You’ve probably heard that buying a Boston condo for sale can be as stressful as losing a job. The emotions you feel can easily be overwhelming from excitement to stress, and if you are in a recent marriage, well do I need to say more.
Here are some tips for those that are newly married or are planning to be married and buying their first Boston Beacon Hill condo.
I’m not suggesting you must buy the least expensive Boston condo for sale in the best neighborhood, but it might be a good start. Chances are this is not your forever home and it’s a good starting point to build equity for your next luxury condo. With that said, finding the right neighborhood not only helps you out in the short term but for resale value as well. Also, be aware of the cost. of owning a Boston downtown condo it’s not just the mortgage but also condo fees and other expenses.
Remember this, try to find a neighborhood that appeals to you and consider things like your commute. Do you have a pet? You should also consider your daily routines such as the distance you need to walk to have your cup of coffee to start off your day.
Unless you are blending families with multiple children, it’s probably just the two of you to start. Find something that works for your size. Are you planning on being in a home just for a few years before kids than perhaps a smaller Boston Seaport condo for sale might be ideal? Perhaps you’re planning on having children while in the home, you might want to consider a property with more bedrooms and more space. However, buying a Boston condo for sale with five or six bedrooms when it’s just the two of you, may be a bit overwhelming.
This one is the biggest mistake I’ve seen as a Boston downtown real estate broker. You’ve been renting up until now, remember, you are now solely responsible for the maintenance and upkeep of your new condo. Live on a budget, you may need additional funds for repairs. keep in mind, if you’re a dual-income couple it’s possible that one of you could lose your job. Will you be able to afford your mortgage?
Buying a Boston condo for sale for the first time is exciting and I want you to have fun. Finding a buyer’s agent that works solely for you, helping you to find the right property is really the best place to start. Please contact me, and let’s start this Boston home buying journey together. I can be reached on my cell/test at 617-595-3712 24/7.
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As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com:
“The second half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . .”
Those rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. But the truth is, there are ways you can – and should – prepare to purchase your first home. Here’s some expert advice on what to do if you’re ready to learn more about how to escape rising rents.
Experts agree, setting aside what you can – even smaller amounts of money – into a dedicated savings account is a great starting point when it comes to saving for a down payment. As Cindy Zuniga-Sanchez, Founder of Zero-Based Budget Coaching LLC, says:
“I recommend saving for a home in a ‘sinking fund’ . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense.”
Zuniga-Sanchez adds saving in smaller increments can help make a large goal – such as saving for a down payment –achievable:
“Breaking up your goals into smaller bite-sized pieces by saving incrementally can make a large daunting number more manageable.”
Another tip experts recommend: take a look at your overall finances and credit score and find ways to reduce your debt. According to the HUD, the average credit score of first-time homebuyers is 716. If you’re not sure what your credit score is, there are numerous online tools that can help you check. If your score is below that average, don’t fret. Remember that an average means there are homeowners with credit scores both above and below that threshold.
If you find out your score is below the average, there are several ways to improve your credit before you apply for a loan. HUD recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.
Finally, it’s important to talk to someone who understands the market and what it takes to become a first-time homebuyer. That’s where we come in. A trusted advisor can help you navigate your specific market and talk you through all the available options. Having the right network of real estate and lending professionals in your corner can help you plan for the homebuying process as well as determine what you can afford and how you can get pre-approved when you’re ready.
Most importantly, we can help you understand how homeownership is achievable. As Lauren Bringle, Accredited Financial Advisor with Self Financial, says:
“Don’t write home ownership off just because you have a low income . . . . With the right tools, resources and assistance, you could still achieve your dream.”
If you’re planning to be a homeowner one day, the best thing you can do is start preparing now. Even if you don’t think you’ll purchase for a few years, let’s connect today to discuss the process and to set you up for success on your journey to homeownership.