If you're getting ready to buy a home in the Central Catskills, it's worth taking some time to brush up on your real estate knowledge. There's a lot that goes into finding, buying, and closing on a house—and both first time buyers and experienced investors could always use a quick refresher!
Here are some of our frequently asked questions that are common among Central Catskills home buyers. If you don't see your question listed here, feel free to reach out to us to get the answers you need.
Frequently Asked Questions About Home Buying
- Before you start looking for homes, take some time to organize and review your finances. It's crucial to set a realistic budget and figure out how much you can afford for a down payment. You can always use our handy mortgage calculator to get an idea of what your monthly payments might look like.
- The Central Catskills is home to plenty of stellar towns, hamlets, and villages—start exploring to see which one will be a great fit.
- If you're a first-time buyer, it's worth taking the time to do some extra research!
- You can change a lot of things about a home...except its location. If you haven't already, consider how close you'd like to be to certain schools, amenities, and conveniences. This can help you narrow your search down you a specific neighborhood.
- Think about the ideal size and features you'd like in your new home, and create a wants and needs list to rank your priorities.
- Browse some of our Central Catskills featured listings, or start searching homes by amenities and features.
- A great real estate agent will serve as your expert negotiator, trusted advisor, and local guide throughout the buying process.
- They'll also be familiar with all of the towns and neighborhoods throughout the Central Catskills.
- The right Realtor will help you find a home based on your wants, needs, and price point. They'll also have access to the MLS, which makes it easy to see the latest listings.
- Once you find your dream home, they can even help you understand all of the complicated paperwork that you'll sign during the closing.
- Before securing a loan, you have to shop around for a lender. Banks, credit unions, private mortgage companies, and government lenders are some of the most popular options.
- Your agent can help connect you with lenders, but you can also find one on your own. Be sure to do your research on interest rates, loan types, and special programs available to Central Catskills buyers.
- There are many federal and local home buying assistance programs to choose from.
- The Federal Housing Administration (FHA) offers insured loans, which protects the lender if the buyer stops making payments. This safety net encourages lenders to work with buyers who have lower credit scores or cannot afford a down payment.
- New York also has its own housing assistance programs to help different types of buyers.
- The Department of Housing and Urban Development (HUD) offers both regional and national home buying programs.
- Earnest money: This is a security deposit that you pay when you submit an offer, and it shows buyers that you're serious about their home. After your offer is accepted, the payment is applied to your down payment or closing costs.
- Down Payment: This is the amount of money you have on hand to pay for a home. Down payments are typically just a percentage of a home's total cost—the rest is covered by your loan.
- Closing Costs: These are fees associated with paperwork, lender charges, and paying your agent's commission.
- Be sure to factor utilities, HOA or condo fees, and property taxes into your budget. They're typically included in your mortgage payment.
- Your agent should be familiar with any other costs that come with a specific home, townhome, or condo. Be sure to ask plenty of questions!
Still Have Questions?
We have answers! Get in touch with the Catskills Dream Team today to begin your home-buying journey. We'd love to introduce you to the Catskills lifestyle, and your perfect place could already be on the market.
Want more information? Here are a few resources to help you get started!