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Categories: Rev. Dr. Charles Butler,
Rev. Dr. Charles Butler
Persistence is one of the greatest keys to successfully completing the home buying process. For many prospective first-time buyers, the realization of owning their own home can start to appear like a distant and unattainable dream.
Do not despair. Do not get discouraged. Do not quit. Stay focused on completing your goal of homeownership. You owe it to yourself and your family to complete this process. Do not give up on your dream. Remain persistent and determined throughout the entire process.
Another key to successfully completing the process, especially in a highly competitive market, is having a solid home buying plan. Start by developing a monthly household budget. This will let you know how much you can save each month, how much you can spend on a home, and how soon you will be ready to buy. This is essential information for prospective first-time home buyers. Your budget will help you gauge the down payment, closing costs, and mortgage payment reserves you need.
Create a projected purchase date based on when you expect to be ready to complete your purchase. It would help if you had a specific target date in mind. Work towards hitting that target. For example, “By June 2025, I will be ready to purchase.” That’s only 18 months from now. In the home buying arena, that’s closer than you might think. Decide on the type of home you want to buy. Select two or three ideal neighborhoods that provide the features necessary to you, i.e., transportation, shopping, schools, churches, parks, etc. Have a price range in mind.
The third key is being prepared. An opportunity can come when you least expect it. Continue to research housing and know what is happening in the market. Work closely with your loan officer. Keep your pre-approval letter close at hand and have it updated when necessary. Have your money for the down payment and closing costs readily accessible. Maintain contact with your real estate agent so that you will be notified when great deals become available.
Continue to save as much money as possible. Last year, I had several first-time buyers who were eligible for the New York City Home First Down Payment Assistance Grant. However, the application process took too long, and most sellers are unwilling to wait the additional time for the approval process to be completed. The buyers had to either purchase without the grant assistance or walk away from the deal.
Maintain communication with your housing counselor and your attorney. They may be a great source of information for you during this process. The Harlem housing market is costly, and the competition for affordable properties is challenging. Any advantage you can use in this process can make a huge difference.
If you are interested in attending a Harlem Congregations for Community Improvement, Inc. (“HCCI”) workshop or have questions regarding the home buying process, contact Rev. Dr. Charles Butler at (212) 281 4887 ext. 231or email at cbutler@hcci.org.
