Questions to Ask before Purchasing Residential Real Estate in New York

Entering into the process of purchasing residential real estate in New York can feel overwhelming, so it’s helpful to know what to expect before you begin.  Here are a couple of critical questions you should ask before you start shopping around for your new dream home.

The first question to ask yourself before purchasing a home has to do with your confidence in your future income.  Selecting a mortgage with an appropriate home in your budget has a lot to do with income expectations, so you should do some serious thinking about how this affects your financial well-being now and in the future.  It’s important to be conservative when considering your future earnings.  Make sure you think about things like commissions and bonuses and how these variations in income will influence your ability to make mortgage payments on time.

Make sure to evaluate your budget carefully!  You should also think about any other financial obligations you may have in the coming years that could influence your ability to pay the mortgage.

Another critical question to consider before making a residential real estate purchase has to do with location.  If you are basing your selected location on your career in mind, making an investment like a home means you are likely going to be living in the residence for some time.  If your career changes often, it may be worth considering other ways to evaluate neighborhoods.  For example, access to local amenities or cultural events that you enjoy may pay off better in the long run especially if you end up changing careers or work locations.