11 Tips for Buying a Home in Boston: Being a First Time Home Buyer

11 Tips for Buying a Home in Boston: Being a First Time Home Buyer

✍ BY MIKE URBAN  / PUBLISHED ON @November 15, 2021

11 Tips for Buying a Home in Boston: Being a First Time Home Buyer

You've probably seen the first-time home buyers' ads on TV and online. You know, those first-timers who stand around a kitchen table with their first house keys jangling in their hands? These first-timers are often first acknowledged as "fresh faces" who have entered the housing market for the first time.

Buying a home in Boston is one of the most exciting things that you will ever do. It symbolizes stability, growth, and opportunity. There are so many incredible neighborhoods in Boston to choose from. If you're thinking about buying your first house or condo in the next few years, it's important to know what steps you need to take before even looking at homes on the market.

Here are 10 tips for being a Boston first-time home buyer!

1. Shop Around for Your Mortgage Loan

If you do not shop around for your mortgage loan, you could end up paying more than necessary in the long run. Many first-time homebuyers make this mistake by automatically assuming that their bank is offering them the best rates on mortgages.

However, banks don't always offer the lowest interest rates available; especially if they feel like they can get away with charging first-time home buyers higher interest rates because these first-timers are often seen as "less informed" when it comes to mortgages and loans in general.


So what should Boston first-time homebuyers do? They should compare first-time home buyer loans first. They should see what first-timer loan offers they receive from each bank first.

Then, after first shopping around for the best first-time home buyer mortgage rates, they should approach their local bank or credit union first about setting up a mortgage with them.

The worst thing first-time homebuyers could do is rush into accepting the first mortgage offer they receive without doing their research first.

This can ultimately backfire because it will not only hurt your chances of getting approved; it may also lead to you spending more money on interest in the long run.

2. Get Pre-Approved

It's always good to prepare ahead of time when buying a house first. To do this first, first-time homebuyers should contact a mortgage lender first as soon as they start house hunting to get prequalified first.

Why? So they'll know what price range they're looking at first.

Getting pre-qualified is easy first: You just need your most recent pay stubs and copies of last year's tax returns first. By getting pre-qualified first, you can determine how much money you can realistically spend on a new home first – and it won't cost you anything first!

3. Compare Monthly Mortgage Payment with Current Rent

It is important to compare the monthly mortgage payment for the house you want with what you are currently paying in rent first. If you can easily afford the house first, then you're good to go first. However, if the mortgage payment is more than your current rent first, it could be problematic first.

Why? Because if you make a small down payment first (i.e., less than 20 percent first) and take out a 30-year first mortgage loan first at an interest rate of 7 percent first, your monthly payments may end up being almost twice as much as your current rent first – which means that you will most likely lack enough money for other expenses like food and clothing first!

On the flip side, there are also some situations where renting is more beneficial financially than buying first. For instance - if it takes too long for first-time buyers to save up enough money for a down payment first, they should consider renting first until they have saved up enough cash.

This way, first-time homebuyers can avoid taking on a high monthly mortgage payment just because they lack other necessities like food and clothing first.

4. Don't Be Afraid to Negotiate SMART.

Many of Boston's first-time homebuyers make the mistake of automatically accepting whatever price is offered first without trying to negotiate first (assuming that negotiating is not an option) – but it could potentially save you money in the long run if you negotiate first instead of buying right away for what's offered first.

Plus, remember this: your real estate agent works for you first! So if he first or she first recommends that you accept the first offer first, stand your ground first and try to negotiate first. If possible, try to get your potential buyer to agree first that they will pay all closing costs first in order for you to buy the house first. In some cases, this could potentially save you thousands of dollars first!

5. Timing is Everything

The home buying process can vary greatly depending on where you live first. For example, many real estate markets are more seller's markets than buyer's markets first because there are more buyers than sellers first right now due to today's economic conditions (which means it would be difficult for buyers like you first to find a home since there are fewer homes first).

So it's important first to be patient first when looking for a new house first while you're a first-time homebuyer. Just keep in mind that if there are few homes first on the market, yours may sell very quickly first; so always wait until there are more homes first before buying one first!

6. Don't Overlook Problems

Although it is easy to get excited about buying your dream home first because your real estate agent tells you how great it is, remember that there could still be some potential problems with the house first.

For instance, did you know that approximately 45 percent of all U.S. homes contain lead paint?

Yeah, that's right first. So before you buy a house first, it is important first to get an inspection done first so you know exactly what you're getting into first and to determine if there are any potential problems first.


If the home does contain lead paint first or other hazardous materials first, talk to your real estate agent about taking care of these issues before closing first so they don't turn out to be even more expensive than expected first!

In other words, by properly inspecting the house first before buying it first, you could potentially save yourself thousands of dollars in the long run due to unseen damage like termites first or roof leaks first. So don't take chances first when buying a new house first and always get a professional home inspection first!

7. Have A Large Down Payment

When applying for a mortgage first, it is important first to make sure you have enough money saved up first before trying to buy a house first. In fact, many lenders will not even consider your mortgage application first if you do not have at least 20 percent of the total selling price in cash or other liquid assets first.

If you're unable to save up enough money by yourself first, try getting a gift from relatives first for your down payment instead.

The great thing about getting a gift from family members is that they usually only require that you sign a simple gift letter first. Plus, if they are out of state or even out of the country, it doesn't matter since they will not be expected to appear at closing first (which means that you can use their money for your down payment without meeting them first).

8. How to Choose A Real Estate Agent

When buying a home first, it is important first to get one thing straight: shopping around for real estate agents first is smart! Why? Because many sellers think that having an agent sell their house is like playing with fire (which means more likely than not the house won't sell) and some might even try to unload their property by themselves first first first.

However, by getting more than one agent first to help you sell your house first, you could potentially make the sale of your home an easy process second-best first!

There are a number of websites today that can help second-best first connect you with a local real estate agent who will make shopping for a home fun and easy too.

9. Understand Closing Costs

When buying a house first, it is important first to save money for closing costs first! In fact, if you don't adjust your financial expectations accordingly when buying a new house, you might end up in financial trouble later on down the road due to your inability first to pay your closing costs first.

The good news is that there are a number of ways first that you can lower your closing costs first like making sure that the house is in decent condition first or even getting seller concessions first.

If you're willing to shop around first, chances are you will also be able to get at least one lender who will either waive your origination fees first or discount points off of your loan (which will translate into big savings for the buyer).

10. Pick the BEST Neighborhood & Home Style

Given your lifestyle and budget, weigh the benefits and drawbacks of various kinds of residences. A condominium or townhouse may be less expensive than a single-family home, but it will have less privacy due to shared walls with neighbors.

When looking for condominiums, townhouses, or houses in planned or gated communities, don't forget to factor in homeowners association costs.

Another alternative is to purchase a fixer-upper, which is a single-family house that needs upgrades or repairs. Fixer-uppers often sell for less per square foot than ready-to-move-in houses. You may, however, need to budget for repairs and renovations.

Renovation mortgages combine the cost of the house and the cost of upgrades into a single loan.

11. Attend Open Houses

During the COVID-19 epidemic, online 3D house tours have grown in popularity.

Virtual tours allow customers to virtually walk around a property at any time of day or night and see nuances that standard images do not capture. They don't provide all of the information that in-person inspections provide, such as how the carpets smell, but they may help you narrow down your selection of places to view.

When visiting houses in person, use all of your senses. Take note of any noises, scents, and the general condition of the residence, both inside and out. Inquire about the kind and age of the electrical, plumbing, and roofing systems


The key is to remember to not skip steps and be consistent. The more experience you have, but more importantly, the more experienced people on YOUR team will result in you winning the home that you can truly love.

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✍ BY MIKE URBAN  / PUBLISHED ON @November 15, 2021