Assemble your team: Find a licensed real estate agent you trust who lives or works in (or close to) the neighborhoods you are interested in; speak with a mortgage lender/broker and obtain pre-approval for a loan; select a New York City real estate attorney. The market is moving so fast, a prospective buyer with a team in place greatly increases the chances of finding and most importantly closing on a dream home.
Review your credit report and remove all disputed claims. Reduce your debt, especially outstanding credit card balances. Do not open or close any accounts unless instructed bya credit professional.
Have at least 20-30 percent of the purchase price available in liquid assets.
Understand the difference between, co-ops, condos, and new development. The costs of ownership before and after the transaction can vary widely. For example there are no mortgage-recording taxes for co-op loans. Of course, townhouses have their own pros and cons when it comes to finances.
Listen to your instinct, when you find the right home you will know. I like to tell my buyer’s to use a rating system of 1 to 10 and you should only pull the trigger if they can rate their potential new home an 8 or higher.