Buying your first place is a lot of new vocabulary at once. These are the three things I’d tell a friend before they start looking.
1. Get pre-approved before you tour
A pre-approval letter shows sellers you’re serious, and it tells you exactly what you can spend. It’s different from a pre-qualification, which is closer to an estimate. For a pre-approval, a lender actually looks at your income, savings, and credit. On Long Island, sellers and their agents expect to see that letter with your offer.
2. Budget for more than the down payment
Closing costs, the inspection, moving, and first repairs add up fast. Here, most buyers also hire a real estate attorney, and there’s usually title insurance plus property taxes your lender may collect up front. Ask your lender for an estimate of closing costs early, so the number doesn’t surprise you later.
3. The inspection is your friend
It tells you what you’re really buying, and it can give you room to negotiate. In New York, the inspection usually happens after your offer is accepted but before anyone signs the contract, so you can still ask for repairs or a credit if something big comes up.
Got a question I didn’t cover? Text me. Asking doesn’t sign you up for anything.
