5 Important Tips for First-Time Home BuyersJune 11, 2011
So, you’re ready to buy your first Boston luxury home. For first time buyers especially, this experience might seem a bit overwhelming at first. To ease your anxiety, it’s important to do some homework. This should give you some idea of what you can buy within your price range and which neighborhoods appeal to you most.
Before you start seriously looking at properties, here’s a helpful check list to go through:
1. Speak with a mortgage broker or banker to see how much you can actually afford. You may afford a lot more than you think or vice versa. It is very important to know your budget and price range before doing the legwork and wasting time. Mortgage restrictions have tightened, so this step is crucial to finding the best Boston luxury home for your needs.
2. Narrow down the type of property you want: condo, coop, brownstones in the Back Bay, Beacon Hill, and the South End, or lofts in the South End and South Boston OR a single family house outside of Boston. Each type of property has its own unique offerings.
3. Decide what size fits your comfort level. Think about how many bedrooms you need; how much outdoor space you prefer; will a parking space (or two) be necessary, etc.
4. Concentrate on the area. Based on your budget and size preference, you can now concentrate on the area. Which town and what neighborhood appeal to you most – the community vibe, local businesses and parks nearby. Other important considerations for location include proximity to schools and work.
5. Keep an open mind and be ready to compromise. You may not get EVERYTHING on your original wish list, but you should be able to get at least 85% of what you’re looking for – especially when you’re working with a savvy agent who has an extensive portfolio of Boston condos and luxury homes.
After you have done your homework and have a clear idea of your ‘must-haves’, contact a real estate agent you trust. It’s important to work with a market specialist who is familiar with the unique Boston neighborhoods and will make buying your first home a smooth, efficient and exciting process. Now is the time to buy!
Do you have a question about purchasing your first piece of real estate?