We all dream of one day owning our own home. But, it is difficult to take on that decision of house ownership. How can we own a house? What is the requirements and process to buying a house?
Today we will explain in a few steps what is required and what areas in New York have the best prices.
Many of us rent with the idea of saving money but in realty you can be financing a house of your own with the same amount of money you pay your rent.
The first step to buying a house would be knowing your finances: budget, credit score, mortgage pre-approval, and any line up cash.
Having a good credit score is key to financing anything from a car to a house, so make sure your credit score is in good standing before starting the home buying process.According to the Consumer Financial Protection bureau, the best mortgage rates go to borrowers with credit scored in the mid to high 700s or above. To find out where you stand in your credit score you can always find free credit score reports online for free.
The next step is to get the morale pre-approval letter. This letter will determine the estimate of how much you will be able to borrow on a loan and what you can afford when you’re ready to make and offer on your dream house.
An important tip is to have line-up cash for the purchase of your property. The more cash you can pay up front toward your home , the less you will have to borrow and most of us don’t want to be in debt, do we?
Let’s break down the areas in New York to invest in:
According to the brick underground.com, areas of northern Manhattan, central Brooklyn and western Queens are seeing increasing demand as a result of their convenient access to public transportation and low prices relative to some other areas of the city.
The upper westside and south Harlem has taken value for many buyers due to the growth of renovations in the area. Riverside Park gives that side of the city a different feel with a beautiful view of New Jersey and the scenery of the Hudson River. Inwood is another part of Manhattan where real estate is growing.
We can take it downtown to the the northwest Chelsea area, the area is going to have an influx of supply because of all the new development. Older buildings are also coming on the market, but new development is really what’s driving prices down.
If you kick it to Queens, Forest Hills is the center of buildings with tons of amenities and even town homes.
Far Rockaway might be known for its beach but it has become a territory of new cheap apartments, even next to the beach!
Brooklyn is the new growing borough with new construction and renovations and a hot place for marketable properties. Bay Ridge is becoming the next Park Slope according to Elizabeth Kee, broker, CORE. Prospect Park South should be on buyers’ radars now. Transportation is good and proximity to the coveted Prospect Park.
Buying a property is never is easy for anyone, especially as a first timer. If you want more property for your dollar it would be better to invest outside of NYC but some of us love New York and can’t leave. Hopefully for those people this blog post will help you find the right area to invest in and help you with the steps to do it!!