You’re ready to start your property search and purchase your first condo in Beacon Hill. Before diving in head first, do a little light reading and educate yourself on common real estate terms. Having a basic understanding of industry jargon will make communication with your agent a two-way street and will bring a few very important aspects of property buying to your attention.

Pre-approval

– Before you actually start looking at properties, it’s a good idea to obtain a pre-approval letter from the bank. This will give you an idea how much you can afford and let’s a seller know you’ll be able to secure a loan when needed.

Cumulative interest

– The sum of all interest paid on a loan over a designated period of time. Although this isn’t the only reason to choose one type of loan over another, it can help first-time buyers make an economical loan choice.

Contingencies

– When making an offer on a property, buyers can include certain specifications that must be met prior to purchase. If you’re planning on buying a condo, your contingencies might include a full review of the building’s budget and expenditures, minutes from past HOA meetings, and balance sheets.

Closing costs

– Most buyers mistakenly think the down payment is the only upfront cost when buying a condo. Don’t overlook closing costs. This typically is 2-5% of the condo purchase price. Other fees buyers will need to cover include title insurance, loan processing fees, and excise tax.

Title insurance

– Most lenders require buyers to purchase title insurance to protect both parties from any property ownership disputes that could result in loss. Title insurers make sure the seller had the right to sell the property and there are no current liens like unpaid taxes.

When you’re ready to start your search, take a look at our properties in Beacon Hill, including Beacon Hill condos, lofts, and penthouses. You can also give us a call to speak with one of our knowledgeable  Beacon Hill real estate agents.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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