Steps for Buying a Boston condo
1. Are you Qualified.
The first and most important step before beginning your search is to review your financial situation and your plans for the next several years. Buying a Boston condo is a major investment.
Step 1 meet with a loan officer at your local bank, or an experienced mortgage broker who has knowledge of the Boston real estate market. The loan officer/mortgage broker will review your finances to let you know exactly how much you can afford; there’s nothing worse than finding your dream Boston condo and then learning later it’s out of your price range.
2. Become Educated
The fastest way to get up to speed on the market is to meet with a Ford Realty agent and read this blog daily, we can educate you on current property values and where the market’s headed, upcoming developments, and offer strategies. Some new buyers to the market don’t realize that Boston real estate agent are compensated by the seller, and their services to you, as a buyer, are free.
A note if you’re considering looking at new developments: if you do not choose a Realtor to work with BEFORE you visit a new development, developers won’t allow you to work with one after the fact. If you end up purchasing from a new Boston condo development, you’ll end up paying the same price but you’re giving up your right to objective representation from a professional who’s looking out for your interests. Not only is my company free for you to use, we can often negotiate a lower sales price, pre-paid condofees, free upgrades and more.
3. Get Out There
Once you’re qualified, educated, and have developed an idea of what you want, start visiting open houses and scheduling Boston condo showings. Online listings and virtual tours are helpful, but nothing yet can take the place of actually walking through a prospective condominium. Within moments, you’ll know if it is a good fit or if you should keep looking.
4. Write the Offer
When you’ve found the perfect Boston condo, it’s critical that you write an offer that is attractive to the seller while still protecting your interests. A well written offer can save you thousands of dollars on the price and even more importantly, from headaches during the sales process or surprises down the road.
This is what makes or breaks the deal. Careful negotiations ensure that you get the value you deserve, while still respecting the rights of the other party. Buying or selling a Boston condo can be an emotional process, so be very careful if you’re negotiating directly with the seller. Once emotions get involved, it becomes dramatically more difficult to successfully close the deal.
Carefully monitor the details throughout the escrow period: appraisers, inspectors, and others will need access to the property to conduct their inspections and help you with your due diligence.
Unlike some real estate companies, we will be there with you at the closing table to finalze the deal.
Buying a Boston condo is a major event that requires a great deal of effort and expertise…once completed, pour yourself a glass of wine/beer and celebrate.
Contact me to view condos or apartments or to set up an appointment to see one please call 617-595-3712.
SEARCH FOR BOSTON CONDOS FOR SALE
- Back Bay condos for sale
- Beacon Hill condos for sale
- Charlestown condos for sale
- Charlestown Navy Yard condos for sale
- Dorchester condos for sale
- Dorchester Heights condos for sale
- Fenway Boston condos for sale
- Jamaica Plain condos for sale
- Leather District condos for sale
- Midtown condos for sale
- Seaport District condos for sale
- South Boston condos for sale
- South End condos for sale
- Waterfront condos for sale
- Boston Downtown condos for sale
- Downtown condos for sale
For more information please contact one of our on-call agents at 617-595-3712.
Updated: January 2018