If you are considering buying real estate in the Meatpacking District of NYC, you are making a great choice. This is a diverse and trendy area that has many wonderful homes for sale. However, before you start looking at Meatpacking District real estate, you will want to make sure that you aren’t making mistakes. Your goal should be to get through the process with little to no mistakes. Here are some of the most common mistakes when people buy Meatpacking District real estate for the first time:
They Do Not Get Pre-Approved
One of the biggest mistakes that people make when they go into buying real estate in the Meatpacking District is that they do not get pre-approved for a mortgage. There are two main issues with this. First of all, you will not know what your budget will be, and this is an important piece of information when it comes to buying real estate anywhere. Secondly, when a seller sees that you are not yet approved for a mortgage, they will not see you as an attractive buyer.
They Miscalculate What They Can Afford
Another big mistake that buyers will make when they look for real estate in the Meatpacking District is they will miscalculate what they can afford. Remember, what a bank says you can afford and what you can actually afford may be two different things. You may want to go through your monthly budget and bills, subtract those from your monthly salary and use this method to determine what you can pay. You also need to add things like association fees or parking.
They Don’t Work With an Agent
Finally, a big mistake is not working with an agent or broker. Buying property in New York City is unlike anything you have likely ever done before. People here just buy and sell using different rules and unless you are in the industry, you probably won’t know what is up and what is down. This is why it is very important that you work with a trustworthy agent before you start buying. Not only will they be able to find something for you in your budget, they will be a good source of advice as you take this journey for the first time.