Brooklyn attracts buyers nationwide with its vibrant culture, iconic brownstones, and diverse neighborhoods. With thousands of homes for sale in Brooklyn, you have plenty of options. But you must get preapproved, check neighborhoods, and attend open houses.
With Houzeo, Brooklyn’s best home buying website, managing your home search is simple. You can look through the latest listings in Brooklyn, save your favorites, schedule showings, and submit offers, all at your fingertips.
👉 Download the Houzeo mobile app to simplify your Brooklyn home search.
At a Glance:
- Determine whether you’re purchasing a primary home, a vacation getaway, or a rental property, and choose the best neighborhoods to live in Brooklyn.
- Set aside 30–45 days for mortgage pre-approval. Aim for a credit score of 620+ to stay competitive in Brooklyn’s fast-moving market.
- Explore FHA, VA, or USDA loans, and apply for New York programs like SONYMA or NYC’s HomeFirst.
- Use platforms like Houzeo to search Brooklyn homes by neighborhood, price, or must-have features like backyard space, or proximity to the subway.
- Schedule inspections for major systems like the roof, boiler, and plumbing
- Expect 2%–5% in closing costs. After purchase, file for New York City’s Cooperative and Condominium Property Tax Abatement to reduce your property taxes.
7 Steps for Buying a Home in Brooklyn🗽
Buying a House in Brooklyn doesn’t have to be complicated. Whether you’re just starting your search or are already browsing homes for sale in Park Slope, these 7 simple steps will help you move forward with confidence:
Step 1: Decide Your Homebuying Purpose
Whether you’re looking for a getaway or seeking an investment, knowing why you’re buying real estate in Brooklyn is essential. It sets your expectations and helps you make smarter choices. Here’s what you should keep in mind:
- Primary Residence vs. Investment: If you want to buy a home, choose places that fit your lifestyle, whether it’s calm Brooklyn Heights or energetic Williamsburg. For investment properties, consider homes for sale in Bushwick, where tourism drives demand.
- Short-Term or Long-Term: If you plan to live in the house for only a few years, focus on neighborhoods with strong resale value and upward market trends. Check out homes in Downtown Brooklyn or Prospect Heights, where the housing market continues to grow.
- Space Requirements: If you’re looking for larger lots or big backyards, consider suburban areas like Dyker Heights or Marine Park. But if you prefer something easier to manage, condos in Williamsburg can be a smart option.
Calculate the cost of living in New York City to get a detailed breakdown of expenses like housing, utilities, transportation, and more. 🏡
Step 2: Explore Financing Options
Before making a purchase, it’s important to understand the financing options available for you to make an informed decision. Here’s what you need to do:
1. Prepare Financially
- Check Your Credit Score: Lenders will check your credit score to determine if you’re eligible for a loan. Aim for a score of 500+ for an FHA loan and 620+ for a conventional loan.
- Calculate Your Debt-to-Income (DTI) Ratio: Lenders often use your DTI ratio to assess how much home you can afford. Keep your DTI below 36%, especially if you want a home in an expensive region like Park Slope or Williamsburg.
- Set Your Budget: Ensure your budget includes property taxes and homeowners’ insurance. In waterfront neighborhoods like Red Hook, Sheepshead Bay, or Coney Island, you may also need to budget for flood insurance.
👉 Use a New York mortgage calculator to estimate how much property you can afford in the Empire State.
2. Explore Loans and Assistance Programs
Down payments in Brooklyn usually range between 10% and 20%, but often vary based on the financing option you choose. You can also look for suitable Down Payment Assistance Programs (DPAs) to help you cover part or all of your down payment.
| Program | Description |
| FHA Loans | Require just 3.5% down and are ideal if you’re a first time home buyer in Brooklyn. |
| VA & USDA Loans | Offer 0% down with lower interest rates. Perfect for veterans or those purchasing homes in rural areas. |
| SONYMA Loans | The State of New York Mortgage Agency offers programs with low interest rates and down payment assistance for first-time buyers. |
| HomeFirst Down Payment Assistance Program | Provides up to $100,000 toward the down payment or closing costs for eligible first-time buyers. |
| NeighborhoodLIFT (Wells Fargo & Local Partners) | Offers grants to support homeownership in underserved communities, helping residents access affordable housing in Brooklyn. |
Step 3: Get Pre-Approved for a Mortgage
The New York City housing market is competitive, so get a mortgage pre-approval to show sellers you’re a serious buyer. In fact, 86% of sellers prefer buyers who are pre-approved. It also helps you negotiate better, and reduces delays in the transaction.
Shop around to find the best New York mortgage lenders—compare their programs, rates and terms. Once you’ve narrowed down your options, get pre-approved by submitting documents like proof of income, credit history, bank statements, and your ID proof.
Step 4: Dive Into the Brooklyn Market
Whether you’re looking at houses for sale in Bay Ridge or anywhere else in Brooklyn, here’s how to buy smart:
- Online Listings: If you’re wondering how to buy a house, starting with online listings is a good first step. Use platforms like Houzeo to search homes for sale by price, zip code, and more. You can also filter for must-haves like a backyard, waterfront view, etc.
- FSBO (For Sale By Owner) Homes: Explore FSBO listings, as they often offer more flexibility in price negotiations. This is because sellers aren’t paying 5% to 6% in agent fees.
Hornell is the nicest and cheapest place to live in New York. The number of homes for sale in Hornell is on the rise, thanks to its safe neighborhoods and diverse job opportunities.
Step 5: Make a Competitive Offer
In Brooklyn’s competitive housing market, homes tend to sell fast. Focus on real estate comps for a more accurate picture. Here’s a checklist to help you craft a strong offer:
- Seller’s Name and Address: Don’t forget the basics—include the seller’s legal name and property address.
- Price and Terms: Offer a price based on Fair Market Value (FMV) and comparable sales. In high-demand areas like Brooklyn Heights or Park Slope, you might need to offer above the asking price to stand out.
- Down Payment: In Brooklyn, down payments usually range from 3% to 20%. A larger down payment can strengthen your offer in competitive markets.
- Earnest Money: Boost your earnest money deposit to show you’re serious, especially in hotspots like DUMBO or Carroll Gardens, where homes can go fast.
- Contingencies: Include protections like home inspection, financing, and wind mitigation contingencies. These safeguards protect you from issues like hurricane damage.
- Concessions: Request the seller to cover some closing costs. It’s common to negotiate repairs after the inspection, such as roof issues, HVAC problems, or plumbing leaks.
- Deadline for Seller’s Response: Set a 24- to 72-hour deadline to encourage a prompt reply. This helps prevent delays and keeps you on track for New York’s average 44-day closing timeline.
- Closing Costs: Expect closing costs around 2% to 5% of the home’s price, including title insurance, property taxes, and lender fees.
Step 6: Conduct Inspections and Appraisals
A standard home inspection in New York should cover:
- HVAC System: Ensure the air conditioning can handle Brooklyn’s heat and humidity. It is essential for year-round comfort.
- Plumbing: Check for leaks, corrosion, and water pressure issues, especially in homes built before the 1980s. Many older buildings in Brooklyn still have original pipes that can be vulnerable to wear and tear.
- Electrical System: Verify everything is up to code and can withstand storm-related power surges, which are common in Brooklyn.
- Roof Condition: Assess for storm damage, missing shingles, or age-related wear.
- Foundation and Structure: Look for cracks, moisture, or settlement issues. Basements and ground floors in areas like Red Hook or Gowanus can be susceptible to flooding.
If you’re browsing homes in Brooklyn, ensure that you get a wind mitigation inspection for a foundation check. Also, if you have a condo over 30 years old and higher than two stories, make sure you get a Milestone Inspection for structural safety.
Once the inspection is complete, your lender will order a home appraisal to confirm the property’s market value. This step ensures the loan amount aligns with what the home is actually worth. It can impact final loan approval, especially if the appraisal comes in low.
Step 7: Close on Your Brooklyn Home
Almost there! Closing usually takes 30–45 days, from signing the contract to getting the keys in your hand. Here’s what you can expect:
- Final Walkthrough: Make sure all repairs have been completed, and the home is in the agreed-upon condition.
- Buyer Closing Costs: Expect to pay 2%–5% of the home price. This includes title fees and lender charges, plus prepaid taxes or insurance.
Once you sign the dotted line and transfer the escrow—congratulations, you’re officially a homeowner. Grab those keys and cue your happy dance! 🎉
What Should You Do After Closing?
Welcome home! Now it’s time to handle a few must-dos to protect your investment:
- File for Homestead Exemption: If the home is your primary residence, apply for NYC property tax abatements to reduce your property taxes. These programs can reduce your annual property taxes, and are especially valuable in higher-priced Brooklyn neighborhoods.
- Set Up Utilities: Get water, electric, internet, and trash service connected, often through Con Edison and NYC Department of Sanitation.
- Get Insurance: In flood-prone areas such as Red Hook, Coney Island, or Sheepshead Bay, you may need to budget for flood insurance through FEMA-backed programs.
- Home Maintenance Plan: Schedule AC tune-ups at least twice a year, clear gutters regularly, and inspect roofs for storm damage or algae build-up. Consider wind mitigation upgrades to reduce insurance costs.
How to Buy a House in Brooklyn Without a Realtor?
Start by researching neighborhoods and browsing listings on trusted sites like Houzeo. Then, schedule showings directly with sellers or their agents. You can also hire a real estate attorney to review contracts and handle legal details.
Next, get pre-approved for a mortgage, make an offer, schedule inspections, and negotiate repairs. With the necessary due diligence, you can buy a house without a Realtor.
Should You Buy a House in Brooklyn?
Absolutely! Brooklyn offers incredible opportunities for homeowners, whether you’re buying for investment, residence, or vacation. Moreover, with more homes being sold below the list price, now’s the best time to buy a house in New York.
Whether you’re drawn to Downtown Brooklyn’s bustling job market or Williamsburg’s trendy arts and nightlife scene, Brooklyn has it all. There’s a spot to match every lifestyle and budget. So if you’re on the hunt, check out our list of the best places to live in New York!
