How to Know If You're Ready to Buy Boston Real Estate

In my last blog post, I touched on how more Americans now see their homes as the best long-term investment, over others like stocks, gold and even simple savings. Another similar study found that homebuyers are now more confident than ever that now is the right time to buy a home in the Boston area. But the real question comes just before you begin that journey to purchasing a new home in Boston— are you really prepared? This season, especially before the busy summer gets underway, consider the following and factor into your preparation as a Boston homebuyer:

Time Your Purchase

Timing your Boston Metro real estate purchase can really make or break the sale— it's all about knowing which time will work best for you. A good rule of thumb is to begin your preparation one year before you plan to buy. Start with a mortgage calculator to find how much home you can afford, weighing the costs against your current expenses and determining how much you'll be saving (or not saving.) Be sure you take into account other expenses like homeowner's insurance, utilities and property taxes to get a good idea of total cost. Remember, if the numbers aren't exactly where you'd hope they'd be, you can always wait to purchase a home. Timing is everything.

Tend to Your Finances

Finances are the majority of what factors into your home purchase in the Boston area. Now is when you can start looking through your credit report, searching for errors to correct, and if you've not seen your credit score before, take the time to see if you can improve it. After all of your credit errors have been solved and your finances are clean and ready, you can begin saving for your home's downpayment. To purchase a home in the Boston area, you'll need at least 3.5 percent, so take that into consideration.

Know What You Like

When the time comes to start searching for homes for sale in Boston, make note of what you like. What types of homes catch your eye? Is it the number of bedrooms, the square footage, the overall style of the home? Learn exactly what features you want in a home and make a homebuyer wish list. Knowing what you like will make your home search much easier and you can narrow down homes by location and price range.

Preparing to buy a home in Boston is a process and one that may be best if started at least 12 months in advance. Don't delay! Get started today on the tasks above and if you have any questions, feel free to contact me! As your Boston real estate expert, I'm happy to discuss other steps you can take to ensure your homebuyer success this season.

Ken Snyder

Keller Williams Realty Boston-Metro

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