Tuesday, July 6, 2010

Tips for Buying Your First Lexington Home!

Lexington MA is a great place to live for a variety of reasons! From excellent schools to historical charm, this is one town that pulls at your heart strings from the moment you visit. Perhaps you’re relocating to the area or are thinking of jumping, for the first time, into the home buying process. It can be daunting to embark on a new area or the real estate market without knowing where to begin; which is why I’m here to help!

As a first time home buyer, there are a few key things to do before you stepping across the threshold of house hunting. It’s always fun to get out there and see what types of neighborhoods and homes are available, but with a little pre-work; the whole process will run much smoother. Take a look at the tips below!

1. Make Your Wish List- From bedroom count to types of flooring and from style to location, list out everything you want in your home. From there, divide it into “Need” and “Want” which will help you prioritize those things that are necessary for you to find and those things that would be an added bonus. This will also help if you need to lower your budget as you’ll already know those things that can be taken off your wish list.

2. Figure Out What You Can Afford- A great rule of thumb for finding out what you can afford in the Lexington real estate market is to first decide what your down payment can be. Of course, the more you can put down in the beginning, the better, but a down payment of 5-20% of the asking price is common. You’ll then need to decide what you would want you can afford for a monthly payment. Deciding on a range is good, but make sure you know your absolute top price you’re willing to pay.

3. Visit a Loan Officer- Getting pre-qualified for a loan will give you an even better idea of your price range for home. Although you still have to consider what you’re comfortable paying; talking about it with a loan officer will give you an even better idea of what to expect.

4. Calculate the Extra Costs- Even if you feel you can afford a home, don’t forget the additional costs of the home buying process. From inspections to closing costs, the average extra costs are about 2-7% of the agreed upon selling price. Also don’t forget to factor in any property taxes, hoa fees or repairs that will need to be done.

Buying your first home may seem overwhelming at first, but taking it a step at a time is key! Don’t get discouraged if you dream home is out of reach for your first purchase. It may take a few home purchases to get to that ideal home. Lexington MA has many great homes that can fit any budget or style! Again, I’d love to help you get started in your home search! If it’s a matter of doing the pre-work and figuring out what you need and what you can afford, or if you’ve done that and are ready to begin seeing homes on the market; let me know!

I look forward to hearing from you!

Theresa D’Antuono

Lexington MA Real Estate Agent
Lexington MA Homes for Sale
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