How to find an affordable Beacon Hill condo in 2019?
Buying a Beacon Hill condo for sale for under $1,000.000 is a bit more complicated than buying a more modest home. The following are a few tips to help you navigate through the process of purchasing a Boston Beacon Hill condo.
Financing
Because of the cost involved, making the decision to purchase a new Beacon Hill condo is not something most people take lightly. With market trends showing that real estate investments are more long term in the current environment. Luxury home purchasers should really consider what their lifestyles will be like five, 10 and 20 years from now. If a new luxury condo fits into that long-term life plan, then take that as a green light to proceed on the purchase.
While about a third of luxury home buyers pay cash for a property, more than two-thirds finance the purchase. To streamline the lending process as much as possible, Beacon Hill condo buyers should plan their financing well ahead of making an offer. Plan to put as much as 20 percent of the purchase price as a down payment on the home. Also plan to provide extensive documentation on income, investments and the like since luxury mortgage lenders have a great deal of money at stake, too.
Find Expert Representation
The process of purchasing a Beacon Hill home is much more involved than buying a smaller, less costly home. Find a Beacon Hill real estate agent or broker who specializes in Beacon Hill properties.. it’s best to also obtain the services of a good local real estate attorney. Be sure to consult a trusted financial planner and accountant prior to your home search so that everyone involved is prepared to provide the paperwork and documentation needed.
Patience is a Virtue
Settle in, many of the steps involved in finding, offering for and purchasing a Beacon Hill condo. Finding available luxury homes requires some networking with others who own luxury properties. Many Beacon Hill condominiums aren’t listed on the Multiple Listing Service. Talk to business colleagues and have your real estate agent tap into his or her resources to find condos that may be on the market soon.
Making a Beacon Hill condo purchase can be a satisfying endeavor, just remember to enlist experts to smooth the way, conduct extensive due diligence and practice some patience to make it happen.
