Buying a house for the first time can be a surprisingly
complicated process. As such, people who get into it without preparing
themselves can easily get overwhelmed
and make mistakes. This can lead to problems and frustration. Doing some
research beforehand is vital to your success. That is especially important for
cities like Boston, that have property values that are much higher than the
national average. To help you out, here’s a must-have checklist for first-time
buyers in Boston, courtesy of Mary
into getting a mortgage and prepare financially
The most important entry on the checklist for first-time
buyers in Boston is being sure that you can get a mortgage. Getting the best
rate and terms can be complicated, so research is very much needed. First, contact
a lender to determine if you can afford
a mortgage and what to expect. Then start preparing your finances; get your credit score increased, as
you’ll typically need a score of at least 620 to get a mortgage. Try to pay off
your current debt, as the debt-to-income ratio is also essential. Finally,
ensure you have the money needed for a down payment, which can vary from 3.5%
to 20% of the total mortgage. Also, make sure you know how to organize a smooth move to the big city—moving to a city
as big as Boston can be difficult if you don’t prepare.
every mortgage option before deciding on one
There are many mortgage
options for first-time buyers in Boston, all of which have their benefits. That
said, your exact possibilities depend on
your financial situation. Still, doing thorough research into all of your
options is encouraged. Having less than a 20% downpayment may necessitate
additional insurances or fees that will make your loan more expensive in the
are first-time homebuyer programs that can help out quite a bit. Be sure to
look into every possible option before making a decision. And, remember to
think ahead about the move and moving costs. Especially if you’re moving to
Boston long-distance, you’ll want to hire a team to help you get here safely, so be sure to
include that in your budget.
pre-approved for a mortgage before looking for a house
Locking down a house
is very important in competitive cities like Boston, as home sell quickly.
Most sellers will not consider accepting an offer from a person who can not
prove that they can afford the home so getting pre-approved for a mortgage is
vital for first-time buyers. Additionally, by getting pre-approved, you can figure out your buying power. That means
you’ll know the exact price range for the homes you can afford. All in all,
this can narrow down the house hunt quite a bit and help you find a home
Additionally, consider the benefits of a pre-move checklist for planning
your move. After all, planning a move can be very stressful if you’re not
prepared for it. So, having a checklist to help out can be very beneficial
your house hunt
Once a budget is prepared and pre-approved, you can search
for your new home. Consider hiring a
real estate agent to help you out, as most agents have more resources and
experience and will save you time, trouble and money. Figure out your
must-haves and non-negotiables regarding amenities and house features, to help
you narrow down the search.
an offer and schedule a home inspection
When you find a home you
like, it’s time to make an offer. This can be challenging because you want to make an offer that doesn’t break the bank
but is also competitive. Lowballing your price could lead to the seller refusing
it while paying too much is, obviously, not a good idea. Hiring a realtor is
very helpful, as they can help you figure
out the perfect offer. If you don’t want to rely on a realtor, research the
local market to figure out what a good offer would be.
Once you find a potential home, always inspect it before buying. A home that seems perfect
initially can have all sorts of hidden issues, so an inspection is vital. The
last thing you want is to move into your new home and realize you must spend a
fortune fixing it. Also, dealing with home inspection issues can be
difficult, so prepare. In some cases, it may be better to look for a different
home than to deal with problems.
If you want to be able to cancel the sale if something
negative is uncovered during the home inspection, your offer must include a
Home Inspection Contingency. This will spell out exactly what you will and
won’t accept. For example, it could say: if there is a problem that will cost
more than $5,000 to fix, I want to cancel the sale. Without this contingency,
you could lose your deposit if you don’t buy the home.
When the happy day arrives that you will sign the documents
that give you ownership of the home, be sure to bring everything you need for
the closing process. That includes government-issued identification, loan
documents, homeowner’s insurance proof, and money for the down payment and
closing costs. Check with your closing attorney or title company and your real
estate agent to make sure you’ve thought of everything.
must-have checklist for first-time buyers in Boston – wrap up
Buying a home for the first time can be complicated and
intimidating for most people. However, with some research and a checklist, you
can simplify the process.
Additionally, getting help from professional real estate agents is encouraged.
Since the real estate agent is paid by the seller’s agent, there is generally
no cost to you.. That said, you can get through the process on your own with
enough research. Preparation is key when it comes to buying your home
(especially for the first time). So, take your time and make sure you’re not
doing anything wrong, and you’ll be fine. We hope this must-have checklist for
first-time buyers in Boston helps you out, and we wish you a good day.