For first time home buyers, even for seasoned investors, the questions and concerns involved in the purchase of real estate can seem endless. Arborview Realty has folks who will teach you and walk you through the entire process. But if you'd like some information up front, here are some tips to help you get started.
| 1. |
Work with a Buyer Representative
The first and most important step to take is selecting a real estate professional. Buyer's Agents will help you locate your perfect property while aligning your financial expectations. This help is worth considering since your interests would be legally represented in any real estate transaction. An Arborview Realty agent would be happy to discuss Buyer Representation vs. using a Sales Agent or Dual Agent.
|
| 2. |
Compare Mortgage Offers
You wouldn't believe how much difference even half a percent can make over the life of a loan. Make sure you shop around and find out who will give you the best loan. Don't make a decision based on one offer. The difference in monthly payment on a 30 year $300,000 mortgage at 6% vs. 6.5% is $97.55 a month. That's over $35,000 for the term of the loan!
|
| 3. |
Get Prequalified
Walking into the perfect home, you don't want to waste time having to go and find out how much you can really afford instead of making your offer. Getting prequalified signals to sellers that you are a more serious buyer, and also allows you to move more quickly once you've found the perfect property.
|
| 4. |
Narrow It Down
Having a defined, and realistic, idea of the property you want to buy helps your Buyer Rep narrow down your search. Prioritize the features you want, making a list of the "must haves" and the "can live withouts". If you really don't know, it may be helpful to see what's on the market. Once you have some expectations, your Buyer Rep can show you houses that meet them.
|
| 5. |
See It All
Once you've followed steps 1 thru 4, you are ready to see it all. Your Buyer Rep will set up showings; just make sure you have a system so that you can keep track of all you've seen. It may be a photo record, or a notebook. Figure out what works best for you. Our Agents at Arborview can help by uploading photos take during a showing to a website that you can view at your convenience.
|
| 6. |
Know The Value
There are many 'features' that actually detract from a property's value. For example, in some areas, a swimming pool does not add any value to a house. Other times, features can be too many. Three bathrooms in a two bedroom house end up being a superadequacy, and while they sound valuable, the third bathroom may actually not add value at all. Know what you're paying for. Arborview's Agents are great at pointing these out to you.
|
| 7. |
Have a Rating System
When viewing properties, figure out what you like and don't like about each home; rate them. This will help narrow things down. Pick your favorite, and use each new favorite thereafter as the new standard.
|
| 8. |
Make Your Offer
Once you've found the perfect property, it's time to get serious. The financial and contractual sides of the purchase can be daunting. Luckily your Buyer Agent will facilitate much of this and will be your strong advantage during negotiations.
|
| 9. |
Get An Inspection
After acceptance of your offer by the Seller, make sure to get an inspection. Problems are common, for example, infestations, bad wiring, leaking roofs. Your Buyer Agent can help recommend or find a reputable inspector and will negotiate repairs as part of the purchase price. Request to 'walk through' the property before finalizing paperwork. Be sure to ask your Arborview professional about home protection plans which may save you money in the near future.
|
| 10. |
Close The Deal
Your Buyer Agent will let you know when to make all necessary payments, deposits, and when to complete the paperwork. Make sure that prior to the closing date, the mortgage, homeowners insurance, and other required paperwork are complete so you're ready to go.
|
| 11. |
Moving Basics
Consider setting up all of your utilities and arranging for vendors before packing up. Turn on the electricity, set up accounts with the oil/gas company,
contact Boston Water & Sewer, notify the Postal Service of your new address. And if your new place needs renovations, sometimes they are best to be completed before moving in. For renovation assistance, contact our Restorations division for a free consultation. |
| |
|
|
Buyers' Guide
Current Interest Rates
"Thank you so much for all of the time and effort you put in to help us find a place to live. We really can't tell you how invaluable your experienced advice was (and still is) as you continue to make the process easy for us. We deeply appreciate your hard work on our behalf, and we're looking forward to inviting you and your family to our new home. Thanks again and best wishes.
-Josh & Mara
"My experience with Arborview Realty is definitely one aspect of the home buying process that I would recommend to others. Arborview not only located the triple decker home which I bought but helped me to place the offer to the seller, become approved for the loan, and negotiate the final sale at the closing. I was also helped along the way by both my agents' recommended lawyer, Mark Murphy and banker Peter Hughes, who made what I was beginning to think what was an impossible purchase a reality."
-Christopher Consalvo
(Owner / Landlord)
"Arborview is a great full service real estate firm. I have worked with Christian Iantosca twice now and would recommend him to anyone. He knows the local Boston market extremely well. My most recent transaction included the renovation of my first condo (which Christian helped me find), sale of that condo, and purchase of my new condo. Christian knew exactly what cosmetic improvement needed to be done to get my old place market ready, and we had a signed P&S in 1.5 weeks! He coordinated contractors to quickly do the work with minimal disruptions to me.
The area where Christian's talents shine most is during sticky negotiations. I could write a whole paragraph on the purchase of my new place . . . needless to say I was very impressed. Additionally, the legal (Mark Murphy) and banking (Peter Hughes) contacts Christian has are second to none."
-Douglas H Ashworth
|
|
