Real Estate: Do Your Homework Before Looking to Buy

Buying your first home can seemingly be fraught with all kinds of perils and pitfalls no matter when or
where you purchase. In our current pandemic environment, being extremely prepared and educated can
help ease some of those challenges and help you secure a new place to call home.

The first and most crucial step is to find a competent Real Estate Agent. Having the right Realtor will
help you to successfully navigate the purchasing process. Your Real Estate Agent should be experienced
and know the inventory and pricing in the area where you want to live. The ability to communicate
what you are looking for in your new home is essential and an experienced agent will be able to help
you articulate what is most important to you.

The next step is to assess your finances so you know how much you can spend on a house and what
your monthly payments will be. Your Realtor can also help you find a Mortgage Broker. You should
have a pre-approval from your bank or Mortgage Broker before you start the search for your home. The
Mortgage Broker will help you determine which type of loan is right for you. A good rule of thumb is
that you should have 20% cash and 80% financing to be able to purchase the home.

Your Realtor will continue to guide and prepare you throughout your search and educate you so when
you are ready to present an offer to purchase the home, you have all the information you need. Our
Real Estate market today is very active because of the low interest rates and the heightened appeal in
home ownership. You may find yourself in a situation where there are multiple offers presented on a
house. Your Realtor will guide you in positioning your offer to be competitive.

This is a very exciting time for you. If you are prepared and knowledgeable, purchasing your first home
will be a positive and pleasant experience.

Diane Anderson
Associate Real Estate Broker
Daniel Gale Sotheby's International Realty
5 Main Street
Cold Spring Harbor, NY 1172
631-692-6770 x 222
516-383-7354 Cell

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