Tips from a Realtor and Financial Advisor for Buying a First Home

BUFFALO, N.Y. — In Buffalo, the average home will cost you more than $230,000, a significant amount for first-time buyers.

“It’s a tough market to navigate,” said Mary Jacobs, a real estate agent for Howard Hanna.

Jacobs says that because the average home in Buffalo sits on the market for nine days, buying a home is more difficult.

“Before you even talk to an agent, you need to be pre-approved. I recommend local banks,” Jacobs said.

Top 7 Tips for Buying a Home:

1. Get a mortgage pre-approval
2. Be realistic about your finances
3. Find grant programs to help pay closing costs or down payments
4. Find a reliable real estate agent
5. Don’t make any big purchases before closing
6. Have the house inspected
7. Make sure buying a home is the best thing for your family

And once you get pre-approved, remember that you don’t have to spend it all.
“I was approved for $300,000, but the taxes on that $300,000 house are $8,000 a year, which adds an extra five or $600 a month to your payment,” said Allen Dembski, a financial advisor for Buffalo First Wealth Management.

“It’s tough here for first-time home buyers; you don’t have a lot of equity to work with, so be patient,” Jacobs said.

You can find grant programs to help cover closing costs and even as a down payment.

“Some banks will even match the amount you deposit. There are many nonprofit and for-profit organizations that can help you with this,” Dembski said.

Jacobs recommends that buyers find a knowledgeable real estate agent.

“We help navigate the homebuying process through the entire system, and that’s where a really good agent comes in,” Jacobs said.

You should avoid purchasing expensive items like a car or furniture before closing.

“It could affect your credit score and your ability to purchase the home at closing because they do a credit check,” Jacobs said.

You will want to make sure that the home you want is inspected.

“As long as the house is structurally sound, cosmetic renovations are easy to do,” Jacobs said.

Finally, even though it may seem simple, make sure this house is right for you.

“We want to make sure that our other projects are not interrupted because we bought this house,” Dembski said.