Costs to Expect
- Down payment (typically 10–20%+ depending on property type)
- Closing costs (approximately 2–5% of purchase price)
- Mansion tax (if applicable)
- Monthly maintenance or common charges
- Property taxes (for condos)
- Insurance and moving costs
Everything you need to know about buying your first home in New York City — from budgeting and financing to closing.
Buying your first home in New York City is an exciting milestone, but it can also feel overwhelming without the right guidance.
From understanding co-ops vs condos to navigating financing, board approvals, and closing costs, NYC real estate has its own unique process.
With the right strategy and support, first-time buyers can confidently enter the market and make smart long-term decisions.
Michael Bhagwandin works closely with first-time buyers to simplify the process and guide them every step of the way.
Determine what you can comfortably afford, including monthly payments, maintenance/common charges, and closing costs.
A mortgage pre-approval helps define your price range and strengthens your position as a buyer.
Each property type has different rules, costs, and approval processes.
Focus on neighborhoods, building types, and properties that align with your goals.
Work with your agent to submit a competitive and strategic offer.
Attorneys review contracts and building financials before signing.
Prepare and submit required documents for board review.
Finalize financing and complete the purchase.
Michael provides hands-on guidance throughout the entire process, including:
Most buyers should plan for at least 10–20% down plus closing costs.
It depends on your financial profile and long-term goals.
Typically 60–90 days, though co-ops can take longer due to board approval.
Some condos allow lower down payments, while co-ops often require higher.
Michael Bhagwandin helps first-time buyers navigate the NYC market with confidence and clarity.