As a first-time home buyer finding a home can be daunting. And if you are looking for your first home in Manhattan, the challenge is even higher. The Manhattan housing market is hectic and can be hard to navigate without any experience. But you do not have to tackle the Manhattan real estate market unprepared. Joel Real Estate will give you pro tips for first-time home buyers in Manhattan. By the end of the article, you will have some general knowledge that will help you buy a home in Manhattan.
Benefits of owning a home in Manhattan
Before we give you all the tips for purchasing a home in Manhattan, we will tell you the benefits.
- First, after some time, your home will increase in value because it is New York City. If you look at the real estate market in NYC, it is only getting stronger year by year, so you should expect the price of your home to increase.
- Second, New York City is a great place to live. If you are looking for opportunities, there is no better place than the Big Apple. You will have better job opportunities and so many activities. And when you decide to have a family New York City is a great place to raise a child. Your kids will have all the chances NYC can offer, the best education, and when they complete studying, they will have amazing career options.
- Finally, there are overall benefits for first-time home buyers in Manhattan. In the long run, it is cheaper than renting a place in New York City. You can build equity on your NYC home. You have all the freedom in the world to make your home adjustment and increase the value of your Manhattan home.
So if you want to get all the benefits of owning a home in NYC, buy a home fast. And when it is time to move in, hire experts from the area to jump in and get you to your home in Manhattan. With their local knowledge, you will be in your home with no problem.
First-time home buyers in Manhattan should learn about the market
The first thing new home buyers should do before they start the buying process in Manhattan is to learn about the housing market. We already said that the housing market in Manhattan is wild, but the only thing you need to worry about is the price.
It is no surprise that Manhattan has one of the most expensive housing markets in the county. You should not even start looking for a home if you are not ready to spend at least a million dollars. And to prove our point, you should know that the median home cost in Manhattan is 1,144,100 dollars.
But when you buy your home, your cost of living will also increase. While the biggest influences on Manhattan’s high cost of living are rent and the high price of homes, everything else is also more expensive. By buying a home in Manhattan and moving, you will pay more for groceries, health, utilities, and transportation. Therefore you should be ready to go over your whole yearly budget before committing to a place in Manhattan.
Getting pre-approved for a mortgage
Our second tip to first-time home buyers is to get pre-approved for a mortgage. The reasons roadwaymoving.com thinks you should get pre-approved for a mortgage are these:
- First, It will increase your chances of closing on a house, and the seller will take you more seriously;
- Second, it will show you that you are financially ready to buy a home;
- Finally, it will reduce stress because you can afford to buy your dream home in Manhattan.
With all the benefits above, you should not wait and get pre-approved as soon as possible. Here are the steps you should take to get pre-approved for a mortgage.
- Start the process by shopping around for the lender for the best rates.
- When you have found the perfect lender, contact them.
- The lender will then ask you to provide documentation to see if you are a viable candidate. They will check your credit. You will need to provide proof of employment, and they will check your yearly salary. If you meet the requirements, they will tell you how big of a loan you can take, and then you can start looking for the perfect home.
First-time home buyers in Manhattan should have a real estate agent by your side
We again have to mention that the real estate market in Manhattan is complicated, and that is why you need a real estate agent to assist you. To find a real estate agent, you can go online or ask your friends for a recommendation. A reliable real estate agent should be well known in Manhattan, possess local knowledge, and is experience. But the most important qualification is that they have a license.
When you have found a real estate agent tell them what your Manhattan home should have. They will get on it and recommend the best options in your price range.
Have movers help you move in
Our final tip is when you seal the deal and have bought the house. Do not relocate into your new Manhattan place alone. One of the best ways to handle your upcoming relocation with ease is to have professional help. Go online and look for the most qualified movers to help you. Since New York City is an enormous, complicated place, they should be local to make relocating much more comfortable.
You are ready to buy a home in Manhattan
These are our pro tips for first-time home buyers in Manhattan that will make the entire process much more comfortable. As you can see, you have to rely a lot on outside help. And the most challenging part is finding the best people to help you find your dream home in Manhattan.