I’m asked routinely by Boston condo owners and buyers the following questions.
It is important to be educated about the Boston condo buying process before you embark on it. Being educated is essential. If you are able to get answers to some of the most common Boston real estate questions before you start looking for a home, it will create a smoother home buying process.
Should I buy Boston real estate or rent?
This is a question that many Boston condo buyers may be asking themselves, should I buy or should I continue to rent? Owning Boston real estate has many advantages. The goal when you invest in real estate is for it to appreciate over time. The best thing you can do is listen to your Real Estate agent about good locations that will meet your needs. Hopefully, your new home should increase in value over time. Ideally, you work with an agent who is familiar with the area and explain the benefits.
Ultimately, renting a home may be a complete waste of money. You could be paying for a mortgage and yielding the benefits in lieu of making money for a landlord.
If you already know you want to own a home in the near future, then it is essential to start planning on transitioning from a renter to a homeowner. The more you are able to do to strengthen your financial position, the greater likelihood that you will be able to purchase a home.
Do I Need My Own Real Estate Agent?
You should always hire your own real estate agent. You might think you will save money without your own agent, but in reality, your agent will negotiate on your behalf. This is still the ideal way to purchase a home.
There are multiple reasons why you want to utilize your own real estate agent. You will want to hire one who is knowledgeable about the local area.
Additionally, there are many reasons why you need a buyer’s agent during the pandemic. Guidelines have changed for showing a home, and you want to work with an agent who is aware of the current guidelines to protect you.
Buyer’s agents are also recommended if you are considering purchasing waterfront homes or any other specialty type of property.
What is the Amount of the Down Payment Needed?
For many people, the amount of money they can spend is dictated by their personal finances and what they are qualified for with their lender. Buyers are free to qualify with any lender who they feel most comfortable, however, be sure to choose a lender who is experienced and is be able to get the job done.
When is the best time to buy?
The busiest times in the Boston condo market—when many homeowners tend to list their properties—is in Spring and Fall. The weather for New England standards is good, there are plenty of buyers out there and there are no major holidays to distract everyone.
However, there is a downfall, during the spring and fall there is stronger competition at the peak times, with more inventory on the market that can swing buyers’ heads away from your condominium. For example, being one of only a handful of nicely presented condos on the market can result in more offers for you.
Though you should take seasonal aspects into concerns, it’s equally important to determine the best time to sell specifically for you. And you’ll need a solid game plan. Here are the main factors you’ll need to sort out:
– Where will I go if I sell my condo?
– Can I buy my next home first, and sell after?Or do I need the funds to purchase my next condo.
– How long it will take to sell my property?
– How much is my property worth, and how much will I need for my next purchase?
– What will I have to do to get my property ready for sell?
– What are the main selling costs?
As it takes time to develop your game plan, I recommend getting started at least a couple months prior to your targeted selling time frame. One of the primary parts of my job is to consult with potential sellers about the aforementioned factors. If you’re considering selling in 2020, please contact me at 617-595-3712. I’d be happy to do an initial consult to help point you in the right direction.
Boston Real Estate for sale and the Bottom Line
It is ideal to have your own agent when going through the home buying process. Ideally, you are hiring an agent who is knowledgeable of the area and will be able to guide you through the home buying process. If you have specific questions, please reach out so we can provide you with the answers. Our goal is to provide you with up to date information so you are educated in the process.
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John Ford, Broker
Janet Lamb, Vice President
137 Charles Street
Boston, MA 02114
(617) 720-5454 (9:00 – 5:00 EST)
(617) 595-3712 (On Call Broker After Hours)