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 (10 Steps to Buying a Home)
- 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.
- Thing 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
