MA Home Buyer Education
Brought to you by Buyer's Choice Realty
If you are a first-time buyer or have purchased real estate in Massachusetts before, the following tips are sure to help as you begin your home search.
#1. Figure out your budget. Foreclosures are in the news every day, and we do not want you to be part of those statistics. Only buy property you can afford. There are several ways to determine your ideal price range: obtain a pre-approval from a lender, figure out your debt-to-income ratio, or use a mortgage calculator. There are many other ownership expenses to take into account as well. Upkeep, association fees if you buy a condominium, real estate taxes, private mortgage insurance if you put less than 20% down, homeowner's insurance, utility expenses, etc. Many lenders will approve you for a loan amount of five times your gross annual income, but keep in mind that your mortgage payment is only one portion of expenses involved with home ownership. It is in your best interest to do financial research and plan ahead before beginning your home search. Don't forget to factor in closing costs!
#2. Where do you want to live? There are many great towns in Massachusetts. If you already live in the area, you may know exactly where you want to move. If you are still unsure or are relocating, you have options. First, decide how long you would like your commute to be. That will narrow your area considerably. If you have children, research the quality of schools. Please see links on this page to learn more about the area. From there, you can find links to school ratings, the Massachusetts Department of Education, and information about public transportation. Narrowing your search to a few towns will enhance your ability to pick an area you feel comfortable with. Our site has detailed information about every town we cover.
#3. Determine your wants and needs. This is the toughest task for most home buyers. If you are purchasing with a spouse or significant other, take time to figure out exactly what you both desire in your next home. Many find it helpful to make a list with three columns: what you really want/must have, what would be nice to have, and what you really do not want/must not have.
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