Published May 17th, 2024 by Susan Kadilak
Purchasing a home in Greater Boston can be as thrilling as a Red Sox game in the bottom of the ninth, but it also comes with its fair share of questions. Whether you're a first-time homebuyer, looking to upgrade, or a seasoned pro, knowing the right moves can make all the difference in your home buying experience. We've answered the most pressing FAQs we get from buyers who are eager to call the Boston area home!
Q: What should I do to get ready to buy a house?
A: Kick off your home-buying process with a pre-approval from a reputable lender. This document is your ticket to a smooth transaction and makes your offer more attractive to sellers. If you're already a homeowner, ensure your pre-approval states whether or not you need to sell your current home first.
Q: What else do I need?
A: Have your deposit ready. Aim to stash away about 5% of your potential purchase price for a deposit by the time you ink the purchase & sale agreement (which is 7-10 days after your offer is accepted). Planning ahead, especially if you need to tap into home equity or other assets, should be part of your strategic game plan.
Q: Can I buy furniture for the new house?
A: Hold off on any major purchases like cars or furniture until after closing day. Big buys can throw off your debt ratio, potentially increasing your interest rate or jeopardizing the deal. Keep paying those bills on time, too, to avoid credit score fumbles. We once had a deal where the buyer bought a new car a week before the closing. While they still qualified to purchase the home, the closing had to be delayed while the lender updated all of the documents to reflect the new loan.
Q: How long will it take to find a house?
A: The home search varies—like a box of chocolates, you never know what you're gonna get! You might find 'the one' on day one or month three. If you’re in a competitive price point or location, you may need to make several offers before even getting one accepted. Keeping your head in the game is critical, and be ready to act fast when you find the right match.
Q: I'm mulling over a property I saw last week. How should I approach making an offer?
A: If you're eyeing a home, don't wait for a competing offer to make your move. If another offer comes in, you're looking at a bidding war, which can push the price up. Trust your instincts—if the property feels right to you, go for it before someone else does.
Q: How can I be a smart homebuyer?
A: Look beyond the 'sizzle' of cosmetics, decor, and staging. Focus on the 'steak'— a home with updated essentials like the roof, heating, and electrical systems puts a home buyer in a great equity position from the start. The charm of a vintage home could be a win if you're willing to update the cosmetics and build the equity for yourself.
Q: If I follow your advice, will everything go as planned?
A: In real estate, expect some curveballs because things don’t always go smoothly. Home inspections sometimes deliver unexpected news, sometimes an appraisal comes in low, and sometimes there’s a title issue. Being ready for roadblocks and working with a reputable team can help navigate unexpected items as they pop up.
Q: What should I expect from a home inspection?
A: A home inspection is your opportunity to review the property's condition in detail and learn about maintenance items you’ll be responsible for as the new homeowner. It's important to make sure you have a reserve fund for any immediate repairs you’ll want to make.
Q: When is it smart to negotiate after a home inspection?
A: After the inspection, regroup and review the key issues, especially those that weren’t known at the initial viewing. It’s normal for some issues to pop up, especially in the Greater Boston area where our homes tend to be older. The aim is not to tackle every minor fix but to address significant, immediate, and previously unknown problems. Sometimes issues are discovered at home inspection that are more than you’re willing to take on, or that the seller won’t agree to address. You may decide to move forward with the sale, or withdraw and search for a new property.
