Follow These Tips to Get the Best Deal on Your First Property Purchase in Syracuse
Buying your first home is a huge milestone many adults aspire to achieve. Not only do you have a place you can call your own, but you’ve made an investment that can benefit you and your family in the long run.
However, don’t let the thrill of shopping around for property distract you from the goal of finding the best deal in the real estate market, especially for first-time home buyers looking in Syracuse in Central New York. Follow these useful home buying tips to ensure you get a great deal on the market when buying your first property.
Determine How Much You Can Really Spend on a House
Our number one tip: make sure you’re financially ready to buy a house. The average home in New York can fetch around $371,880, according to Zillow. While it’s common practice to save up for a down payment and finance the rest through a home loan, you need to make sure you’re applying for a loan you can feasibly pay off within the next few years.
And this isn’t just limited to the selling price of a property. Make sure you can afford the additional costs of owning a home, including the closing costs, insurance, repairs and renovations, and the maintenance of that home once you own it.
Our recommendation: make sure you’ve settled all your debts (aside from the mortgage), have an emergency fund, and a sizeable amount saved to be used as the down payment.
Save at Least 20% for a Down Payment
Speaking of down payment, here’s another tip you should know: the bigger your down payment, the less you have to loan and the less interest you have to pay. While it’s recommended that your down payment should cost between 10 to 20 percent of the total price of a house, paying at least 20 percent shows your bank or lending company that you are a financially stable investment and are more likely to repay your loan. Thus, you need a smaller amount to loan and at a lower interest rate – it’s a win-win for you.
Shop for Home Loans
Many banks and lending companies offer mortgage loans – don’t feel pressured to go with one loan until you’ve explored all possible options and found the best one for your financial situation. You have the option of FHA loans, VA loans, Fixed Rate loans, Adjustable Rate Loans, and more. Not all of these may be ideal for your situation, but knowing that you have many options when it comes to financing can open many doors for finding great deals.
Check the Neighborhood, Not Just the House
Don’t limit your viewings to the property itself; take a look at the neighborhood it’s in. While the property itself is important, check to see if the quality of the neighborhood matches up.
If you’re looking for a home to call your own for your growing family, check out the school zone your property falls under and see if you will be OK sending your children to the designated public school. If you commute to work, see if the area has practical public transportation options; if you find that the property’s location means a longer travel time, you might want to consider looking somewhere closer to work or a neighborhood with more practical transportation options.
Since you’ll be living in this property, you and your family have to feel comfortable living in this neighborhood. Factors like hostile and messy neighbors, noisy neighborhoods, and unbearable traffic can be off-putting if you overlook this tip.
Get a Real Estate Agent
The entire process of buying your first home can go much more smoothly if you’re working with a real estate agent who has your best interests in mind and understands the entire process of buying a house. With their extensive network of agents and brokers, they can pin-point properties that may meet your requirements much more efficiently than trying to sift through online listings on your own.
Once you’ve set your sights on a property, your real estate agent can go above and beyond for you. From negotiating for a better deal, to handling the paperwork, to closing the deal. This means minimal effort on your part to get the dream home you want.
Consult with Us Today
First-time home buyers looking for property in Syracuse, NY may be daunted by the challenge of buying their first home on the real estate market. If you are financially ready to take on the goal of buying your own home but want an experienced real estate agent with extensive knowledge of the Central New York area, we’re here to help.
At Procopio Team at Hunt Real Estate, we’ve helped hundreds of first-time home buyers find the right home to call their own. We understand that it’s an exciting milestone for many, and we want to help ensure you are getting a good price for the property you buy.
Get in touch with us today for more information.