Arguably the most significant investment people will make in their lifetime is in a home. While taking that first step toward entering the real estate market can be both stressful and exciting, knowing what to do and expect once that decision is made can make a world of difference.
Choosing to work with an experienced real estate professional can make the experience seamless and stress-free. Here, George Campolo, a top-producing Associate Real Estate Broker in the Westchester/Bronx/Putnam shares some things to consider when you are looking for your first home:
- How much can you afford? Take the time to analyze your finances so you can stay within your financial comfort zone and not wind up living on the edge. Don’t forget utilities, especially heat and hot water that you likely have never had to pay for before if you have always rented. An experienced real estate professional will help you determine your financial plan, navigate the mortgage approval process, and maximize your purchasing power to get you the most bang for your buck.
- What do you really want/need? Consider the number of rooms, property type and style and square footage that works for you. Too big can get expensive as far as utilities and maintenance go, and too small may leave you no more comfortable than you were in the apartment you just left. An experienced real estate professional will take into account all your wants and needs and point you in the right direction. Be open to expanding your horizons. About half the buyers I work with deviate from their original criteria in terms of location, price or features a home offers or lacks.
- Location. The property’s location is crucial, not only from a marketing and price perspective but from a quality-of-life outlook as well. How close are the schools your children would attend? Are they any good? What’s your commute going to be like? An experienced real estate professional will help you sort through the considerations important to your happiness long-term.
- Think about the long-term. What’s your plan for the next ten years? Are you planning to move again or are you looking for a home to be in for the next 30 or 40 years? That could sway your decision as to whether to over-pay in a bidding war, which is the norm these days in a seller’s market. If you’re staying there long-term and overpaying a little gets you what you want, it won’t hurt much, but if you are planning on selling and moving again in five or six years you may not recoup your full investment.
About George Campolo
As an experienced real estate professional, Mr George Campolo works with first-time homebuyers regularly, helping them navigate the practical side of buying real estate from making introductions to the right mortgage lenders as well and working with the right home inspectors. He listens to his clients and picks up on cues that can help them secure the right and best home for their needs and budgets, all while offering impactful insights into how they can maximize their investment and enjoy the home of their dreams. Contact George at (914) 760-6858 to begin working on your customized home buying plan today.