6 Tips to Get You Closer to Your Dream Home

Happy woman inside her home
  1. Don’t lose hope! If you have the funds, and the affordability is still within reach, you can be a homeowner. You might need to adjust your expectations of what your first home will look and be like to get a starter home first.
  2. Buy now, save later? If you buy now at higher rates, and interest rates drop, you can always refinance to the lower rate, but there are closing costs associated with that. (Think thousands, not hundreds).
  3. Don’t sleep on a good fixer upper. Most homebuyers are looking for “turnkey” so if you’re willing to put in a little love, you can get a better deal and build equity on your investment too.
  4. Be creative. Check out special mortgage programs that make buying and owning more affordable like First Republic’s Eagle Community Home Loan and New York State’s SONYMA program for discounted interest rates and down payment assistance.
  5. But first, a second home. We continue to see a trend of our clients exploring home ownership outside of the NYC metro area while continuing to rent locally. I call this the “second home first” phenomenon.
  6. Be open minded. Consider other neighborhoods. I know you love your neighborhood. You’ll just have to decide what’s more important if affordability there is out of reach. Owning your home? Or loving where you live?

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