Congratulations on deciding to purchase a home in New York City! Whether this will be your first home or you’re purchasing a pied-à-terre it is imperative that you have a trusted team of industry professionals behind you. The process for buying can move very quickly! The faster you have your team assembled, the more likely you are to be successful in buying the property that you want. Here is the list of every professional you will need from start to finish!
- Mortgage Broker/Banker: If you’re planning to buy the property using a mortgage a mortgage broker/banker is your first stop. A mortgage expert will check your qualifications and get you a pre-approval, which you will need to get the buying process started. Oftentimes you will need to send this pre-approval to your agent in order to even see apartments/houses.
- Real Estate Agent: YES, you do need one! And the best part is you don’t pay us… at all. Our commission is paid by the seller at closing. So take advantage of that free service, and professional guidance! As an experienced sales agent, I will first assess your financial readiness to buy and paint a picture for you of what’s realistic. Then we get started! The best part about having an agent is I know how to navigate road bumps that come up in the process. Everything from making sure you don’t overpay for a property to winning bidding wars! I live for this! 🙂
- Real Estate Attorney: You’ll need to have a trusted attorney selected in advance in order to make an offer on any property. Choosing the right attorney can be a frustrating process, but as your agent, I will put you in touch with a list of our preferred attorneys whose businesses are based in NYC. This small detail is crucial to the success of your purchase as they should be knowledgeable of NYC sales and the intricacies of co-op and condo transactions! Your attorney fee will vary from $1500 to $5000 depending on the transaction and purchase amount.
- Title Insurance Agent: Your real estate attorney most likely has a preferred list of title companies that they work with, but if not I can connect you to our network. The duty of the Title Agent is to confirm the ownership of the unit that you are buying and protect you from any liability. This fee will also vary depending on the transaction from $500 to $3500.
- Home Insurance Agent: Finding the right home insurance is extremely important! See here 8 tips for homebuyers. For most people real estate is the biggest investment that you will make in your lifetime so you want to make sure you have the right coverage! I have a network of home insurance agents that I can refer you to. The fee for home insurance varies depending on the type of coverage you are purchasing.
- Mover: Now that the closing is done and you have your keys…you have to move all your stuff, right? Moving in NYC can be quite expensive and difficult to find a reliable company. I will set you up with some moving options to get you on the road to your new home.
- Appraiser: If you are purchasing your home using a mortgage then your bank will have its own appraiser so you will not need to find one. The appraisal is important for assessing the estimated value of the property based on what has recently sold. But if you need your own appraiser make sure to use one who is NYC-based and has experience with co-ops and condos.