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Deciding To Buy

Deciding to buy a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy?

Deciding To Buy

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property when you are deciding to buy a new home.

Has Your Income Grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.




Lynn's Advice For First-Time Home Buyers

Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to spend when buying a home.

Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range.

With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically, as a first-time home buyer, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation By A Professional: Consider hiring your own realtor, one who is working for you, the buyer, not the seller.

Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

  • One or more detailed maps with your areas of interest highlighted
  • A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper
  • Paper and pen, for taking notes as you search
  • Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings

Location: When deciding to buy you should look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?

Be Objective: Instead of thinking with your heart when deciding to buy, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

  • Include inspection & mortgage contingencies in your written offer
  • Have the property inspected by a professional inspector
  • Request a second walk-through to take place within 24 hours of closing
  • You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light)

All of the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact me directly to discuss any of these matters in further detail.






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Listing Agent

Lynn Murray

Contact Info

Main Number: (978) 273-6624
Email: L.Murray@stephanre.com

STEPHAN REAL ESTATE
400 Boston Post Road
Sudbury, MA 01776





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