Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.
When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.
That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.
• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.
• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.
How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.
• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.
• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!
I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!... more
The price per square foot when buying residential property in the 11214 area is about $315. Rentals go between 12-1600 for a one bedroom and 15-2000 for a two bedroom.
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
If you are a for sale by owner the post is not allowed, you can however try blogging about the property; if and when you do list with an agent, he/she can post it for you; or consider any flat fee realty company that feeds into the site.... more
Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
Information and opinions. Real estate agents can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of an agent, you do not have to allow strangers into your home. Your real estate agent will generally prescreen and accompany qualified prospects through your property.
Someone who speaks the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.
Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. Real estate agents, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
Objective voice. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, homebuying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.... more
If you willing to sale your condo apartment, do not count brokers fee,, pay attantion who will do it, and how higher offer you will be have. Broker who wortkin for 2-3%, can not sale your property for best price. Call me for any question. Thank you Rafael Normatov. DOM Realty of NY 646-387-3044... more
The better one is the local agent with proof of local sales and marketing plan to sell your apartment. And i do have both for you:the proof of sales and the marketing plan. You can call me for free market appraiser at 347-515-3898.
Re/max Metro Realty
7024 18th Avenue
Brooklyn,NY 11204... more
Understand that when buying a condo you are buying one of several homes which are grouped together. You will have neighbors close by, possibly below and above you. If you’re looking for privacy, this may not be your best option. Hard to get the other owners to agree rentals, co-ops will be up to the broad. Each one is diffrent.... more
Diane, it's great that you're considering entering the realm of potential home ownership. It's a great time to buy! Prices are low and interest rates are great right now! Almost no buyers that I have dealt with recently have 20% down payment. Many put as little as 3.5% down and do a seller's concession (where you also finance the closing costs). If you're not yet working with a real estate professional, I would be very happy to discuss your options with you. It's a big decision and you need all the facts - advice from friends and family are great but they won't replace professional advice. Feel free to contact me at your earliest convenience. Good luck!
Certified Buyer Representative
Century 21 Princeton Properties
This is not unusual. It's important that you have clarity on what ownership rights you are buying.
When the "condominium map" is made the developer has to distinguish ownership rights to units, parking, storage space, and sometimes mail boxes, patios, etc.
I have seen owners trade/sell parking spaces due to disability, ease of access to their unit, size of car, etc. You want to make certain there is a #7, where is it located, is it acceptable to you?... more