It is common knowledge that the real estate market starts getting busy in the spring and summer time as nice weather starts to take over. This is when open houses start to be more common and houses fill up real estate listing websites and directories. Purchasing a home is a big moment in one’s life and should be prepared for properly if buyers want to have success on the market. Below are four ways you can properly prepare yourself for buying a home in and around Waltham, MA.
Save As Much as You Can
Money is the only way you will be able to purchase anything in life including a home. Making sure you have enough money is one of the most important steps to the home buying process. One of the first steps to making sure you have the money needed for a home is to get close to being completely debt free as possible. Debt will take your focus away from saving for your dream home so make sure you have as little debt as possible, so you can start saving your money. Once debt has been taken care of, compile as much money as you can for the following expenses you could be subject to during the buying process.
- Emergency fund with three to six months of expenses.
- 5-20 percent down payment on your new home.
- Closing costs, which can take up to 3 percent of your home’s value.
In addition to these costs, you should keep in mind how much it will cost to move into your new home as well as accessories you will need once you move in.
As mentioned before, preparation is key to a successful home purchase. Therefore, it is recommended to have all paperwork and other necessary documents ready at any stage of the home buying process in Waltham, MA. Not only does it show your seriousness about the transaction, it will also make the process go along more smoothly. Some of the finances you should check on include:
- Checking Credit Reports – Review your credit report before a lender does, so you can fix any minor issues that might be pointed out. That way the report checking process can move quickly.
- Gather Documents – Getting a mortgage requires certain documents such as recent bank statements, proof, and balance of retirement accounts, most recent W-2 form, recent paystubs, and driver’s license. Having these documents at the ready will help you close on your dream home.
- Get Preapproved – To further show how serious you are to buy a home to sellers, getting preapproved for a loan is a great way to do so. It shows you are ready to take out a loan as soon as possible to finance the house and show you want to be the next owner of the home.
Tune Your Wishlist
Buying a home is a big investment, which is why preparation is so important. A way to help your real estate agent in Waltham, MA find you your dream home is to fine tune what you are looking for. That way your Realtor will know exactly what to look for and place you in open houses that suite your needs. Some of the factors on your list include:
- Set Your Budget – Narrow down your budget to what is reasonable for you as well as keeping in mind it the mortgage payments. The mortgage payments should be about 25 percent of your monthly take-home pay. You will also want to keep in mind maintenance costs into your budget.
- List of Features – You always want to keep the end in mind when purchasing home. Work with your Waltham real estate agent on features that you like, and your agent can inform you which features help or hurt your chances of reselling your home if you need to do so in a couple of years.
- Choose a Location – Once you are set on a location and or school district, pass the information to your Realtor and they will set up a portal into the MLS. That way you can get notices when homes in your area are up for sale.
- Open Houses – A walkthrough of homes not only helps you envision your family in the home but also helps with finances. You can see if your budget can get you the home you are looking for or not as well as determining if you need to save more.
Find the Right Agent For You
One of the most important aspects to entering the real estate market is finding yourself the right Realtor for you. Finding a good Waltham Realtor is important as they can tell you all the ins and outs of the market’s current situation. They also have ample amounts of community knowledge to help with your search. Find an agent that makes you feel comfortable and one that you can work with so finding your dream home happens as soon as possible.