8 Tips to Guide for Your Home Search in Boston
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing.
2. Be realistic. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property. Know your budget and if it calls for beer, don't shop for champagne.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.
4. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. Your long lost contractor uncle will tell you that every house is a piece of junk. If I listened to these types of folks, everyone would be living in their cars.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you. I always recommend that you buy just a bit more than you think you'll need and to stay within budget. This way if you if your life changes, you will be able to stay (ie. children, you find Mr. Right).
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year. I never recommend a buyer waive any inspection. NEVER!
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment.
I know that #8 sounds self serving...It's not meant to be. I am making this recommendation on the basis that your hire a real estate professional, not necessarily me. The folks who call me to sell their homes, and are upside down are usually the ones who went at it alone or directly to the listing agent to make their purchase and guess what, they are now going to pay the price.
