Some critical mistakes Boston condo buyers make
Boston Condos for Sale & Boston Apartments
Some critical mistakes Boston condo buyers make
Boston condo buyers face challenges in this market. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.
But, there’s one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now.
Putting Off Pre-approval
As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first. As CNET explains:
“If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”
Holding Out for Perfection
While you may have a long list of must-haves and nice-to-haves, you need to be realistic about your home search. Even though your ideal state is you find a home that checks every box, you may need to be willing to compromise – especially since inventory is still low. Plus, a home that has everything you want may be too pricey. As Investopedia puts it:
“When you expect to find the perfect home, you could prolong the homebuying process by holding out for something better. Or you could end up paying more for a home just because it meets all your needs.”
Instead, look for something that has most of your must-haves and good bones where you can add anything else you may need down the line.
Buying More House Than You Can Afford
With today’s mortgage rates and home prices, there’s no arguing it’s expensive to buy a home. And while it may be tempting to stretch your finances a bit further than you’re comfortable with to make sure you get the house, you want to avoid overextending your budget. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment. Bankrate offers this advice:
“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations. Every borrower’s case is different, so factor in your whole financial profile when determining how much house you can afford.”
Not Working with a Local Real Estate Agent
This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly. As CNET explains:
“Attempting to buy a home without a real estate agent makes the process more arduous than it needs to be. A real estate agent can give you professional legal guidance, market expertise and support, which will save you time, money and stress. They can also increase your chances of finding the right home so you don’t have to spend hours scouring the internet for listings.”
Boston Condo Buyers and the Bottom Line
Mistakes can cost you time, frustration, and money. If you want to buy a home in today’s market, let’s connect so you have a pro on your side who can help you avoid these missteps.
Some critical mistakes Boston condo buyers make
The Boston condo for sale buying process is both a science and an art. It requires knowledge, skill and finesse to navigate smoothly through the often rough waters.
If this is your first time buying a Boston condo or an investor, we’ve got you covered. We’ve created a list of the some critical mistakes new Boston condo buyers make when purchasing a condominium.
We hope this information helps you avoid costly mistakes that could have been avoided with a little tact and care.
Lets get started
1. SKIPPING THE HOME INSPECTION
Never give up a home inspection. It may seem expensive but it’s worth every penny in the long-term.
Termite damage, plumbing, mold, mildew and structural issues are the tip of the iceberg when it comes to potential problems you could face. Screen for issues now, save money later.
There has been a growing trend in hot competitive markets to skip the home inspection process as a means to stay competitive. Unfortunately for a lot of Boston condo homebuyers this is a huge mistake and should be avoided at all costs!
A home inspection is a wise investment that will alert you of any and all potential problems and hidden costs so you can make a well-informed purchase decision that won’t break the bank.
2. NOT KNOWING WHAT YOU CAN AFFORD
It’s important to get your finances in order before you start looking for a Boston condo for sale and spend within your means. I know this might not what you want to hear right now. But this one tip alone will save you a lot of time, headaches and money.
Remember:
DO get pre-approved for a loan
DO Budget for your first home
DO Consider additional expenses
3. NOT THINKING ABOUT THE FUTURE
The only constant is change: Did you ever imagine this is where you would be 5 years ago?
Odds are this won’t be your last home. You’ll likely sell it and move on in 7-10 years. Keeping this in mind will help put things in perspective so you can make a better purchase decision in the now.
Having a clear vision of where you are going and understanding that things WILL change will help keep you semi-detached from the emotions that can sweep you away in the heat and passion of buying your first home.
Take a step back and breathe. Consider what your life and future might look like in 7-10 years. Then make the best purchase decision based on that vision rather than present circumstances. Trust us, you’ll be a lot happier in the long run.
4. FORGETTING THAT EVERYTHING IS NEGOTIABLE
Some Boston condo buyers often don’t realize that there is almost always room for negotiation. An knowledgeable agent will help you save directly by negotiating a better price, or indirectly by getting creative with certain concessions, such as repairs or closing costs.
Negotiable | Ford Realty Inc
