Prepare for Your Boston Home Search

Once you’ve made the decision to buy a home in Boston, your initial reaction will most likely be to hop online and start your search right away. Resist the temptation! There are some important steps you need to take before you begin house hunting. Here is a list of to-do’s that will help make your journey through the Boston real estate market smooth and successful.

1. Review and strengthen your credit score
   
         This three-digit number will play a major role in the amount of your monthly payments. Be sure to look at your credit reports in detail to make sure they are free of errors. Work on boosting your credit score to improve your chances of a lower down payment and monthly payments.
2. Calculate how much you can afford
   
         There are a few ways to determine how much you can comfortably afford to spend on a new home. A general rule of thumb is that your monthly home expenses should be no greater than 28% of your gross monthly income. Play around with the numbers before you start your search with my handy mortgage calculator.
3. Start saving for your down payment
   
         Unless you’ve secured a VA loan, you’re most likely going to need a substantial down payment for your new Boston home. Once you have determined how much you can afford to spend, set aside 20% for a down payment. You’ll also need some extra cash for closing costs, which can run up to $4,000.
4. Set aside money for an emergency fund
   
         You’re going to be a homeowner, which means all home-related repairs and maintenance issues are going to fall on your shoulders. Be prepared with an emergency fund that can help pay for major expenses like replacing your roof or water heater.
5. Get pre-approved for a mortgage
   
         It’s a cutthroat market for homebuyers, so any inch you can get on your competitors will help your cause. Get pre-approved for a mortgage before you even attend your first open house to show sellers you’re serious and qualified to purchase a home.
6. Hire a Boston real estate agent
   
         Many homebuyers are confident they can conquer the Boston real estate market without the help of a professional. While it is possible, it’s not advised. Enlist a Boston real estate agent to walk you through the process from your initial search through the closing.

Now that you have all of your financial bases covered, it’s time to start your Boston home search! As your buyer agent, it’s my job to help you find a home in your price range that matches your style, preferences, and lifestyle. Best of all, my service to you is completely free of charge. When you have your ducks in a row and are ready to being your search in earnest, please contact me. I promise to help make your home buying experience a positive one.

Ken Snyder
Keller Williams Realty Boston-Metro
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