Buying a home is stressful, but it can be overwhelming when doing so for the first time. With that being said, it is important to know what first time home purchasers in New York can expect. Knowing what to expect ahead of time will help to lower anxiety and stress levels during the entire process.
There Will be a lot of Paperwork
First time home purchasers do not realize it, but there is a ton of paperwork involved in buying a piece of real estate. The paperwork cannot simply be read, digested and signed. You need to understand all of it as much as possible in order to avoid any issues. This is why it is a good idea to work with a real estate attorney.
The Deal Could Fall Through
Depending on how the inspection of the home you wish to purchase goes, it is possible that the deal could be voided. If there are too many problems found in the home inspection, you might need to cancel the deal because it will either take too long to fix the problems or cost too much to fix them.
Determine Borrowing Power
The process to figure out how much money you will be able to borrow can be lengthy if you have issues with your credit or have outstanding loans. This is why you should figure out ahead of time how much money you can borrow from a bank to purchase the home.
Closing Takes 30 to 60 Minutes
If you think that you can just sign a piece of paper and take the keys to your new home in five minutes, then you will not be prepared for what is about to happen. Closing will take you at least 30 minutes as there will be anywhere from 50 to 100 documents to sign.