Competitive rental prices in some high-demand neighborhoods initiated a cooling down of New York’s Real Estate market. Nevertheless, even in the midst of a cooldown period, New York remains a competitive market.
Brooklyn, for example, has remained a hot zone for many buyers still looking to purchase a home.
According to CNBC, this may make it a great time for buyers to buy a house in Brooklyn or neighboring communities, whether for use as a primary, secondary or rental property.
As many real investors know, homebuyers who can secure property in the New York greater metropolitan area rarely come to regret it.
If you are looking to purchase a home in this area, contact Bashian P.C. Our expert Real Estate attorneys are ready to answer all of your questions, and walk you through the process step by step.
Prepare financially
Forbes notes that it is important to make financial preparations for purchasing real estate property. Property in New York is expensive compared to other states. For people coming from Georgia, Texas, Arizona or Oklahoma where house prices are much lower, there may be an initial shock at the asking prices for home in New York coupled with the smaller square footage.
Protect credit
Purchasing a home often coincides with many other adult purchases. A new homeowner may also need a new car or wish to open store credit to later furnish the home. It is best to save these purchases for later. Any new hits to a person’s credit could subtract up to 100 points from their score and suddenly put their dream homes out of reach.
Schedule inspection
It is important not to become so overwhelmed by form that function is forgotten. Even the most beautiful New York homes may have structural damage due to termites, water damage or a previous fire. Always schedule an inspection to ensure the building is structurally sound and that all potential upcoming repairs are taken into consideration.
Purchasing a new home is an exciting prospect. For people who do not properly prepare it can become a nightmare that ends in costly repairs, foreclosure or even bankruptcy. For the well-prepared, it may provide the perfect opportunity to live the American Dream in the Big Apple.
