NYC First-Time Buyer Guide

Your first purchase does not need to begin with a perfect understanding of every real estate term. Begin with a clear set of questions and a process for answering them.

Before touring Write down why you want to buy, how long you expect the home to serve your needs, and what a comfortable monthly housing payment would look like. Keep a separate list of cash expenses. The CFPB’s readiness checklist includes closing, moving, repairs, furniture, and improvements.

Before choosing your team Ask an agent how they would organize your search and explain ownership types. Ask a lender to walk you through financing options and their assumptions. Ask an attorney when they should become involved and what their review includes. Request fee explanations in writing.

Before making an offer Prepare a property checklist: layout, light, noise, access, recurring charges, documented policies, and open questions. Discuss your offer strategy and proposed terms with your team. Identify which facts still need verification.

Before committing Request a clear explanation of the documents you are being asked to sign. Keep estimates separate from final figures. Ask what conditions remain and what could change the timeline.

A useful habit After each conversation, record three things: what you learned, what remains unanswered, and who will follow up. This turns a large project into a manageable set of decisions.

Your next step: draft your search brief, then explore the ownership and budget guides.

General educational information; not an approval of affordability or eligibility.

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