My impression of the millennial generation; they’re a well educated, tech-savvy and determined group. Lately, I’ve been finding that many twenty-somethings in this group have decided that what they want is to buy their first Boston condo.

If you’re in this group, let this old-timer provide you with these five time-tested tips on how to buy a Boston condo in your twenties.

1. Be Ready to Commit

You’ve probably heard this many times before, but buying a Boston condo may be one of the largest purchase you’ll make until you buy your next home.  So you need know you’re ready for that type of commitment so, it’s important to note that most Boston condos buyers stay in their homes for at least three to five years – and, that’s just so they can recoup the costs of their purchase.

Buying a home also means you’re ready to make some sacrifices like cutting back on eating out every night, less exotic vacations. Bottom line you’re mortgage payment is going to take a big chunk out your monthly budget.

If you can commit to those terms, lets move on….

2. Understand Your Financial Situation

When it comes time to buy a Boston condo, you need a lender who will consider every part of your financial picture. From your current salary to your bills and spending habits. Since a bank is going to get all up in your spending business, you’d better do the same. Find out how much money you’ve got coming in and going out and how much you’ll be able to devote to a monthly mortgage payment. Pay-off your credit cards and don’t apply for any more credit cards especially department store credit. The Banks don’t lie to see too much access to revolving debt.

When you’re considering your finances and budget, also consider the fact that homeownership fees don’t end with the monthly mortgage payment. Home owners are responsible for insurance, property taxes and condo fees and unexpected repairs

After hearing that financial information, are you still with me?

3. Consider Credit and Savings

Your first brush with credit may have been when you were inundated with credit card offers on your first day of college classes. By later in your twenties, you’ve probably established some type of credit – and, hopefully it’s at least decent. Lenders will closely consider your credit score when it comes to mortgage approval. Remember – the better your credit card score, the better interest rate you’ll be offered.

In addition to your credit, delve deeper into your savings. When you’re buying a Boston condo you’ll need to have money in-hand, up-front to cover fees like your down payment and closing costs.

Have you saved the money you’ll need when it comes time to buy? Good, lets continue….

4. Find a Lender and Get Preapproved

It doesn’t take long to see that buying a Boston condo is largely a financial process, so it only makes sense that the mortgage process may be a long one, right? We’ve already let you know that lenders will consider your bank statements, bills, salary, spending habits, credit and more – but, here’s where you get to have a say. Seek out several lending institutions before you settle on the one you’d like to use.

Consider all options before choosing a mortgage lender/

5. Work with a Boston Real Estate Agent You Trust

Ah yes, that ever-important last piece of the home-buying puzzle. Me, only joking, but seriously select a professional real estate agents have the training and know-how of the Boston condos market. Your trusted real estate agent will help you make up your “needs and wants” list when it comes to a home; they’ll help you consider your long-term goals for your new home; and, they’ll search for homes, show you homes, negotiate and walk you through the entire offer and closing process… right down to the point where those new home keys fall into your hands.

If you’re a twenty-something who’s decided that now is the right time for you to buy a home, let me help, I can be reached at 617-595-37122 via text or email at

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