9 Things to Consider When Buying Your First Townhome in Cobble Hill

Cobble Hill is a stunning neighborhood with some of the most luxurious townhomes in the borough. Incredible properties with a range of interior designs, square footage, and floor plans await buyers looking to call Cobble Hill home. Whether you’re hunting for a townhome with all the most modern amenities or something with more of an antique flair, there are Cobble Hill homes and townhouses available to suit your style. The key to making a smooth and simple investment is to think through all the different steps involved in doing so. To get started, check out our list of the top 9 things to consider before buying your first townhome.

Whenever you consider moving to a new location or investing in a home, it’s wise to spend time getting to know the area. Is a townhome in Cobble Hill really for you? Visit the neighborhood a few times, in different seasons. See what it’s like in mid-summer when the music festivals or farmer’s markets are running. Check it out in the grip of winter, when locals are shoveling their snow and spending time at the skating rinks. You want to make sure you love what the area has to offer, from its schools, parks, and museums to its restaurants, shops, and transportation options.

It’s helpful for every potential buyer to review their finances before diving into the market. First, it’s critical to have a sizable amount of savings built up, with experts suggesting different amounts for different age groups. The general rule, though, is to have at least three to six months’ worth of living expenses put away for emergencies. Savvy buyers will review their current savings, investments, and income streams and compare those to their monthly and yearly expenses. By taking into consideration current debts and credit card use, buyers can get a sense of how their financial health is doing.

Once buyers review their finances, they’ll be able to determine what they can afford. It’s important to consider whether you’ll be paying in cash or taking out a loan. Interested buyers who plan on having a mortgage will want to be sure they have at least 5-20% set aside for a downpayment and can cover other associated costs throughout the buying process. Sometimes, lenders will provide a loan that exceeds what an individual or family is willing to pay. Having a sense of where your budget ends can ensure you don’t spread your resources too thin.

After determining their budget, buyers should explore what’s available in the Cobble Hill real estate market. This will help them narrow down the amenities and features they’ll look for when they start the home hunt in earnest. Though this isn’t quite the same as trying to find homes to put in an offer on, this preliminary overview of the market is a necessary step in confirming where to look and which homes to hone in on.

While Cobble Hill is mostly residential, there are a handful of truly incredible restaurants dotted throughout. As you consider a move to the neighborhood, explore some of the local eateries, including the cozy cottage vibes of Henry Public and sleek cocktail bar, Elsa.

With knowledge of their finances and the local amenities in tow, buyers can move ahead and pursue pre-approval. This is a necessary step in securing a mortgage loan. It’s important to choose a local lender that offers a mortgage interest rate you’re happy with. From there, the lender will review your income, debt repayment history, and credit score to determine the size of the loan you’re eligible to take out.

As you consider making your investment, determine a realistic timeline. Your agent will have an inside look at the local market and help you determine when it might be the right time to buy. The key is to make a compelling offer and work closely with your real estate broker to ensure that you’re choosing homes strategically.

One thing first-time buyers aren’t always aware of is the additional costs that come with buying a home. Typically, it’s wise to put away anywhere from 2-6% of your total mortgage loan to go towards closing costs. Not only will you need money for your downpayment, but you may have to pay an application fee to take out a loan. You’ll need to set aside funds for a home inspector, appraiser, and, potentially, a title search. Buyers and sellers in New York are required to work with an attorney during closing as well.

The right real estate professional can make your homebuying experience a breeze. When you prepare to search for Cobble Hill homes for sale, work with broker Lindsay Barton Barrett. With a commitment to excellence and a history of successful sales, Lindsay knows how important it is for first-time buyers to feel satisfied with their new home. Once you’re ready to take the first step toward your future in Cobble Hill, reach out to the team for guidance you can count on.