Having a partner to share the burden of Boston condo expenses can often be extremely beneficial. However, if you are financially stable, there is no reason to wait for a partner before buying a place, and there are more solo homebuyers than ever right now. If you are considering buying a Downtown Boston condo for sale on your own, consider these valuable tips.
Consider Your Budget
Owning your own downtown Boston condo is very different from renting, and buying a Boston condo or loft costs more than just the listed price. Take into account closing costs, repairs, emergencies, condo fees, and regular maintenance fees when you are trying to figure out the budget that works for you. When shopping alone, a good rule of thumb is a mortgage payment that’s roughly 25 percent of your monthly income.
Have a Good Credit Score
When you are buying a place by yourself, lenders are going to want an even better credit score. Buyers with the best rates tend to have a credit score of 760 or higher, and lenders may scrutinize you a bit closer if you are buying by yourself. Pay all your bills in a timely manner and avoid registering for new credit cards to try to keep your credit score healthy.
Find a Good Real Estate Agent
Having an experienced and knowledgeable Downtown Boston real estate agent on your side is even more important when you are doing everything by yourself. Don’t just settle for the first agent you find. Spend time meeting with different agents (even within the same brokerage) to find one you feel really understands your wants, needs, and budget.
Think About the Future
You may be all on your own now, but things can change in no time. Before you buy a home, make sure it has the space to accommodate any of your future plans. Also think about whether you’ll want to eventually sell or rent it out.
Need a little help finding the right place to put down roots? Reach out to the experienced agents at 92101 Urban Living. We can show you Boston Midtown condos. Call us at 617-720-5454.