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There’s a long way to go from deciding to purchase a home in Brooklyn to moving in with the help of Divine Moving and Storage NYC. In addition to money, you’ll need professional assistance and a lot of patience. However, buying a home in Brooklyn and becoming a homeowner is a wonderful reward that makes it all worth it.
Buying a home in Brooklyn or just renting?
Renting vs buying in NYC – what’s a better option? Let’s face it, whatever option you chose, it is going to cost a lot. Most people who live in The Big Apple (over 60%) rent their homes. This is mainly because they cannot afford to purchase a home. Median sales prices in Brooklyn have increased to $808,000 and property sellers normally expect a 20% down payment for listings. Again, rent is expensive, too.
So, if you definitely don’t plan on hiring NY moving services and leaving this borough any time soon, maybe the best option for you is buying a home in Brooklyn. At the end of the day, your decision should depend on your personal preferences, future plans, as well as financial situation.
What’s the best and worst time to buy a home in Brooklyn?
The ideal time is the fall (September and October) and the spring (from April to June). The fall is a good period because you can get better discounts. A surplus of properties for sale forces sellers to lower their prices. In the spring, a lot of new developments enter the market, which means there is more to chose from. The winter is the worst time of the year for buying a home in Brooklyn. From December to February, you’ll find fewer listings on the market, therefore, you are less likely to score discounts.
Work with experienced professionals
For buying a home in Brooklyn, you do not necessarily need a real estate agent. But, you need a lawyer. A lawyer who specializes in real estate transactions would be the best choice. And, if you can find one who has experience with the location and type of property you are interested in, even better. Look for the same qualities in a mortgage broker and lender.
Get preapproved for a mortgage
Without a preapproval letter, most agents will not take your interest in buying a home seriously. Moreover, the letter will help you assure home sellers that you can be approved for a mortgage. A preapproval letter is an estimate of how much money you can borrow from a lender. Pay stubs, bank statements and tax returns are some of the financial documents you need to submit to get preapproved for a mortgage.
On the other hand, all-cash buyers do not need preapproval. If this is your case, all you need to do is present proof of funds when making an offer. Sometimes, you’ll also need it to view properties.
How much of a down payment is necessary for buying a home in Brooklyn?
A low down payment may sound desirable, but it definitely has its downsides. A lower down payment typically means higher interest rates and more additional costs. Another downside is that you will be less likely to find a lender for your loan. Meeting the usual requirement of 20% significantly increases your chances of getting a loan and lowering your interest rate. However, if 20% is not low enough for you, it is possible to pay a much lower percentage of down payment. In fact, it can be as low as 3.5%!
How to find the right property?
After you chose a type of property and location, start visiting open houses. Go through listings, but also take a walk through the neighborhoods you are interested in and look for for-sale signs. Your agent, if you are working with one, might be able to recommend suitable homes that are not listed yet.
Making an offer
Don’t be nervous about making an offer – it does not obligate you to anything. Remember that the purchase is not final until both parties sign the contract. You can just inform the seller’s agent verbally on what you would like to bid. Or, the agent could prepare a formal offer sheet with important information, such as your contact information but also in-depth personal financial information.
Inspect the home before buying it
Hire a licensed home inspector to check everything, including the roof, heating and cooling, plumbing, etc. The inspector will inform you if something needs to be fixed or replaced. Also, they should be sincere about potential deal breakers. A thorough home inspection is very important, especially when buying a house. It should protect you from purchasing a flawed property. Those who are buying a home in a large apartment building can skip this step.
Signing the contract
Here’s what happens:
- When you agree on everything with the seller, the seller’s agent will draw up the deal sheet.
- Then, the seller’s attorney will draft the contract for the buyer’s attorney to review.
- Finally, both the person buying a home in Brooklyn and the seller sign the contract.
What happens at closing?
The buyer’s attorney schedules the closing once the lender is ready. Before the closing, the buyer checks one last time if everything is in acceptable condition. The process of closing is pretty much signing a bunch of papers. Everyone gathers in an office (the buyer, seller, lenders, and attorneys) to sign various papers. The buyer will also need to write checks for things like the first mortgage payment and closing costs.
When can you move in?
There is no universal answer to this question. For example, for condos, it takes 30-45 days, while co-ops can take 60-90 days. The period between signing the contract and getting possession of your home depends on many factors. Some of the factors that play a big role are getting pre-approval from the lender, the type of home that you are buying and the real estate lawyer you are working with.
Once the wait is finally over, hire a moving company Brooklyn residents trust and start making this property a home. Because only after it’s filled with your personal belongings can you truly call it home.