Boston Real Estate with Tracy


If you’re buying a home for the first time, you have a lot to learn. There are so many decisions that need to be made and new terms to be understood. While you may have been saving up for a downpayment, you’re most likely going to need t finance the majority of the cost of your home. Knowing how to deal with lenders, real estate agents, and other professionals involved in the process of purchasing a home will make your life that much more straightforward. Read on for some mortgage tips that every first-time home buyer should understand.


Know Your Budget


You may find when you apply for a mortgage that you’re able to finance more than you thought you could. Being able to borrow such a significant amount is where many home buyers get caught in a numbers trap. Although the bank may be willing to loan you a certain amount, you might not actually be able to afford it. While the bank looks at many of your financial numbers, the bank doesn’t know your entire budget. How much you spend on groceries each month or the cost of your monthly phone bill are out of the picture when the mortgage company approves you for a loan. Whatever amount of money you borrow to buy your house will result in a monthly payment amount. If you’re only paying $800 per month in rent but your mortgage payment will be $1400, that will result in a significant budget adjustment. Will you be able to come up with the additional $600 each month to pay the mortgage? You need to look at your entire budget seriously to be safe in your mortgage transaction. 


Plan For Out Of Pocket Expenses


You know that you need to save for a downpayment on the home of your dreams. What you may not know is that there are many other out of pocket expenses that you need to foot the bill for when you buy a home. These costs include:


Inspection

Legal fees

Insurance

Pizza for the people who help you move

Repairs to the home

Utility costs


There are so many expenses that you need to come up with when you buy a home. Don’t merely save enough for your down payment and stop. Make sure you have a financial cushion for emergencies, money to help furnish the house, and more. 


Mind Your Credit


When you buy a new home, it may be tempting to buy new furniture, decor, or other items for your property. Hold off on opening any new credit or making large purchases. While a new car will look great in your new driveway, it won’t look so good on your credit score. Be very mindful of your credit score when you are getting ready to buy a home.  




Watertown, MA 02472

Rental

$3,795
Price

5
Rooms
2
Beds
2
Baths
3 MONTHS FREE!! CALL FOR DETAILS. 2 Bed 2 Bath + Study. Nestled at the edge of the scenic Charles River, Watermills artfully blends today’s modern architectural design with the tranquility of the rich landscape into a symphony for your senses. Exit your homes and with just a few steps enter the 23 mile Charles River Greenway where they can enjoy Bicycling, Walking, Running, Inline skating, Cross Country Skiing, Rowing, & Paddling. The residences feature a masterfully designed, sleek European inspired kitchen with Granite countertops and stainless steel appliances, washer/dryer & central air. Open living concept, sliding glass doors to a generous deck and patios opening up to beautifully landscaped courtyards in most apartments.. Fob & Video entry, Electric car charing, Zipcar, Gym, Rentable storage units, Guest parking, Bike storage and Elevator to heated parking garage $75-$125 monthly. Pets will be considered on a case by case basis, $50 monthly. Online at Watermillsliving. com.
Open House
No scheduled Open Houses

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Watertown, MA 02472

Rental

$2,950
Price

4
Rooms
1
Beds
1
Baths
3 MONTHS FREE!! CALL FOR DETAILS.1 bed + Study. Nestled at the edge of the scenic Charles River, Watermills artfully blends today’s modern architectural design with the tranquility of the rich landscape into a symphony for your senses. Exit your homes and with just a few steps enter the 23 mile Charles River Greenway where they can enjoy Bicycling, Walking, Running, Inline skating, Cross Country Skiing, Rowing, & Paddling. The residences features a masterfully designed, sleek European inspired kitchen with Granite countertops and stainless steel appliances, washer/dryer & central air. Open living concept, sliding glass doors to a generous deck and patios opening up to beautifully landscaped courtyards in most apartments. Fob & Video entry, Electric car charing, onsite Zipcar, Gym, Rentable storage units, Guest parking, Bike storage and Elevator to heated parking garage $75-$125 monthly. Pets will be considered on a case by case basis, $50 monthly. Check us out at Watermillsliving
Open House
No scheduled Open Houses

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Watertown, MA 02472

Rental

$2,350
Price

3
Rooms
1
Beds
1
Baths
3 MONTHS FREE!! CALL FOR DETAILS Nestled at the edge of the scenic Charles River, Watermills artfully blends today’s modern architectural design with the tranquility of the rich landscape into a symphony for your senses. Exit your homes and with just a few steps enter the 23 mile Charles River Greenway where they can enjoy Bicycling, Walking, Running, Inline skating, Cross Country Skiing, Rowing, Paddling, and Fishing. The residences feature a masterfully designed, sleek European inspired kitchen with Granite countertops and stainless steel appliances, washer/dryer & central air. Open living concept, sliding glass doors to a generous deck and patios opening up to beautifully landscaped courtyards in most apartments. Fob & Video entry, Electric car charing, onsite Zipcar, Gym, Rentable storage units, Guest parking, Bike storage and Elevator to heated parking garage $75-$125 monthly. Pets will be considered on a case by case basis, $50 monthly. Check us out online at Watermillsliving
Open House
No scheduled Open Houses

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As the new year approaches, you may wonder what changes are ahead for you and your family. If you have been thinking about selling your home in the coming year, there are a few pretty good reasons to do so. Read on, and you may find some new real estate goals for the new year. 


There’s Not A Lot Of Inventory


If the inventory is low, you’ll find that it’s a great time to put your home on the market. Your home will sell a bit faster and attract more buyers. If the market is particularly busy, you may get an even better price than expected for your home. 


People Want Homes Fast


Certain times of year bring a bit more urgency to the market. Employees may be more apt to have transfers within their company. Families may be looking to move in before the start of the school year. These situations can get your home off the market fast for the right price.


The Seasons Of Real Estate Are Different


While we typically think of spring as starting in late March, spring in the real estate world actually begins in January. Once the holidays are over, it’s believed that people are ready to make moves with their properties. This early season holds especially true in warmer climates. It’s thought that the earlier in the year a home is listed, the more it will stand out on the market. If you’re listing a house in a warmer climate, keep in mind that people who are looking to escape cold climates are looking to buy in the early months of the year.  


Keep in mind that if you do live in a colder climate and plan to sell and your property has some great outdoor space, you may want to wait until a warmer time of year to sell. 


The Lower The Price Of The Home The Faster It Moves


If your home is on the lower end of the price spectrum, you may be able to sell whenever you’d like., These home are attractive to first-time buyers and move fast off the market. They’re great for starter homes, fixer uppers, and house flippers.


The bottom line is that in a hot market there may be no wrong time to sell. If you speak with a REALTOR® and they believe the time is right, and you’re itching to move on to another property you should. Real estate agents have the knowledge and experience that can help you to find the right time to sell as well as the sweet spot for pricing your home.   


    




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