6 Tips for Buying a Home in Westchester County

While living amidst the excitement of New York City is enticing, some long-time residents may begin to tire of The City That Never Sleeps. 

If you are interested in purchasing a home with more space, yet want to remain within reach of NYC, then you should set your sights on Westchester County. The small towns and hamlets north of the city have a historic charm, and many are just a Metro North ride away from Grand Central Station. 

There are nuances involved in the home-buying process. Yet, if you follow some best practices, it is possible to get a great deal on your path to home ownership. That is why the team at Prevu Real Estate devised the top tips for folks to follow when buying a home in Westchester County.

Tips for buying a home in Westchester

• Save for a down payment
• Get a mortgage pre-approval
• Target your town search
• Interview multiple buyer’s agents
• Seek out a commission rebate
• Do your due diligence

Save for a down payment 

Unless you make an all-cash offer, you will require financing to buy your home. 

Down payments typically total about 20% of the house's purchase price, so make sure you save early. Homes in Westchester can cost a pretty penny as the towns are close to Manhattan but retain a unique historic charm you can’t find in most American towns. 

The best way to kickstart your savings journey is to create automatic deposits to a special savings account, so it will passively grow over time. Skipping vacations will save you thousands as well. While it hurts to miss a ski season, buying a home in Katonah places you closer to the slopes in the Berkshires in the long run. 

While getting your savings in order will help, you need backing from a lender to show buyers you are serious in this market. 

Get a mortgage pre-approval

In today's market, you’ll likely need a mortgage pre-approval if you want to purchase a home in Westchester. 

While it is nice to think about neighborhoods and put together a shortlist of buyer's agents to work with, getting your financials in order should be one of your top priorities. Coming to the table with a mortgage pre-approval gives sellers peace of mind as they know the lender backs your offer. 

As you kick off your search, get your bank statements, W-2s, and a list of assets together to speed up the process. You will also want to ensure your credit score is in good standing to reach the highest purchasing power possible. Make sure you meet with multiple lenders, as each may offer you different mortgage products and rates that fit your needs. 

Target your town search 

While you may love the rustic nature of towns like Armonk, if you have to commute daily into Manhattan, a non-direct train to Grand Central might not be your top option.

Where you choose to purchase property influences your day-to-day life, and you need to have a checklist before making offers. If you need a lot of space, you should consider homes with a basement and garage. Consider your monthly budget and what it will look like once you trade in monthly rent for your mortgage payment. 

If your heart is set on moving to Briarcliff Manor on the shores of the Hudson River, be ready for high price points. While the price is high, the trade-off is an easier commute into NYC. 

Figuring out what Westchester towns are suitable for you takes a lot of soul-searching. Some folks like the solitude of places like Chappaqua, and if they do not need to travel to Manhattan daily, the distance works in their favor. 

Other people want an exciting downtown to shop in and should consider places like White Plains or Rye, where you can easily get to NYC via the Metro-North in 45 minutes.

Interview multiple buyer's agents

Buying a home is one of the most expensive transactions most people undertake in their lifetimes. 

While some first-time home buyers think they may save money by negotiating directly with a listing broker, inexperience can lead to the risk of oversharing information and potentially overpaying. It pays to have someone in your corner when you put hundreds of thousands, if not millions, of dollars into a property investment.

You want to put in the time to meet with a few real estate agents, asking them to explain the transaction process to you. They should be able to understand your homeownership goals and suggest towns and neighborhoods you might not have considered. They can also provide historical data on home sales in your preferred areas to help you avoid over-priced homes. 

Once you find your dream home, they can connect you to home inspectors and explain how the appraisal process will affect your monthly mortgage payments. Sellers appreciate buyers who can speed through the transaction process, and having an agent who can recommend attorneys and other experts helps out a lot. 

There is a lot to keep in mind as you find an agent to help you, but as you go through your questions, ask each one if they can offer you a commission rebate. 

Seek out a commission rebate 

Most homebuyers do not know they can save thousands of dollars when buying a home as long as they work with the right agent. 

Not all agents will offer this tool to buyers, as it cuts directly into their slice of the broker fee. But as you meet with agents, ask if they can provide you with a commission rebate. 

Sometimes called a commission refund, this tool enables your agent to give you a portion of their fee when you close a deal on a home in Bedford. Traditionally, the listing agent shares a portion of the broker fee with the buyer's agent when a deal closes. But modern advances in brokerage operations enable buyer's agents to offer a commission rebate to new homeowners. 

Prevu agents will accompany you on home tours, craft a negotiation strategy, and once you get the keys to your new Westchester home, they will send you a commission refund. Prevu offers the largest commission rebates available in New York. 

For example, if you buy a $2.2 million home in Larchmont, you could receive up to $44,000 as a buyer rebate by working with a Prevu agent on your purchase. 

This money can help new homeowners rebuild their savings, cover closing costs, furnish parts of the home, or cover remodeling project costs. Buyers who know they can expect a commission rebate upon closing can also use that knowledge to increase their purchasing power. 

Do your due diligence 

It is easy to get swept up in the excitement of buying a historic Bronxville home. The price may seem right, the location is beautiful, and the property is spacious. 

Yet glossing over inspections and rushing to the deal table can lead to hidden problems like a roof needing replacement or corroded pipes. Especially since many houses in Westchester County date back to the early 1900’s, if not older. 

While they exude historic charm, the homes may need several upgrades. Your buyer's agent will be able to help you craft questions to find out about the age of the heating systems, when the last time the septic system was replaced, and if there are any underground oil tanks on the property. 

Repairing or replacing any of these systems can run thousands of dollars, so you want to watch out for potential pitfalls before buying a home.

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