Tips for Purchasing Your First Home

When you begin searching for a home in Somerville, Medford, Melrose, and around MA, you might not know exactly where to start. First-time buyers might not know the best steps to take to prepare for this purchase. Here are a few suggestions we have to make the process easier:

Calculate your future costs

You calculated your mortgage and you’re in the clear, right? Did you think about other utilities? Are there HOA fees? Did you invest in homeowner’s insurance? How about contingencies for maintenance or repairs? Try to account for as much as possible when determining what you can and can’t afford.

Start saving early

Typically, people aim for a 20% down payment on their home, but many programs exist which allow first-time homebuyers to purchase a home with as little as 3%. One way to save is by saving your tax refunds and bonuses. Luckily, there are many apps which can help you figure out how much to set aside each paycheck, as well.

Work with the right agent

One important note to make is you should be pre-approved for your loan before contacting a real estate agent. You’ll want to work with a motivated professional who will keep up with the newest listings on the market, take into consideration your needs and desires, and someone who will be honest and advise you in the right direction and work with you to create a strong offer you are comfortable with.

Know what you want- or at least most of it

It can be easy to be distracted by the pretty finishes, but it’s important to keep in mind what you know you need for your next home. Do you need four bedrooms? An office? Outdoor living space? Smaller upgrades, like counters and paint, can be made down the line but the blueprint of your home can be more difficult to change.

Set aside money for after move-in

There are plenty of purchases new homeowners don’t consider when moving in, such as new furniture, appliances, and other similar items. Though they can be added over time, you want to keep in mind these are additional costs you should think about setting aside money for now.

 

Eagle Vision Homes is a real estate investment company that improves homes and neighborhoods one renovation at a time. We would love to show you what our homes could offer you! Contact us today by calling (781) 665-4663.