Buying your first home in NYC is exciting—and complex. After helping hundreds of first-time buyers navigate this process, I've identified the most common mistakes and how to avoid them.
1. Not Getting Pre-Approved First
Many buyers start searching before knowing what they can afford. Get pre-approved before you fall in love with a property you can't buy.
2. Underestimating Co-op Requirements
Co-ops often require:
- 20-50% down payment
- 1-2 years of post-closing liquidity
- Debt-to-income ratios under 25-28%
- Strong board package with references
3. Ignoring Closing Costs
Budget 2-6% of purchase price for closing costs, including attorney fees, mansion tax (over $1M), and various fees.
4. Skipping the Building Research
Always review:
- Building financials
- Recent board meeting minutes
- Planned assessments or increases
- Subletting and pet policies
5. Not Hiring a Buyer's Agent
A buyer's agent costs you nothing (the seller pays) and provides expert guidance, negotiation, and access to listings.
6. Making Emotional Decisions
Stay objective. The right property meets your needs, fits your budget, and makes financial sense.
7. Waiting for the "Perfect" Time
There's no perfect time to buy. Focus on finding the right property at a fair price.
Ready to Buy Smart?
Let me guide you through the process and help you avoid these common pitfalls.
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