If you're a first-time home buyer in the Boston real estate market or could use a refresher, this step-by-step guide will help simplify the process for you.
1. Prepare Ahead
As you prepare to search for a Boston home, there are a few steps to keep in mind just before you find your dream home.
- Watch your finances. It pays to go into the process with a good credit history.
- Research mortgage options and get pre-approval.
- Hire an attorney. Buying a home involves a large volume of paperwork, including contracts and agreements. Having a real estate lawyer by your side is strongly recommended.
- Save for a down payment. Needless to say, it's expensive to buy a home - start saving now! In addition to your down payment, be prepared for costs such as:
- Closing costs
- Utilities, insurance and other monthly bills
- Property taxes
2. Find a Boston Real Estate Broker
A knowledgeable agent can make the home buying process easier and save you money. Boston's top residential broker, Tracy Campion, and the team at Campion & Company are here to listen to your concerns and be sure that your needs are met. To learn more about how we can help you, contact our team.
3. Find Your Dream Home
What is most important to you? Make a list of your must-haves and deal breakers before you begin searching for your Boston home or condo. Your checklist might include:
- Neighborhood or location
- Walkability & public transportation
- Off-street parking
- Top Boston school system
- Close to medical centers, top local employers
- Building amenities
Don't forget mortgage payment on this list. Your dream home won't be your dream home unless you can afford it. Include utilities, taxes, homeowner's assessments in your calculations.
4. Financing Your Boston Home
Once you've found the perfect property, take the steps to understand the financing terms. Your mortgage broker, lender or attorney can run a title search and will be important resources to help make sure you're clear on all terms. Ask questions if you're unsure about anything!
5. Make an Offer!
- Home inspection - Before making an offer, be sure to get the home inspected by a licensed home inspector
- Make sure the title is clear or consider adding contingencies to your offer if it's not
- Plan to get title insurance
- Before you put pen to paper - be sure to read ALL contracts. If you hire an attorney, have them review the contracts, too
- Once you place a bid, be prepared to make a counter offer - it can be competitive
- Keep an eye on your credit score and hold off on additional big expenses until long after your closing
- If your offer is not accepted - then the search continues!
6. Closing on Your New Home
- Keep all sign contracts and papers, from offer to closing, on file
- Get insured
- Homeowners
- Flood
- Fire
- Disaster
- Weatherproof your home - Get your home ready to face all four seasons
- Set up all utilities
- Get ready for the move - Whether you are hiring professionals or relying on friends, get a moving plan together as soon as you know your move-in date
- Make your home your own - from fresh paint to new light fixtures, have fun making your new place yours
- Introduce yourself to the neighborhood - Get to know your new neighbors and see what the neighborhood has to offer
- Pass on the recommendation - If you are happy with the experience you had with your Realtor, recommended them to your friends looking to purchase Boston real estate!
If you still have questions about the home buying process or any real estate considerations specific to Boston, please contact Campion & Company. We look forward to helping you buy your next home!