Preparing to Buy a Lexington, MA Home
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| Buying a Lexington, MA Home |
While the prospect of finding your Lexington, MA dream home is probably very exciting, the process of finding it can also bring about some anxiety. A home is one of the largest purchases that anyone makes in their lifetime, so it's only logical that it can be a little scary! There are steps you can take before you start your home search to help make it as seamless as possible. Here are 5 things to do before starting your Lexington, MA home search:
Determine approximately how much you are able to spend. The best place to start is to determine what your finances will allow you to afford responsibly. As a general rule of thumb, your mortgage should not exceed more than 30% of your net household income. Also take into account what liquid funds will be necessary for your downpayment. There are many mortgage calculators available online that can assist you in estimating your buying power.
Prioritize your wants and needs. Once you have an idea of what you can afford, it is now time determine what you are actually looking for in the home. Start the list with those things that are of absolute necessity to you — location, number of bedrooms, garage, etc. Once you have your nonnegotiable list, you should then move onto the “wish list” items. These would be things that you could technically live without but would really like to have in your new home. Prioritize this list from your most desired to least features.
Do your research. There are numerous internet listing sites available to the public today. Venture out to a few of them to see what homes are available in the price range that you have determined you can afford. Once you see what homes fall within that range, refer to your list of wants and needs. Will your price point allow you to purchase a home with everything on your nonnegotiable list? If so, now you can go through your prioritized list of wants to determine which of them your budget will realistically allow for.
Get a mortgage pre-approval. In today’s market, it is highly recommended that you get a pre-approval for your mortgage loan before you even step foot into your first house for viewing. Once you have an idea of the amount that you are looking to borrow, find a reputable lender to determine the exact dollar amount that your eligible to borrow. A pre-approval will also give you more leverage as a buyer, as sellers will take your offer more seriously knowing that you have financing secured.
Find a knowledgeable buyer’s agent. With all of the information available on the internet, many have wavered from enlisting the assistance of a buyer’s agent in recent times. There are still advantages to having an agent in your corner when you are house hunting. A buyer’s agent will be able to help you find homes that meet your requirements much more efficiently than digging through listing sites on your own. An agent will also take the reigns on contacting the seller’s agent to set up viewings and will also go to the negotiating table for you once you’ve placed an offer. The reality is that the seller’s agent is looking out for the interest of the seller. On the other hand, a buyer’s agent will be looking out for your best interest throughout the entire purchasing process.
Have you done all 5 things? Then get to house hunting! With these tasks behind you, all of your energy can now be focused on finding the right home for you. If you are in the market for Lexington, MA real estate, please contact me. I would love to help relieve some of the stress of your home search by navigating your through the process start to finish.
Prioritize your wants and needs. Once you have an idea of what you can afford, it is now time determine what you are actually looking for in the home. Start the list with those things that are of absolute necessity to you — location, number of bedrooms, garage, etc. Once you have your nonnegotiable list, you should then move onto the “wish list” items. These would be things that you could technically live without but would really like to have in your new home. Prioritize this list from your most desired to least features.
Do your research. There are numerous internet listing sites available to the public today. Venture out to a few of them to see what homes are available in the price range that you have determined you can afford. Once you see what homes fall within that range, refer to your list of wants and needs. Will your price point allow you to purchase a home with everything on your nonnegotiable list? If so, now you can go through your prioritized list of wants to determine which of them your budget will realistically allow for.
Get a mortgage pre-approval. In today’s market, it is highly recommended that you get a pre-approval for your mortgage loan before you even step foot into your first house for viewing. Once you have an idea of the amount that you are looking to borrow, find a reputable lender to determine the exact dollar amount that your eligible to borrow. A pre-approval will also give you more leverage as a buyer, as sellers will take your offer more seriously knowing that you have financing secured.
Find a knowledgeable buyer’s agent. With all of the information available on the internet, many have wavered from enlisting the assistance of a buyer’s agent in recent times. There are still advantages to having an agent in your corner when you are house hunting. A buyer’s agent will be able to help you find homes that meet your requirements much more efficiently than digging through listing sites on your own. An agent will also take the reigns on contacting the seller’s agent to set up viewings and will also go to the negotiating table for you once you’ve placed an offer. The reality is that the seller’s agent is looking out for the interest of the seller. On the other hand, a buyer’s agent will be looking out for your best interest throughout the entire purchasing process.
Have you done all 5 things? Then get to house hunting! With these tasks behind you, all of your energy can now be focused on finding the right home for you. If you are in the market for Lexington, MA real estate, please contact me. I would love to help relieve some of the stress of your home search by navigating your through the process start to finish.
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