<p></p><h2 id="e142e292-b06e-4165-9ec7-803626ce163e" data-toc-id="e142e292-b06e-4165-9ec7-803626ce163e">Even if you aren’t going to be ready for a few years, you can help future you buy the home of your dreams by taking a few steps NOW.</h2><img src="https://purplerealestatenyc.com/wp-content/uploads/2021/03/tax-time-150x150.png?crop=1" style="width: 180px; margin: 0px auto 0px 0px;" draggable="true"><h2 id="5b80d21e-32e6-4e7a-891e-d201e4c6619e" data-toc-id="5b80d21e-32e6-4e7a-891e-d201e4c6619e">#1 – When filing your taxes, think about your long term goals and not just short term tax savings.</h2><p>This especially applies to those who are self employed. A lot of tax deductions may not actually save you money if you end up paying a higher interest rate on your mortgage because of a lower Adjusted Gross Income (AGI).You want to show the highest possible AGI on the 2 tax returns prior to buying for a few reasons:</p><ul><li><p>You will qualify for a higher mortgage.</p></li><li><p>You may qualify for a lower interest rate.</p></li><li><p>You will have a lower debt to income ratio and are more likely to be approved by a co-op board.</p></li></ul><h2 id="78c3a285-ed71-497b-88bd-7fde8f8c1c87" data-toc-id="78c3a285-ed71-497b-88bd-7fde8f8c1c87">#2 – Since you aren’t buying for a few years, you have time to make sure your credit is stellar.</h2><p>You can get 1 FREE copy of your credit report every year from the 3 credit reporting agencies – Experian, Equifax, and TransUnion at annualcreditreport.com.</p><p>&nbsp;Dispute any incorrect information. Pay all bills on time, and pay down debts as much as possible. A debt to income ratio of under 28%, including mortgage and maintenance payments, is ideal. Be aware that closing credit accounts, especially older accounts, can lower your credit score.</p><img src="https://purplerealestatenyc.com/wp-content/uploads/2021/03/credit-report-150x150.jpg?crop=1" style="width: 180px; margin: 0px auto 0px 0px;" draggable="true"><p></p><img src="https://purplerealestatenyc.com/wp-content/uploads/2021/03/money-150x150.png?crop=1" style="width: 177px; margin: 0px auto 0px 0px;" draggable="true"><h2 id="d6c6be31-5d52-406c-a929-a7c3e19c6882" data-toc-id="d6c6be31-5d52-406c-a929-a7c3e19c6882">#3 – Save as much $$$ as possible.</h2><p>Buying in NYC requires more cash upfront than most places. Co-Ops can have higher down payment and post close cash requirements, condos can have significant closing costs, and NYC real estate taxes can sneak up on anyone. No matter what you will be looking to buy, the more money you have on hand, the more options you will have. Adding 10-15% to your savings can add up.&nbsp;</p><p>A little time and effort on your part now can save you a lot of money and aggravation later. It is really never too early to start planning for your home purchase. If you have any questions about the home buying process, no matter how far away it might be, reach out to me and I will help you come up with a manageable plan to get there.</p><p></p><p></p><p></p><p></p><p></p>

Even if you aren’t going to be ready for a few years, you can help future you buy the home of your dreams by taking a few steps NOW.

3 Things you need to do RIGHT NOW if you want to buy a home in NYC…Someday.

#1 – When filing your taxes, think about your long term goals and not just short term tax savings.

#2 – Since you aren’t buying for a few years, you have time to make sure your credit is stellar.

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3 Things you need to do RIGHT NOW if you want to buy a home in NYC…Someday.

3 Things you need to do RIGHT NOW if you want to buy a home in NYC…Someday.

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