If you’re a first time homebuyer looking to buy a home in Albany or buy a home in Saratoga, or for that matter any area in the Capital Region, I have a few important words of advice. When I’m working with clients, I make sure to review the steps and process of buying a home very early on in the process. Especially for first time buyers, buying a home is often your single largest investment so it’s important to not overlook these guidelines. 

1. Remember, buying a home is not only a financial decision but an emotional decision. Find an honest and reputable real estate broker. You want an agent and advocate who will work hard to make sure your emotions do not cloud your financial analysis. It’s easy to fall in love with a home and forget all of the monthly payments and challenges that come with home ownership.
2. Although the bank may pre-qualify you for a mortgage, do not forget the other costs associated with buying a home. Taxes, home owners insurance, utility bills, maintenance, and sometimes personal mortgage insurance (usually required if you’re making less than a 20% downpayment on the home purchase) are recurring costs that you should budget for on a monthly basis.
3. When buying a home, make sure you use a reliable banker or mortgage broker. A good real estate agent will be able to recommend a competent banker to assist you in your mortgage application. If you have an honest and experienced real estate agent, use your agent’s recommended banker.  Relationships matter, and a good real estate agent will use experienced bankers who can handle the variety of challenges that may arise during the mortgage application process.
4. Finally, your selection for a closing attorney will make a huge difference. No matter how experienced your agent, if you don’t have a strong and skillful attorney at your closing, you’re likely going to jeopardize your purchase. The possible issues that may arise during the contract period and closing are too many to list. Your attorney is going to be your primary insurance for protecting your interests and minimizing the potential issues at closing.

As always, if you have questions or comments don’t hesitate to contact me. If you liked what you read, please like Monticello on facebook or tweet this post. Click on the icons below.