Here’s a fun fact: In 2020, more than 30% of home buyers were first-timers. That’s a lot of newbies in the real estate market! Even if you’re not new to the process, buying a home is not exactly something you do every day.
If you want to delve into the Forest Hills real estate market, we want to help! Here are four of the most common mistakes that home buyers make and how to avoid them:
Pitfall #1: Looking at listings before you determine how much house you can afford.
Newsflash: Forest Hills real estate is pricey! If you dive into the market before you check your finances, you might end up with a hard-to-manage mortgage. Avoid this financial frenzy by getting preapproved for a home loan before you start dreaming.
Pitfall #2: Forgetting to include monthly maintenance fees in the cost of your new home.
Monthly maintenance fees are a part of life in Forest Hills real estate. If you purchase a co-op or a condo, you are almost guaranteed to incur this additional expense. Maintenance fees vary widely between buildings, so don’t estimate this cost. Get an exact number and figure it into your monthly housing budget.
Pitfall #3: Making a down payment that’s too large or too small.
Many buyers look back and wish that they had saved for a larger down payment. Others wish that they had taken advantage of the low down payment loan options available to first-time buyers. Here’s the take-home message: There are tons of mortgage programs available, so partner with a lender who can guide you toward the best option for your financial situation.
Pitfall #4: Draining your savings account to purchase a home.
You’ve already budgeted for your mortgage and your monthly maintenance fee. What else is there to worry about? Appliance breakdowns, plumbing problems, roof repairs, special assessments…Do you get the idea? Keep some cash in your savings account to address the unexpected.
Fasten your seatbelt, because it’s time to embark on a Forest Hills real estate adventure! Contact us today to get on the right road to your dream home.
Call us at (718) 997-6000 or email us today for any questions.