First, you’ll need to understand the costs of buying a Boston condo. So you’ll need to save your money for your paycheck.
Next defining your Boston condo goals, criteria and preferences.
But for the purposes of today’s Boston condo blog posts lets discuss the money you’ll need to have to save up to buy a Boston condo.
- Down payment. The down payment normally ranges from 5 -20% of the purchase price. However there are programs with zero to 3% down payment if you qualify. Regarding the down payment its possible that if you’re first time home buyer you can obtain a gift letter from family member to assist in your down payment.
- Another cost to keep in mind is the home inspection. This price can vary from as little as a couple hundred dollars to $1,000 plus depending on the size of the home you’re buying.
- Home appraisal this is required by the bank to obtain your mortgage. The costs can range from $500 – $1,000
- Overall you’ll be looking at miscellaneous closing costs which can run about 3% of the price of the home
At a future date I’ll discuss in more detail more about each of theses steps.