Living in the heart of New York City is all fun, but after a while, some people get tired of The Big Apple. If you are looking to buy a home with more space, while still being close to NYC, Westchester County should be your go-to destination. The tiny towns and hamlets north of the city have a historic charm, and most are only a short drive from Grand Central Station. However, as with any home buying process, there are some best practices you should follow to secure the best deal possible. Read on to discover 5 key tips for buying a home in Westchester County.
- Save for a Down Payment
Unless you make an all-cash offer, you will need financing to purchase your home. Down payments generally account for 20% of the home’s sale price, so ensure you save early. Homes in Westchester will cost nearly the same as the towns near Manhattan, but possess a one-of-a-kind historic charm you cannot find in many American towns.
A good way to begin your savings journey is to create an automatic deposit to a special savings account, so that it can passively grow with time. You can also reduce your day-to-day expenses, such as vacations, utilities, and more. While it might hurt to sacrifice your current lifestyle, it will be worth it when you secure a home.
- Obtain a Mortgage Pre-Approval
While it is important to start saving for a down payment, you will probably require a mortgage pre-approval if you wish to buy a home in Westchester. Presenting a mortgage pre-approval gives home sellers reassurance that the lender backs their offer.
As you begin your home search, get your W-2s, bank statements, and list of assets to speed up the process. You should also ensure your credit score is healthy to obtain the highest purchasing power. Talk to several lenders to find one that offers the best rates and services that match your needs.
- Target your Town Search
When buying a home, you should have a checklist before making offers. Although you might enjoy the rustic aspect of communities like Armonk, if you must commute to Manhattan everyday, other nearby communities like Astoria may be your best option.
Determining which Westchester towns are appropriate for you takes lots of soul-searching. Some people prefer the serenity of areas like Chappaqua, whereas others prefer lively downtown neighborhoods like Rye and White Plains.
- Interview Several Buyer’s Agents
Buying a home is one of the most expensive transactions most individuals make in their life.
Most first-time property buyers can negotiate for themselves and save them money. Unfortunately, inexperience can result in them not securing the best bargain. When you invest hundreds of thousands, if not millions, of dollars in real estate, it helps to have someone knowledgeable like The Suarez Team Westchester real estate agents on your side.
- Do Your Due Diligence
It is easy to get caught up in the thrill of buying a vintage Bronxville property. The pricing might seem reasonable, the setting lovely, and the property spacious.
However, avoiding home inspections and hurrying to close on a deal can expose hidden issues. Particularly since many residences in Westchester County date back to the early 1900s, if not earlier. So, do your due diligence, and talk to your agent to help you differentiate between a worthy investment and a risky venture.
Find Westchester Homes for Sale Today!
If Westchester sounds like the perfect place to call home, there is no better real estate partner than The Suarez Team. The real estate experts have a deep understanding of the Westchester housing market, and can guide you to the best homes for sale in the area. Reach out to The Suarez Team today to get started on your Westchester homeownership journey.
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