HOW TO BUY YOUR FIRST HOME

The NYC- and Hamptons-based real estate agent shares her advice on landing your dream home!

BY SUSAN HARRISON

bHAMPTONS VS. CITY Many clients are at the point in their careers where they’re renting in the city and in the Hamptons and would like to take the plunge and buy in one market and continue renting in the other. There are clearly a myriad of factors to consider in this extremely personal decision. Buying in the Hamptons can offer a bit of flexibility, which the city does not, in that it can serve as a rental property down the line. With stringent rules on subleasing at most co-ops and even some condos in the city, this is not really an option.

bKNOW THYSELF Are you a fixer upper who relishes buying a wreck and demoing to your hearts content? Or are you someone who wants to be able move right in? You may be somewhere in between—willing to buy a somewhat older home and renovate the kitchen and bathroom. Or perhaps you’re looking for that ideal plot of land on which to build your dream home. The more you are honest with yourself about your appetite for doing work vs. paying a premium for “turnkey,” the better.

bMAKE YOURSELF ATTRACTIVE

AND BE PREPARED Will you be financing? How much? It’s imperative that you figure out not only your

Susan Harrison

budget, but also your financing plan. Will your purchase be contingent on financing? Being preapproved for a mortgage is a necessity. With Hamptons inventory levels at their lowest ever, sellers can be demanding. It helps to have everything lined up when presenting your offer. Have your preapproval as well as your inspector ready to go. If your offer doesn’t depend on financing, make sure you’re able to provide proof of funds and have the documentation ready. Limiting contingencies and being prepared is a way to establish yourself as stronger than another buyer.

bBE OPEN-MINDED “Value” is not a word you hear in the same sentence as the Hamptons these days. However, you may be limiting yourself based on what you have allowed yourself to experience. You may have rented in the same town for the past four summers, but you may now be priced out of Bridgehampton equestrian country. My advice: Explore. The Hamptons is so incredibly rich and diverse in architecture, style, topography, and aesthetic, just by driving a few miles!

bFIND YOURSELF A LOCAL

AGENT WHO “GETS IT” Ask friends and colleagues for referrals and interview a couple of them. You want to work with someone who knows the markets here, who will take the time to educate you on the process and the nuances of different towns, and who will work for and with you. You want someone who is connected to the pulse of the market and is savvy and creative about structuring and sourcing deals in this environment. T

TEREZ FOUNDER ZARA TISCH’S TOP CLOSET TIPS

Your Hamptons home wouldn’t be complete without a swoon-worthy closet! Zara Tisch, the founder of athleisure brand Terez, is sharing her top-5 organizational hacks with Spotlight!

1Take everything out and put it all in one spot. This lets you know how much space you have to work with.

2Declutter, downsize, and discard! Make three piles labeled “Keep,” “Donate,” and “Throw Out.”

3Organize by ROYGBIV and categorize by type of clothing. This will make it a lot easier to find what you’re looking for.

4On laundry day, take a moment to notice what’s remaining in your closet. If the same pieces are left over, they need to go!

5Each time you buy a new item, make a rule for yourself that when one thing goes in, another has to come out.

Zara Tisch