What I Wish I’d Known

First-time buyers share what they learned the hard way.

Add Comment

By S.Jhoanna Robledo
Published Jan 22, 2012

That down payment you think is enough? It may not be enough.
Unlike condos, many cautious co-ops now require significantly more than the typical 20 percent plus a hefty cash reserve. “It changes [your] price point,” says psychologist Rebecca Gonzalez. “I had been looking at places that were $650,000 to $700,000, and in the end, we had to find something closer to $500,000.”

Sweat the small stuff.
Hsing Wei, a digital designer who became a homeowner in 2009, focused on the basics, like the building’s location and finances. She didn’t bother with details: where the light sockets were, how a dryer needed to be vented. “These aren’t make-or-break, but they affect how much work you’ll need to do.” You may have to install more lighting, for instance, or completely replace your furniture.

Your must-haves may not be so necessary.
“I wish I wasn’t so set on the obvious neighborhoods,” says beauty editor Alex Samuel, who bought a one-bedroom last year. She wanted Williamsburg and settled on Greenpoint—and loves it. “I gained a sense of community, and because I bought in what’s up-and-coming, my apartment’s already gained $50,000 in value.” Plus a new water-taxi stop nearby, for fast trips to Manhattan.