first time buyer

Dh and i are thinking it may be time to start looking at buying an apt. As a first timebuyer how soon should we start the process of looking, getting preapproved, etc. Not sure how long it takes We were thinking of looking at a few places to see if we even liked anything in a price range we think we can afford prior to getting preapproved. Is that ok? Our lease just renewed this month and i want to make sure we take our time with this process. Sorry if the questions are dumb just totally clueless on the topic. Thanks for any input.

Re: first time buyer

I think there are pros and cons to both buying and renting.

I also think there are pros and cons to buying an apartment/co-op.

I would look at some of the recent threads on difficulties in re-selling this type of home.

A year is definitely a good time frame but I would possibly consider speaking to your landlord about getting out of your lease early if needed.

I also think it's totally reasonable to begin looking to see what is out there, before starting the process with the bank.

There are also some very knowledgeable agents on this site as well. I'd absolutely value their input.

Happy househunting!

Re: first time buyer

I think it would be really helpful for you to sit down with an agent and just have a preliminary buyer's consultation. I do this all the time -- I work with many first-time buyers -- and there's no pressure or commitment. But by speaking to an agent, you can gain a lot of knowledge about the buying process, what preparatory steps you should be taking, about financing options, and about the market in general and the areas/homes you may be interested in.

I had a blog post last year about the benefits of having a buyer's consultation before you jump into the search process. You can find it here:

http://www.lifamilies.com/blog/Century%2021%20Dallow%20-%20Christine%20Braun

Feel free to contact me if you'd like to set something up. You can reach me via FM on this site, or at [email protected] or (516) 587-7618.

I think it's a great idea to do some preliminary research into areas you may be interested, drive neighborhoods, look online to see what's available there, and even stop into some open houses. But I think it really helps to have a concrete handle on what you can afford. So I feel like it's never to early to talk to a mortgage lender to learn about your financing options and what you qualify for (and how you can strengthen your qualifications). There is no downside to this -- knowledge is power in the home buying process. Again, if you get preapproved by a lender, you are not committed to using a lender. You can still shop around. But a good lender can advise you on the process and what could work for you, given your personal financial circumstances. Let me know if you need recommendations for lenders.

In my experience, investing the time in learning a lot about the process upfront, and "lining your ducks up" so to speak, makes for a smoother and more successful house hunting process, and takes a lot of stress and anxiety out of the picture!

Good luck, and enjoy! House hunting is fun (or should be), which is why I made it my career.