Buyers

Things to consider when thinking about buying a home from the Massachusetts Association of Realtors 
  • Buying a home is a complicated process, so it's important to start at the beginning and thoroughly understand each step.
  • If you're a first-time buyer, you should weigh the pros and cons of home ownership versus renting. There are many advantages and disadvantages to consider.
    • – Renters have the freedom of mobility if they choose to move, but their monthly rent checks do not establish long-term equity or produce any other benefits.
    • – While mortgage payments accumulate equity, these payments are generally higher than rent payments and come with the responsibility to manage the care and upkeep of the property.
  • Money matters. If you're considering a mortgage, shore up your credit and get a copy of your credit report.
    • – Get pre-approved. Save yourself the time and grief of looking at houses you can't afford.
    • – Determine how large your mortgage can be. Explore different loan options to determine what is best for you.
  • Stay put. Commit yourself to your new home for at least a couple of years before making your next move.
  • Think about what (and where) you want to buy. Prioritize your needs (i.e., location, schools, amenities).
    • – Consider your re-sell value. Even if you don't have school-aged kids, a strong school district is a good thing.
  • Do you homework.
    • – Calculate the hidden costs. Property taxes, insurance, maintenance and association fees can impact your wallet over time.
    • – Don't be house poor. Double and triple check to be sure you haven't maxed yourself out on the cost of your home and left nothing for maintenance, etc.
  • Get help. Consider hiring a REALTOR® to help you find the home that meets both your needs and your finances. It pays to have someone who understands the local market and is looking out for your interests.