The Ultimate Guide to Buying a Home in Boston: Tips and Tricks From a Local Pro

If you’re like many people, you know that buying a great home in Boston in the right price range and with all the right amenities, as well as in the right location, can be a challenge. Whether you’re a first time buyer, a seasoned investor or someone who’s purchased a number of homes in the past, this guide can help.

The Ultimate Guide to Buying a Home in Boston: Tips and Tricks From a Local Pro

This guide explores:

How to find the perfect neighborhood
Getting financing
Working with a real estate agent
Making an offer
Home inspections and appraisals
Closing the deal
FAQ on buying a home in Boston

Here’s a closer look at each.

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How to Find the Perfect Neighborhood

Finding the perfect neighborhood is essential when you buy a home in Boston. You’ll have to consider things like proximity to work, schools, amenities and, in some cases, public transit. You can explore a variety of neighborhoods simply by visiting them, checking out local shops and talking to residents that can help you get a feel for the community. Ideally, you’ll find a neighborhood that aligns with your lifestyle and long term goals. If you explain what you’re looking for to your real estate agent, he can help you find exactly what you need.

Getting Financing

Before you begin house hunting, you’ll need to secure financing. That’s because if you find a home you love, you’ll want to make an offer quickly – and sellers typically only accept offers from people they know can actually obtain financing. If you have a preapproval letter in hand, sellers are much more likely to accept your offer than they would be if you didn’t.

When you’re working on getting financing for your dream home in Boston, having a preapproval letter also helps you decide how much home you can afford so you’re not shopping in the wrong price ranges. You will also get an opportunity to compare different mortgage options to find what’s best for your situation.

Working With a Real Estate Agent

You absolutely need to work with a real estate agent if you’re buying a home in Boston. That’s because your real estate agent will be on your side throughout the transaction from start to finish,

Making an Offer

Your agent will be there throughout the process, drafting offers that include contingencies and the terms you want, presenting offers to sellers’ agents and negotiating the best possible prices on all the homes you want to buy. (Many people put in offers on more than one home, particularly in a seller’s market, because there are more buyers than there are homes available.) Your real estate agent will be there for you every step of the way to ensure you are getting the best possible deal.

Home Inspections and Appraisals

After a seller accepts your offer, it’s time for you to get a home inspection that lets you know whether there are any issues with the property. You’ll need to hire a reputable inspector who can thoroughly examine everything from the home’s structure to its systems. Your lender will also require you to get an appraisal to determine the property’s value. You won’t be able to choose your appraiser, but you will have to pay for it.

Closing the Deal

After all the appraisals, inspections and other necessities are finished, you, your lender and your real estate agent will work together to close the deal. When you close, you’ll sign all the necessary documents, pay any remaining balances, and take possession of your new home.

FAQ on Buying a Home in Boston

Check out these commonly asked questions about buying a home in Boston. If you don’t see the answers here, please call our office, and we’ll get you the information you need.

How much should I save for a down payment?

The amount you’ll need for a down payment depends on various factors, such as the type of loan and your creditworthiness. Typically, down payments range from 3% to 20% of the home’s purchase price. Your real estate agent and mortgage lender can provide guidance on the best approach for your specific situation.

What closing costs should I expect?

Closing costs typically range from 2% to 5% of the home’s purchase price. These costs include fees for loan origination, appraisal, title search, title insurance, and attorney services, among others. It’s important to budget for these costs in addition to your down payment.

Should I get a home inspection?

Absolutely! A home inspection is an essential step in the home buying process. It provides you with a comprehensive assessment of the property’s condition, highlighting any potential issues or necessary repairs. It’s recommended to hire a qualified home inspector who will thoroughly examine the structure, plumbing, electrical systems, and more. The inspection report will help you make informed decisions and negotiate repairs or price adjustments if needed.

How long does the home buying process take?

The timeline can vary, but on average, the home buying process in Boston takes around 30 to 45 days. However, factors such as financing, negotiations, inspections, and the complexity of the transaction can impact the timeline. Working with an experienced real estate agent can help streamline the process and ensure a timely closing.

Can I negotiate the price of the home?

Absolutely! Negotiating the price is a common part of the home buying process. Your real estate agent will analyze market data and guide you in making an informed offer. They’ll also negotiate on your behalf with the seller’s agent to reach a mutually beneficial agreement. Keep in mind that while price negotiation is important, other factors like contingencies and terms can also be negotiated to your advantage.

What happens if my offer is rejected?

Rejection is a possibility in any real estate transaction. If your offer is rejected, don’t be discouraged. Your real estate agent will work with you to evaluate the situation, understand the seller’s concerns, and potentially make a revised offer. Alternatively, they can continue assisting you in finding other suitable properties that meet your criteria.

Are You Buying or Selling a Home in Boston?

If you’re searching for a luxury home for sale in Boston, or if you’re selling your home, we can help. Call 617-967-5271 or get in touch with us online so we can discuss your needs. In the meantime, please feel free to browse our listings in the following communities:

The Ultimate Guide to Buying a Home in Boston: Tips and Tricks From a Local Pro