Buying a home can be a daunting task, especially for first-time homebuyers. It doesn't have to be that way though. Today's housing market is a once-in-a-lifetime opportunity for first-time buyers. Interest rates are quite low, homes are more affordable, and home inventory is high. Here is a list of tips for the first-time homebuyer in Boston, MA.
What’s the budget?
This
seems like a no-brainer but you'd be surprised, many would-be buyers
shop around, fall in love with a home, and then figure out their
budget. It's very important to first figure out a budget, then look.
This will keep you from future disappointment when you find out that
dream house is way out of your league. Make sure to work with a loan
officer to figure out how much you can spend. As a rule, you don't
want to spend more than 28% of your gross monthly income on the
mortgage, taxes, and homeowners' insurance. Certain loans can allow
you borrow more, but, that might not be a good idea. Just because
someone will lend you more money doesn't mean you should borrow it.
Make
sure to consider life after the home sale too. You don't want to be
“house poor” and put most of your income into your home. Leave
room for possible fixes and upgrades down the road and also consider
your regular expenses and “fun” money too. You want to be able to
enjoy that new Boston
neighborhood you bought in! Take the extra step of getting a
pre-approval through your lender so that you are all set when it
comes time to write an offer.
Make a Realistic Wish List
Make a Realistic Wish List
The key
here is ‘realistic.’ Based on the housing budget you figured out,
and where you want to live, compile a list of what you’d like to
have in your first Boston
home. Check out some homes in your price range online
to get a feel for what your money will buy, and make your wish list
based that. If you’d love a fully renovated kitchen but none of the
listings in your price range have one, be prepared to compromise. You
can always upgrade later, but you really shouldn’t spend more than
you can afford just for nicer finishes. It's always good to keep in
mind that you can always upgrade but you cannot change your location.
Location is key in real estate.
Find a Good Real Estate Agent
Find a Good Real Estate Agent
A
qualified
real estate agent will
educate you about the market and help guide you to homes that fit
your criteria. Once you find that perfect home your Boston
real estate agent will negotiate on your behalf, coordinate the
work of other needed professionals, and work to solve any problems
that may arise during the sale. A qualified real estate agent is
your best asset during a home sale.
Over the last 14 years I have grown a highly successful Boston real estate practice devoted to understanding and satisfying the needs and goals of all my clients. As a result, 90% of my business is referred from those satisfied clients.
Over the last 14 years I have grown a highly successful Boston real estate practice devoted to understanding and satisfying the needs and goals of all my clients. As a result, 90% of my business is referred from those satisfied clients.
Without
the guidance of a local expert, it can be tricky to cover all of the
city's vibrant neighborhoods! As a Boston
real estate agent, my services extend beyond helping buyers and
sellers through their transactions. I thoroughly enjoy getting
prospective residents familiar with their surroundings and exposing
them to the best of everything Boston has to offer. Please contact
me when you decide to start your home search.
I hope
to speak with you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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with me:
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