Monday, April 4, 2011

10 Tips for First Time Home Buyers in Lexington!

Spring is a great time to explore the Lexington Real Estate market! Whether you’re hoping to sell your Lexington home, or buy one of the beautiful Lexington homes that you’ve seen for sale; the spring market is quickly picking up! Oftentimes people wait to buy or sell until the warmer weather. Since it’s beginning to feel more like spring with each day, there seems to be new homes coming on the Lexington Real Estate market on a daily basis!

For those of you who are venturing into the home buying process for the first time; you may feel a little overwhelmed with the thought of buying a home in Lexington. You’ve perhaps heard stories about the challenges of qualifying for a loan and the housing market in general, however there are some things you can do to prepare yourself to help the home buying process run smoothly! Below are ten key tips for first time home buyers that, as a Lexington Real Estate agent, I feel will be an immense help as you begin your Lexington home search!

1. Set Your Housing Budget- Have a clear understanding of your budget each month, and do not spend more than 30% of your gross monthly income on your Lexington home. This includes your interest, principal, homeowners insurance and taxes. You don’t want to put yourself in a financial bind that you are constantly struggling to maintain each month.

2. Start Saving and Stop Spending- Begin to save the difference between your monthly rent now and what you plan on your monthly mortgage being. This will prepare you for what the monthly payments will look like once you move into your home and help you make any needed lifestyle adjustments now.

3. Check Your Credit Score- Lenders will put a lot of weight on your credit score, so you want to make sure to have your credit in order. They will determine how much you qualify for in a mortgage based heavily on your credit.

4. Narrow Your Priorities- You’ll want to make two separate lists based on your needs and wants. Your needs should be those things you absolutely need in your home in Lexington. Your wants will be those items that you would prefer, but are willing to compromise on. Narrowing down and sorting out your needs and wants will help immensely when searching for a home. You’ll have a clear picture on what you are willing to let go of, since you will most likely not find a home that has absolutely everything you would like. Know when to give and when to stand firm. You’ll quickly narrow down your home search this way!

5. Find a Reputable Lexington Real Estate Agent- You’ll want to find a real estate agent who has experience in the Lexington Real Estate market. An agent who has years of experience in the area will be a great asset in helping you find a neighborhood and home that best fits your needs and lifestyle.

6. Meet with a Lender- It is easy to want to begin searching online for your home, but without a sense of how much you qualify for; it’s easy to waste time looking at homes you might not be able to afford. Meet with a lender before you begin looking at homes and get pre-qualified. You’ll be able to search more effectively online and when you begin working with a Lexington Real Estate agent to find a home.

7. Choose a Neighborhood- We feel that any you can’t go wrong in any Lexington neighborhood that you choose! However, we also understand that each neighborhood does have a unique atmosphere and things to offer, so you’ll want to find the area that suits you the best.

8. Make a Reasonable Offer- Your Lexington Real Estate agent will be able to give you a list of comparable homes in the area, and can help you determine an offer that is fair for the market. They will also make sure that you are being dealt with fairly as a first time home buyer.

9. Have a Home Inspection- This is very important! Even if the home looks perfect inside and out; there is no way of knowing what issues there may be without a home inspection. You don’t want to buy a home only to find that it needs the roof replaced or there is water damage. Having the home thoroughly inspected allows you to know exactly what you can expect in the home you buy.

10. Finalize the Details- Once the contract is signed; you’ll still want to stay in touch with your agent and lender. There are always last minute finalization's that need to be made.

I hope these tips are helpful as you begin thinking about buying your first home in Lexington! Buying a home, especially your first one, is such an exciting time and I want to make sure that you have the best experience possible! If you have any questions about the above tips, about the Lexington Real Estate market or about living in Lexington; please let me know! I’d love to answer any questions you may have and help you along each step of the home buying process!

I look forward to hearing from you!

Theresa D'Antuono

Lexington MA Real Estate Agent
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1 comment:

  1. Purchasing a home is the largest financial decision you can make. Making smart home buying decisions will make the home-buying process less stressful and more rewarding. Thanks for those helpful tips!
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