budget and be careful not to run over it.
Find a Trustworthy Broker
Find a broker that you can trust. Before your search, ask friends and family which realtors they have used and felt confident about.
Aside from this, dig deep into Yelp! reviews and other online mentions and scan that broker’s past business history.
Don’t trust a salesperson from just their friendly demeanor and bubbly personality. The proof is all in word of mouth and the reviews.
Condo or Co-op?
Explore the options of condos and co-ops, and decide which one is best for you.
When purchasing a condo, you buy real property. You receive a deed for your specific unit along with an undivided interest in the common areas. When purchasing a co-op, you buy shares in the corporation that owns the building, instead of owning the actual property.
Both options offer their own pros and cons, and your Triplemint agent will help you break them down and determine which is best for you.
Get Out There!
The final, and arguably most fun, part of starting your homebuying journey is going to view some properties!
Once you’ve decided on location, budget, and what real estate agent you’re going to use, head out into the city and check out some apartments.
Expect to attend many open houses and showings, but enjoy this part of the process. This is the first time you’ll be able to visualize yourself living in your new home!