Buying Tips

Check prices of comparable homes

Websites such as Zillow give you a general idea of what you should expect to pay. You can also do a quick search of MLS listings in your area or by having one of our agents customize your profile in our database so you can start receiving automatic updates on new inventory, open houses, and price changes on homes in your area.

Talk to a local, reputable agent

Ask them if they believe prices will continue leveling off or do they think the Boston/Metro-West area has hit bottom or will rise soon? What trends are impacting the community that you should know about? In 5, 10, 20 years+ what should you be thinking about when pertaining to resale value?

Find out your likely closing costs

The up-front cost of settling on your home shouldn’t be overlooked.  Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or home-owners association fees. You can see what closing costs average in your state by looking at Bankrate.com’s annual closing cost survey. Your lender should also be able to give you an accurate closing cost schedule. We can make some excellent recommendations for lenders.

Calculate your total monthly housings costs

To get a feel for the maximum amount you should spend, use MSN Real Estate’s home affordability calculator. Remember to include taxes and homeowner’s insurance. In some areas, what you’ll pay for your taxes and insurance escrows can almost double your mortgage payment. According to the Insurance Information Institute, the average yearly premium can range from a few hundred dollars to several thousands.

Look at your budget

Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. If you’re a little “unsure” about how all these numbers compute, don’t worry – this is yet again one of the things any of our agents can help you with.

Look at the big picture

While buying a house is a great way to build wealth, nurturing your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems arise, there’s no landlord to turn to, and these costs can drain your bank account quickly.

See what you can afford

Use Bankrate’s mortgage calculator to see what your payment would be. Of course, you’ll only be able to get approximate numbers until you know the actual specifics of your transaction.