Five Tips For The Home Buyer In 2013, from Kris Sylvester of Halstead Property

No. 1

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.

No. 2

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.

No. 3

Have at least 20-30 percent of the purchase price available in liquid assets.

No. 4

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.

No. 5

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.

Photo by Austin McAllister

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