How to Buy a Home in NYC | Buyer's Guide

Setting your goals

• What is your motivation to buy?
• What is your time frame to move?
• Ideal features v. non-negotiables?
• What neighborhood attributes are you looking for?
• What are your goals with your investment? Rent? Flip?

Education and preparation

• Select a lender for pre-approval process and letter
• Understand current market conditions
• Review contracts and timelines
• Learn about the purchase process

Finding your home

• Research neighborhoods of interest
• Notifications of new and off-market listings
• Review listings online with curated collections
• Attend open houses and showings
• Market analysis and review of comps

Offers and negotiation strategies

• Positioning you as the chosen buyer
• Strategize for a possible multiple offer situation
• Negotiate to optimal price and terms
• Leverage agent to agent relationships
• Respond quickly to market changes

Escrow Process

• Obtain fully executed contract and open escrow
• Schedule home inspection
• Wire initial deposit to escrow account per terms of agreement
• Notify lender to begin loan process and order appraisal
• Review disclosures and reports
• Contact insurance agent for homeowners coverage
• Provide escrow with vesting (title information)
• Honor timeline and remove contractual contingencies
• Board Application

Pre Closing

• Perform final property walkthrough
• Verify repairs and property condition
• Transfer utilities to new home
• Obtain home warranty
• Review and approve preliminary title report
• Schedule final walk-through prior to closing

Closing

• Review closing statement from escrow
• Meet with escrow to sign loan docs and closing paperwork
• Wire remaining down payment and closing costs to escrow
• Receive recording confirmation and key delivery
• CELEBRATE

Working Together Again

• Stay in touch
• Providing resources and recommendations
• Referrals, testimonials and online reviews
• Second homes and investment properties

We take a strategic approach with all of our clients whether you are buying or selling your home. Market conditions, relationships, and astute neighborhood knowledge are key factors that play into having a winning strategy to get your offer accepted or selling your home at the best price in any market.

Yimin Ge and The Ge Team are one of the foremost negotiators in the New York City real estate market. We take great ownership in our fiduciary responsibility to our buyers and sellers in securing terms and conditions that safeguard our clients' interests.

We leverage data in everything we do to support your home purchases with solid market analytics to help you make the most informed decisions. If it's our buyer, we want to make sure they are paying at or below market value. If it's our seller, we want to make sure our prices match the market.

We are a team effort that is staffed to support you through the entire process and meticulously oversee the details that come with selling or buying a home. Our goal is to provide the most seamless real estate experience for all of our clients.

Homeowners can deduct property taxes and mortgage interest paid on their mortgages which reduces the amount of taxes a homeowner has to pay compared to renters who get no such benefits.

As a homeowner, you have the option to fix your monthly payment for up to 30 years. The payment will not change for the life of the loan. As opposed to renting where you are subject to rent increases on every lease renewal.

Credit scores and ratings typically improve when you take on debt and make consistent payments especially for large items such as home mortgages. As your score improves, you can qualify for better rates and lower interest payments.

When it's time to sell your home and make a profit, you can avoid paying taxes on the amount you gain up to $250,000 (as a single taxpayer) or up to $500,000 (for those who are married). For example, if you sell your home for $500,000 and you purchased it for $300,000, the gain is only $200,000 which is below the $250,000 threshold, so there should be no capital gains tax owed.

Property values will typically rise over time, especially in New York City, thereby increasing your assets. The value increase will give you the option to sell at a profit, downsize, or reinvest.

One of the perks of owning your own home is the ability to do what you want with it—remodel the kitchen to your taste, add on another level, open up a wall—it's all up to you!