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Massachusetts HOUSE HUNTING TIPS

Eight great ideas to make your Massachusetts home search a more positive and productive experience.

By Marcie Geffner

Location Counts

You’ve probably heard the old real estate punch line “location, location, location” but it bears repeating. Location is crucial. How far are you willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, senior services and other public amenities? Will your new home be next to a vacant lot or commercial property? Even a picture-perfect dream home can be a mistake if it’s in an undesirable location — and a poor location can be a particularly bad choice if you anticipate reselling the home within a few years. Search Greater Boston Communities.

20 QUESTIONS FOR PICKING THE PERFECT NEIGHBORHOOD

Is this country, suburban or city living? Which is best for me?
Is this an established neighborhood or a growing community?
Are there signs of new construction in the area?
What will this neighborhood look like in 10 years?
What are the values of other homes in the neighborhood?
How well maintained are the other homes in the neighborhood?
Can I afford the county and/or city taxes?
How much do water, trash removal and other services cost?
How long will it take to get to work? How much will it cost?
Are there mass-transit options within walking distance?
How far will I be from friends and family members?
How far will I be from shopping, schools or other regular activities?
What are the schools, hospitals, and other public services like?
Are any of the neighbors about my age? My children’s age?
Do nearby businesses bring people out during the day? At night?
What’s the traffic like during the week? Evenings? Weekends?
Is there an adjacent empty lot that could be developed in the future?
Are there plans for a mega-mall or sports facility nearby?
Are there any homeowners’ association fees?
Are there any homeowners’ association rules or restrictions?

Make a List

Do you really know what you need and want in your MA home? You’ll save yourself many hours of shopping (and potential arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don’t want and would prefer not to have. Your goal is to find the right home for your family without falling in love with one that doesn’t suit your needs. Start compiling your wish list by thinking about what you like and dislike about your current home.

Do Your Homework

Not long ago, consumers had very little access to information about recent Massachusetts home sale prices, market trends, homes on the market, neighborhood statistics and the MA home-buying process. Today, all this information (and more) is available on the web on sites like ours www.HomesBoston.net. Go surfing. Get educated. Become empowered.

Get Pre-Approved

Your top-dollar home price is a function of your household income, your creditworthiness, interest rates, type of loan you select and how much ready cash you have for the down payment and closing costs (among other factors). Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage broker to give you a full assessment and a letter stating how much you’re qualified to borrow. The true amount may be much more or much less than you think.

MORTGAGE MYTHS

Lenders evaluate mortgage applications a lot differently today than they did even 10 years ago. What used to close the door to homeownership may not be a factortoday.

Here are five common myths:

Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.

Myth: Lenders share your personal financial information with other companies. .
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don’t want it to be shared.

Myth: If you’re late on your monthly mortgage payments, you’ll lose your house. .
Fact: If you have a financial hardship (like the death of your spouse or a medical emergency) and fall behind, it’s possible to keep your home and get back on track if you contact your lender early.

Myth: You can’t get a mortgage if you’ve changed jobs several times. .
Fact: You can change jobs several times within a few years and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you’ve had a stable income.

Myth: You can’t buy a home in the U.S. if you’re not a citizen. .
Fact: If you’re a legal resident, you can purchase a home in the United States.

Use a Checklist

Touring multiple MA homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it to track the features of each home.

Wear Comfortable Clothing

And don’t forget sturdy shoes. House hunting can be tiring, especially if you’re relocating to a distant community and want to see a dozen homes in one day. There’s no sense in torturing yourself unnecessarily.

Be Prepared to Make an Offer

Massachusetts house hunting can also be frustrating; especially if you know in your heart you’re not really emotionally or financially ready to buy a home. If you’re not ready, don’t put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you’ll know what decisions you’ll face when you make an offer.

Relax

Granted, buying a Massachusetts home is a major life-altering event. But it’s not worth making yourself crazy or super stressed. Save time at the end of your house hunting expedition to unwind, calm your thoughts and emotions and keep the whole experience in perspective.

If you'd like to know about the Massachusetts home buying process, we'd love to tell you all about it. Contact us!


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