Top 4 Tips for First-Time Home Buyers in Westchester

Posted on by AllisonKahner

According to renowned business tycoon Warren Buffett, real estate is a valuable asset, especially for families who plan to on being the same location for a considerable period of time.

Moreover, the cost of living today has significantly risen compared to how it was twenty years ago, making housing expenses costlier than before.

Having that said, considering the large amount that you’re going to put in, buying a house is one of the biggest decisions you’ll ever make and don’t want to mess up.

To help you avoid the common mistakes that first-time home buyers make, here are four home buying tips that you can use on your Westchester house-hunting:

Make the most of open houses

Whether you take a look at open houses in Westchester by yourself or use a buyer’s broker (costs you no more), and you should take advantage of open houses in the communities you are considering. After looking up houses online, it’s imperative that you see them up close because their actual appearance might look a little different than how they look like on your computer screen. Plus if you use a broker to take you around you get several important advantages:

  1. They can let you know how the house you are seeing compares with others in the market that they have seem (after all they go to more open houses than you do)
  2. They may notice things about the house, the yard, or the neighborhood you might miss
  3. In the case of WestchesterUp brokers they can help you think through the fit between the house and your family from a wide variety of perspectives, including home usage, schools, school commutes, work commutes, accessibility to shopping and neighborhood vibe.
  4. WestchesterUp brokers also help you evaluate tradeoffs around house age, and recently renovated homes vs fixer-uppers.

Alone or with your broker, you’ll be able to enter every room during the open house, check out pretty much everything that you need to see, and it’ll help you decide your level of interest. Plus, open houses are usually held on weekends which means that you’ll be able to attend one if you don’t have work.

Prepare your budget

If you already have an ideal home in mind, you probably have a price range in mind as well. Get prequalified so you can validate that the houses you are looking at are in fact affordable. With interest rates fluctuating you need to keep that in mind as well. Understand the risk vs reward tradeoffs between different ARM mortgages and fixed-rate mortgages.

Even if you are planning to purchase a brand new home or a recently renovated home, it is wise to leave yourself a cash buffer. You may decide to do some minor additional renovation within the first couple of years. Obviously, if you are looking at a fixer-upper then your cash needs might be far more significant, but the advantage there is that you pick your renovation details (kitchen, bathroom, etc.)

Use a real estate agent

Because it’s your first time to buy a house in Westchester and you’re not yet familiar with the place, using a real estate agent who is knowledgeable with the area, and its current market conditions will be beneficial to you.

You can tell them what you are looking for in a home ̶  ideal neighborhood, amenities, proximity to shops, hospitals, pharmacies, and even the price range that you can afford, and they’ll help you find the right one for you. In short, a real estate agent can help you find the best home, at the best price easier and faster.

Inspect the whole house before closing the deal

You might think that you’ve already found your ideal home, but don’t be sure just yet until you’ve got it inspected.

Checking the electricity and water supply, the roof, plumbing, insulation, and the rest of the house is crucial (especially when the house that you’re planning to buy is for resale) because once you already closed the deal, there’s no turning back.

Any damages that you weren’t able to notice beforehand are potential problems and expenses because you’re going to have to fix it yourself – not to mention that it can put your safety at risk (e.g., faulty electrical outlets can cause a fire). So, go and check if the house needs some repair before buying it.

If you want to avoid the hassle of examining the property’s condition inside and out, you can consider using a qualified home inspector to do the job. Your WestchesterUp broker can make a recommendation.

Qualified home inspectors usually have a degree in building inspection, construction, and engineering, that’s why if you’re going to hire one, you’ll be able to make sure that all is well all the more.

Indeed, buying a house is not an easy task. It will take lots of time, money, and effort to find the right one but once you’ve found the perfect match for your lifestyle, needs, and budget, you’ll be able to breathe a sigh of relief and remember it as one of your biggest milestones in life.

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