GETTING READY TO BUY YOUR FIRST APARTMENT – The Start

 

 

Now and Then

The stock market is crashing.  The housing market has tanked and you have decided to buy and apartment in New York City.  In this time of crazy numbers, price drops and uncertainty buying your first home could probably be the scariest thing you have tried.  You worry about when is the right time, how much lower will the market go, am I buying at a price that is too high? Sure there are a lot of nail biting questions about the How, What and When. How much money can I afford to spend?  How much will it cost me every month? How much money do I need after the purchase to stay afloat? What suits my needs? What neighborhood? What is the benefit of ownership versus renting? There are a lot of voices that counsel you to stay under the mattress with your money and there are others that say this is the time of opportunity.  Only hindsight will confirm who was right.  My guess is neither one.

 

To quote Teddy Roosevelt: “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”

 Buying your first home is not and should not be primarily an investment decision. Looking back, real estate has always increased in value over time, sometimes more sometimes less.  But, if you are not an investor or a nomad, this new home will be the place where you live and should plan to stay awhile, probably about 5 years to get your money back and then some. 

This Blog is about giving you information that you can use to make your decision.  Along the way you will learn what some of the important things are you must do to reach your goal:  The New Home.

Simple steps, one at a time, will help you navigate the daunting road to the home of your dreams.

Let’s begin at the beginning.  Before you rush to your computer to begin an online search, pore over the Sunday paper for listings, go to open houses or ask your friends if they know of…Buying a home can be a nerve wracking process, but it does not have to be that way. Think about what you are about to do:  You are planning a lifestyle change and preparing for the future.

When is the best time to buy?  When you are ready!  Getting ready really means getting prepared.  This is probably the driest and least pleasant part of the process, so it is advisable to get it out of the way first. It is a bit like training to run the marathon.  You need to get in shape if you want to cross the finish line.  Click on Finances in the upper right –  next to About Sepp for the for getting started on step 1 – getting your finances organized.