Have you decided it’s time to relocate, upsize, or buy a home that better fits your current lifestyle? When you’re ready to buy, you’ll have a lot on your plate — from packing and securing financing to finding the right realtor and location. Many home buyers feel overwhelmed during the process. This guide can help simplify the journey.
1. Location, location, location
Whether you are buying your first or second home, the most important thing to consider is the location. Evaluate where you would like to live in the Boston area. For example, consider a stately mansion in Cambridge close to the infamous Harvard Square and numerous museums, shops, and cafes. Also consider the shopping and dining oasis — the Back Bay neighborhood — which offers gorgeous brick multi-family townhomes with panoramic views of the picturesque Charles River. From single-family homes in a homeowners association community to multi-family units downtown, you’ll find a variety of houses. In determining which location is right for you, consider your lifestyle and all the must-haves that will enrich your life.
2. Choose your must-haves
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When buying luxury real estate, think about the necessary amenities. Many luxury home buyers look for homes with excellent views, smart home technology, energy-efficient appliances and windows, a heated garage, and a wine gallery. For example, if you are considering Wellesley, MA, real estate, such as this two-story estate home, you might find an immaculate lawn, chef’s kitchen, butler’s pantry, sun room, and recreation room. Designed by a regionally well-known architect, this Wellesley home is truly a masterpiece.
You might also consider this single-family Beacon Hill home equipped with the latest smart home technology, gourmet kitchen, walk-in closets, and vast outdoor spaces. Whether you want innovative home technology or a wine cellar room, create a list of must-haves to help you find your dream home in the Boston area.
3. Evaluate your finances
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While buying any home can be an exciting process, it’s vital to first evaluate the financing options. Whether you pay with cash or get pre-approved for a jumbo mortgage loan, determine the best method of payment for your circumstance. By getting a Proof of Funds or a pre-approval letter, you will know just how much initial capital you have to fund your Wellesley, MA, real estate. Sellers are more likely to trust buyers with Proof of Funds or a pre-approval letter and might even choose your offer over other more competitive offers.
4. Negotiating is key
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When you and your real estate agent start researching prospective new homes in real estate listings such as the Multiple Listing Service (MLS), it is essential to know that the listed price is not the final price. While you want to look for homes in your price range, understand that there is room for negotiation. Your realtor will use the metrics from a home inspection and appraisal reports to determine a negotiation strategy. For example, if the roof is leaking, you could include that in your negotiation strategy to ask for repair or a lower price. Research and review prospective properties thoroughly to learn what needs to be changed or updated to get the best value for your Boston area home.
5. Check the quality of construction
Luxury homes typically boast superior quality and premium materials. However, factors like the weather and daily wear and tear can affect the home over time. For example, due to the harsh winters in Boston, it is common to find underlying issues in the structure and foundation of the home. There might be significant cracks, mold and mildew, or moisture damage. Some of the historical (and older) homes may have windows that aren't energy efficient. Your real estate agent can help arrange a home inspection to check the home’s condition. A qualified home inspector will walk through the property and provide a comprehensive inspection report. Review this report with your agent to learn what may need to be repaired or replaced..
6. Look for high resale value
In general, home buyers stay in their homes for six to eighteen years. There might come a time when certain life circumstances dictate a relocation. To prepare for such an eventuality, you need to find a home with the potential for a high resale value. While no one can predict the future, you can do a few things to determine if the property is a worthwhile investment. A superb location, excellent neighborhood, and top-rated schools are indicators that a home will continue to appreciate. Also check with the local city hall to learn whether any major construction is planned for the area. Finally, research how your home performed over the past few years to gain an insight as to how it will appreciate over the next ten or fifteen years.
7. Work with an experienced real estate agent
Whether you are considering Wellesley, MA, real estate, a new home in Belmont, or somewhere in between, work with a qualified real estate agent. An experienced real estate agent familiar with the Boston area can give you insights into the local culture and reference top-rated contractors and mortgage lenders. They can also help analyze the market to determine the optimal buying time and the potential for appreciation.
Planning to buy or sell a home in Massachusetts? Consult real estate agent Scarlett Tamburro. She can provide expert guidance on everything from local community insights to negotiating. As a Top Agent Network winner, Scarlett is committed to providing world-class service and helping clients find dream homes that align with their must-haves.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
