Top Mistakes NY Home Buyers Make - And How to Avoid Them

Buying a home in New York - whether in Queens, Nassau, or Suffolk, is one of the biggest financial decisions most people will ever make. But with fast-moving inventory, complex property types, and higher-than-average closing costs, it’s easy for buyers to make costly mistakes without even realizing it.

The good news? Every one of these mistakes is avoidable with the right preparation and the right professional guidance.
If you're thinking of buying soon, this guide will help you move through the process with confidence.

1. Skipping Pre-Approval Before Touring Homes

Many NY buyers get excited and jump straight into house hunting without knowing their real budget. Pre-approval is one of the strongest tools you can have before stepping into a single showing.

A proper pre-approval:

• Strengthens your offer in a competitive market
• Shows sellers you’re serious
• Gives you clarity on your true monthly payment
• Helps you avoid falling in love with a home outside your budget

In both Long Island and Queens, homes often receive offers quickly. Being prepared is your biggest advantage.

If you'd like help connecting with trusted lenders who specialize in NY markets, feel free to reach out - I can point you in the right direction.

2. Not Understanding the Differences Between Co-ops, Condos & Townhomes

Property types across NY are not created equal. Many buyers assume a condo is similar to a co-op or that townhomes function the same as single-family homes - but each comes with unique rules, fees, and approval processes.

Here’s a quick overview:

Co-ops:

• Stricter board approvals
• Higher financial requirements
• Lower purchase prices but higher monthly fees

Condos:

• More flexibility
• Ownership of actual real property
• Higher purchase prices but typically lower monthly fees

Townhomes & Houses:

• More privacy and independence
• HOA fees vary widely
• Faster approval process

Understanding these differences early helps you avoid delays and ensures you’re choosing the right fit for your lifestyle and finances.
If you're unsure which property type suits your goals, I can help narrow it down based on your long-term plans.

3. Underestimating Closing Costs in New York

NY buyers are often surprised by the actual cost of closing. Unlike many other states, New York has some of the highest buyer-related fees in the country.

Depending on the property type and location, you may be responsible for:

• Attorney fees
• Title insurance
• Mortgage tax
• Bank fees
• Appraisal
• Transfer taxes (for some new developments)
• Mansion tax (if applicable)

Planning for these expenses early prevents stress later. As your agent, I always break down closing cost estimates upfront so you know exactly what to expect.

4. Focusing Only on the Listing Price (and Not the Real Monthly Cost)

Two homes listed at the same price can have completely different monthly costs.
Your real monthly payment includes:

• Property taxes
• HOA/maintenance fees
• Insurance
• Utilities
• Mortgage payment

A condo with high common charges or a co-op with significant maintenance fees can affect affordability more than the purchase price itself.

When clients work with me, I calculate the true carrying cost of each home so you’re comparing apples to apples - not just numbers on a listing.

5. Waiting Too Long to Make an Offer

In competitive areas like Queens, Western Nassau, and parts of Suffolk, desirable homes can receive offers within days (or even hours) of being listed.

Buyers who hesitate often lose out on homes they love simply because they weren’t prepared to act.

This is why preparation matters:
When you have your pre-approval, financials, and strategy ready, you can confidently move when the right home appears.

And don’t worry - moving fast doesn’t mean being rushed. My role is to guide you through the decision with clarity, confidence, and no pressure.

Your Next Step: Buy With a Plan, Not Guesswork

Buying a home in NY doesn’t have to feel overwhelming. With the right knowledge, and the right agent, you can navigate the process smoothly and avoid the pitfalls that slow down or derail other buyers.

If you’re thinking about buying in Long Island or Queens:

• I can help you understand your budget
• Break down your real monthly payment
• Give you insights on closing costs
• Match you with trusted attorneys, lenders, and inspectors
• Create a customized buying strategy that fits your goals

You deserve a smooth, confident buying experience.

📲 Move with confidence. Move with Ricky.
If you're ready to start your home search - or just want expert guidance before you begin - reach out anytime. I’m here to help you make the smartest move.