Boston condos for sale: Advice for first time home-buyers
In the last week, I had three clients decide to start looking at Boston condo for sale again. They had put their home search on pause due to COVID-19.
If you have put your home search on pause and plan to continue it at some point it is important that you keep a current pre-approval letter handy.
According to Redfin more than 40% of houses on the market will get multiple offers the first day they are on the market. There isn’t a lot of time to get an updated pre-approval letter before the house is sold.
An offer without a pre-approval letter is like no offer at all.
Purchasing your first condo in downtown Boston is an exciting moment, but it is also a huge financial commitment. When buying a place, it’s vital to carefully consider every aspect, including the mortgage, the neighborhood, and the space itself.
Consider how long you plan to stay in your place in your Boston downtown condo. If you plan to stay for some time, make sure it has the features you will need for the future, for instance, dual sinks, a large closet, a nice patio or balcony, a gym, and a pool. If you’re planning to keep it mostly as an investment to rent out, you don’t need to spring for some of the nicer amenities.
Depending on your profession and the location of your place, you may qualify for a grant to help pay for your downtown Boston condo. Some grants are available for specific professions including farmers, teachers, and police officers. Ask your downtown Boston real estate agent about supplemental funding options as well.
Most downtown condos and high rise condos will be part of a Condominium Associations. Be sure to read the contract thoroughly before making your purchase and familiars yourself with the membership fees and any rules or restrictions created by the Condo Association. In downtown, condo fees usually start around $400 and can climb over $15000, adding a significant amount to your mortgage.
Having your potential new place inspected before purchasing is one of the most important steps of the process. Pay close attention during the inspection and make sure the inspector checks out the whole property.
The temptation to immediately buy all the furniture you need for your house will be strong, but spending a large amount of money on furniture right after paying the closing costs and the down payment can put you in a tight spot financially. Give yourself some time to settle in and rebuild your savings before heading out in search of the perfect couch.
Finding the perfect place can be challenging, especially in downtown Boston where it seems like your options are endless. If you need help finding the perfect place to call home, give us a call at 617-720-5454 and schedule an appointment.