The first and most important step in purchasing a condo in Beacon Hill is making sure that you have assessed and understand the magnitude of this decision. Buyers who enter into this process fully prepared for all that it entails have the best opportunity to retain their investments over the long-term. Moreover, these individuals can avoid becoming “house poor” and diminishing their quality of life.
1. Know Your Credit Score
Before searching for condos, lofts, or penthouses in Beacon Hill, buyers should consider their funding options and establish a budget. In order to accurately gauge your spending power, however, you’ll need recent knowledge of your credit score and of your overall consumer credit profile. This is essential for targeting funding products that are both accessible and in line with your short and long-term purchasing goals. It also limits the likelihood of encountering unfortunate surprises when submitting loan applications.
2. Establish Feasible Goals
Far too many first-time Beacon Hill condo buyers set their purchasing goals based purely upon aesthetics. They can clearly envision what they want their condo to look like, yet they have little understanding of how much condo they can actually afford. Getting a loan pre-approval is a great way to add more weight to any offers that you submit. It will also give you all of the information that you need for building a reasonable shopping budget and for targeting properties that match your spending power.
3. Understand Ownership Costs
The costs of owning a Beacon Hill home go far beyond mortgage payments, full utilities and an ongoing maintenance. Buyers must also prepare for property taxes, mortgage insurance, condo insurance and many other expenses that are less than obvious to the novice buyer. Take some time to write all of your ownership costs out and then adjust your monthly budget and your overall spending budget to reflect these.
4. Create a Maintenance Budget
Purchasing a condo or loft in Downtown Boston is the most significant investment that many consumers will ever make. The surest way to protect this investment and its overall value is to take good care of it throughout the years. Regularly setting aside monies for ongoing maintenance helps buyers stay on top of essential home repairs and improvements, even when they have other unexpected expenses to deal with.
5. Use an Ethical and Reliable Purchasing Team
It is important for buyers to look for Boston Beacon Hill real estate agents, mortgage brokers and other professionals who are committed to helping them make informed decisions. Rather than aligning yourself with individuals interested in making decisions for you to further their personal agenda, shop around for a purchasing team that will help you gain a better understanding of the market and of your financing options so that you can successfully navigate this process with their guidance.
6. Consider Your Long-Term Needs
People can and often do outgrow their Beacon Hill homes. If you are looking for a property that will work well for you over the long-term, it’s important to consider and anticipate changing needs. For instance, if you are a single, young professional you may wish to find a condo that can accommodate a significant other or easily be rented out if need be. On the other hand, a couple of empty nesters might need a space for family guests who come to visit. There are plenty of properties in Downtown Boston that can accommodate all types of long-term needs, but the right property will be harder to find if you’re unclear on what you’re actually looking for.
When you’re ready to start your search, let us help. We specialize in Downtown Boston properties and always prioritize the needs and wants of our clients. Give us a call and let us put our knowledge of the Downtown Boston real estate market to work for you.
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