Choosing the right home starts with identifying the neighborhood that is right for you and your family, the features that you NEED vs. the features that you WANT, and then marrying that with what you CAN afford. Let's face it; most of us would like to live in a palatial Brookville Mansion, or in a Luxury Bayside Condo overlooking the water. However, for most folks that is just not realistic. So, unless you are Joe Multi-Millionaire the first step in choosing the right home will be to determine what you can afford. The easiest way to do this is to contact a reputable Mortgage Professional and get pre-approved. That's right: I said pre-approved, not pre-qualified. There is a difference. A pre-approval means that a mortgage professional has looked at your credit, your debt to income ratio, and has verified your income, and he/she will Certify that you are qualified to secure a mortgage at $X amount. A pre-qualification simply means that you told a mortgage professional what your income, and debt was and that they ran your credit, and based on the information you provided, whether it was accurate or not, you qualify for a mortgage at $X amount. After you've discovered what you can realistically afford you should sit down and write a list of neighborhoods that interest you. Most people chose neighborhoods based on the following criteria: - How easy will it be to commute to work
- How good is the school district
- Affordability
- Proximity to shopping/houses of worship
- Proximity to entertainment/restaurants/night life
- The Neighborhood's Culture (i.e., luxury, trendy, blue-collar, artsy, up-and-coming, etc.)
- Re-sale Value
The best way to learn about neighborhoods is to surf the net, (Queens Neighborhoods, Nassau Neighborhoods), and to speak to Realtors that are experts in the area. After you've narrowed down the Neighborhoods to your top 3 think about what is it that you NEED in a home. Ask yourself the following questions: - How long do I plan to live here? If less than 5 years it is critical to choose a neighborhood, and home with good potential for re-sale. If more than 5 years think about how your life might change. For example, right now you might not have any children; do you plan on having kids in the near future? If so, look for homes with multiple bedrooms, or you may end up having to sell much sooner than you plan.
- What style of home do I prefer? Read my helpful article on Home Styles in New York, it will explain the different styles of homes, and types of construction, as well as where those styles are commonly found. For example, if you want an attached townhouse, you won't find it in Hollis Hills, Queens, or, if you like Tudors you will be hard-pressed to find one in Salisbury, Long Island.
- How practical are my home style preferences? For example, if your husband has a bad knee, a Ranch might be a better choice than a Colonial as he won't have to walk up the stairs.
- How willing am I to do work? Answer this question very honestly. I can't tell you how many times I've seen buyers seek out handyman specials, and fixer uppers only to get sticker shock when they find out how much the repairs will cost. The other thing to consider is how long the repairs will take. Whatever amount of time you assume it will take - double it. That is much more realistic. Ask yourself, "Can I live in this home for 6 months while the kitchens and baths are being renovated?" Be very honest with yourself about how realistic and practical this is to you, your lifestyle and your budget.
- Am I interested in New Construction?
- What features do I NEED? For example, you might like a home with a Chef's Kitchen, but is this practical for your budget? Write a list of things that you MUST have, and then write a second list of things that would be nice, if you could find in your price range. Consider your second list the "Bonus" list.
After you've narrowed things down a bit find a reputable Realtor to help guide you in your search. It is very common to have pre-determined ideas at the beginning of the Home Search process, and then change your mind as you go along. A great Realtor will tell you if your expectations and budget are realistic for the neighborhoods you are looking in, and can guide you to other neighborhoods that maybe you didn't even know about. A great Realtor can also point out flaws in a home that you might not see, or features in a home that you overlooked. If you are looking to buy a home in the North Queens or Nassau Counties in New York, call me, Cristina Callegari, at 917.921.5397. I will guide you with honesty, experience and dedication every-step of the way! |
