Things to consider when buying your first condo in Brooklyn

Are you ready to start building your equity and wealth instead of paying rent to someone else? That is a great decision! Homeownership is what gives people the feeling of belonging, safety, and peace, which is why it’s no wonder why this is considered one of the most significant events in life. However, homeownership in NYC can be scary because it’s one of the least affordable real estate markets worldwide. Buying a home is a serious decision, so it’s better to prepare well. Here are the most important things to consider when buying your first condo in Brooklyn.  Use a reputable Brokerage like Tyler Vincent Real Estate Inc. Check out our Why Brooklyn? Facebook page.

Why Brooklyn? Reasons to buy a condo here

Do you know what the borough with the largest population in NYC is? You got it right - it’s Brooklyn. There are quite a few reasons why people choose to move here. And it's best to be aware of them before you decide to purchase your first condo in Brooklyn. Some of the advantages of living here include:

• You won’t need a car – most of the families in Brooklyn don’t own a car. You can get around perfectly by using public transportation, and you’ll surely save more.
• It’s less of a concrete jungle – Brooklyn residents love that they have enough space to breathe. The place is not too hectic, and there are many green spaces to enjoy and relax.
• It’s a foodie paradise – If you’re into high-class meals, you’ll find everything you need in Brooklyn. It’s possible to try out diverse cuisines and be part of the biggest open-air food market in the country – Smorgasburg.
• It’s less expensive than Manhattan – even though it’s not the most affordable borough in NYC, Brooklyn is certainly more affordable than Manhattan. You’ll enjoy a fantastic lifestyle but at not as pompous prices.

Buying your first condo in Brooklyn – what’s to know?

Now that we’ve settled that Brooklyn is your target destination, let’s see what you should consider before purchasing a piece of Brooklyn real estate for the first time.

It’s the buyer’s market

Since 2020, the NYC market has continued to provide more properties than buyers demanded. This means it is now easier to find a home you like than ever before. However, it would be best if you didn’t underestimate the power of competition. Even though the demand is lower than supply, good homes go fast. So, if you come across a condo you like at a reasonable price, make sure you act fast and be ready for competition because you, too, might end up in a bidding war. 

Start saving for a down payment as early as possible

When buying your first condo in Brooklyn, you need to be aware of all the costs that’ll come your way. Condos require about 20% down payment – which can sometimes be lower, depending on the bank. The more you save, the more you’ll be taken seriously in the application process by the seller. Also, be aware of all the other fees you will encounter on your way to your very first condo keys. These include appraisal fees, condo municipal search fees, etc.

Make your credit score spotless

Whether or not you will take out a loan depends on your credit score. That's why you'll need to do your best to make it as high as possible. The higher it is, the more trust the bank will have in your repayment potential. The most important thing to know here is that you shouldn't wait to find out your credit score. Instead, it would be best if you did this as soon as you decide to buy a home, so you have enough time to clean it up. This will ensure you're ready in case a great place pops up. 

Create your homebuying budget

To start the condo search, you need to know your budget. Condos in Brooklyn come at a vast range of prices, so you should save yourself time and patience by knowing exactly how much you can afford. This will not only help you select the condos within your budget but also ensure you can act fast when a great place appears on the market.

Know your priorities

Before you start the search, it’s good to know your priorities and deal-breakers. Indeed, it’s necessary to be flexible, too. But you shouldn’t give up on preferences that are most important to you.

Explore Brooklyn before you choose

Before scheduling your move with Brooklyn Movers New York and packing your bags, you must do some research. For instance, if you still don’t have a favorite location in Brooklyn, start exploring the neighborhoods as soon as possible.

Visit in person

Besides going through online listings, make sure you visit the homes or streets you find interesting. This will allow you to find out more information about the area and meet the people that might become your neighbors. And not only that, but actually being there instead of simply looking at your potential home through your computer screen will also help give you a better idea of a neighborhood’s vibe. 

Start preparing for the move

Even though your search isn’t over yet, begin slowly preparing for the moving day. On-time preparation will help you feel less overwhelmed once the moving day arrives. And that can be sooner than you expect.

Start decluttering and cleaning your household and taking care of the primary packing and moving tasks early on. And, if there’s one thing you can be sure of, that is that none of these tasks are kid’s stuff. They require a lot of time and energy. For instance, if your home includes delicate and expensive furniture, it is essential to find an expert who can handle the pieces with care on time. Experienced furniture movers are crucial to a stress-free move without damage and unexpected costs. Pick carefully and ensure you’ve got the right team in your corner.

Have patience

Buying your first condo in Brooklyn takes time, energy, and patience. But it’s all worth it. Finding a place where you’ll later make your beloved home is the outcome you should always keep in mind throughout this challenging journey. Good luck!

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