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Common pitfalls for New York homebuyers

If you are getting ready to buy a home for the first time, you may feel excited and slightly overwhelmed by what's ahead. It is not always easy to find real estate in New York that works for practical purposes and your budget. As you look forward to what is ahead for you and your family, it is smart to learn about common mistakes many new homebuyers make and how you can avoid them.

Owning a home is expensive, and taking this step may be the most significant financial investment you have ever made. It is in your interests to ensure you do not expose yourself to unnecessary financial or legal complications down the road. Due to the serious nature of such a large purchase, you may find it beneficial to seek guidance from a legal professional.

Don't get yourself in trouble

When looking for a home, there is much more involved in the process than just finding a house you like, touring it and making an offer. As you scroll through online real estate sites and look at pictures of your dream home, it may be helpful to remember not to overlook the following things as you move forward:

  • Take the time to calculate your mortgage payment, especially if you cannot afford to put 20 percent down.
  • Shop around for the best financing option when considering mortgage options.
  • Calculate what you can truly afford in a home by considering your income, liabilities and other factors, such as insurance costs.
  • Understand that you may not be able to afford the exact house of your dreams the first time you buy a home.
  • Don't let excitement and emotions be the driving motivation for your decisions – think clearly about what will be best long-term.

When you are prepared and you know what to expect from the home-buying process, you will be less likely to commit missteps that can result in difficulty for you in the future.

Protect your future interests

Many New York homebuyers find it beneficial to work with an experienced professional as they attempt to navigate the process of purchasing a home. Having guidance from someone who is familiar with the market and who understands the issues at hand can help you make smart choices for your future.

Before you make any important decisions regarding your home purchase, it may help to start with a complete assessment of your case and explanation of the legal options available to you.

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