There’s plenty to love about living in Boston, from its historically and culturally rich institutions to its Ivy League schools like Harvard and a nightlife full of clubs, world-renowned performance theaters, and fine dining. There are a few things buyers can do to optimize their search and increase their chances of a purchase. When looking for homes in the area, follow this guide on how to buy a house in Boston: insider tips & strategies.
Research the area
The first thing buyers should do is research the area to make sure it’s a good fit. A quick chat with a qualified Realtor like those at Alpha Group can illuminate buyers about the services and amenities available in the area, the different types of neighborhoods and properties, and things like population growth or job market statistics, as well as local market trends.
Boston is full of great neighborhoods suited for college students, growing families, and retirees alike. Younger professionals and those attending the university nearby love Allston for its central location and active community. Other neighborhoods like East Boston offer gorgeous waterfront properties, while more suburban communities like West Roxbury are great for families and retirees alike.
Boston is full of great neighborhoods suited for college students, growing families, and retirees alike. Younger professionals and those attending the university nearby love Allston for its central location and active community. Other neighborhoods like East Boston offer gorgeous waterfront properties, while more suburban communities like West Roxbury are great for families and retirees alike.
Estimate costs
Before purchasing a home, buyers need to estimate the costs of buying a property, owning a property, and living in Boston. When purchasing a property, consider costs related to a down payment, mortgage payment, and closing costs like moving, appraisal and inspection fees, and transfer taxes.
In Boston, the median selling price for single-family homes is $707,250, while condominiums are sitting at $685,000. Buyers should keep this in mind when applying for mortgages and planning costs like property taxes.
Buyers should also save in advance for homeowner expenses like utilities, unexpected maintenance, and property taxes. Homeowners in Suffolk County pay an average of 0.78% of their home’s assessed market value in property taxes each year. Make sure living in Boston is a sustainable choice by researching the cost of living. The cost of living in Boston is 50% higher than the national average.
In Boston, the median selling price for single-family homes is $707,250, while condominiums are sitting at $685,000. Buyers should keep this in mind when applying for mortgages and planning costs like property taxes.
Buyers should also save in advance for homeowner expenses like utilities, unexpected maintenance, and property taxes. Homeowners in Suffolk County pay an average of 0.78% of their home’s assessed market value in property taxes each year. Make sure living in Boston is a sustainable choice by researching the cost of living. The cost of living in Boston is 50% higher than the national average.
Partner with an agent
An agent is your ultimate resource when understanding how to buy a house in Boston. Only licensed agents have access to a local MLS, which they use to sort through the largest range of listings in the area. They’ll listen to a buyer’s goals for making a purchase and tailor a search to find homes that meet their needs, ensuring buyers find properties they love sooner.
A buyer’s agent will also have connections with sellers’ agents in the area and can provide buyers leads on homes that aren’t yet listed. This gives buyers a better chance of competing for a property they love. A local agent knows the Boston area well and will explain the city’s different neighborhoods and amenities to their client so they can make an informed decision. The agents at Boston’s Alpha Group are well-qualified, highly experienced experts in the field.
A buyer’s agent will also have connections with sellers’ agents in the area and can provide buyers leads on homes that aren’t yet listed. This gives buyers a better chance of competing for a property they love. A local agent knows the Boston area well and will explain the city’s different neighborhoods and amenities to their client so they can make an informed decision. The agents at Boston’s Alpha Group are well-qualified, highly experienced experts in the field.
Get preapproved
Buyers who want a fair chance of securing a home should always get preapproved for a mortgage before starting their search. To secure the best rate buyers can improve things like their credit score and debt to income ratio as well as organize papers showing steady income for at least two years. Buyers who get preapproved can search confidently for homes knowing they have the financial backing to fund it.
Having a preapproval letter is also helpful when it’s time to make an offer. Many sellers won’t take an offer seriously if it lacks proof of funds, like a preapproval letter. Buyers who wait to get preapproved after making an offer also risk getting outbid by another buyer or not getting approved for a large enough mortgage.
Having a preapproval letter is also helpful when it’s time to make an offer. Many sellers won’t take an offer seriously if it lacks proof of funds, like a preapproval letter. Buyers who wait to get preapproved after making an offer also risk getting outbid by another buyer or not getting approved for a large enough mortgage.
Make a competitive offer
After completing a home search and finding the perfect home, buyers can work with their agents to make a competitive offer. Alongside a preapproval letter, buyers should add contingencies that protect them in a home purchase, an earnest money deposit equaling 1-3% of the purchase price, and a deadline for sellers to respond by. Buyers can add things like escalation clauses or a personal letter to show sellers their commitment to buying.
In response to an offer letter a seller can accept the offer, reject the offer, or make a counteroffer changing one or more of the offer’s terms. An agent will help buyers negotiate the offer for the best terms and price. To avoid making hasty decisions a buyer should have an idea of what they are and aren’t flexible on before entering negotiations.
In response to an offer letter a seller can accept the offer, reject the offer, or make a counteroffer changing one or more of the offer’s terms. An agent will help buyers negotiate the offer for the best terms and price. To avoid making hasty decisions a buyer should have an idea of what they are and aren’t flexible on before entering negotiations.
Prepare for closing steps
When the buyer and seller have come to an agreement, they will close on the home. At this time buyers order a home inspection and renegotiate the offer if necessary, order a home appraisal to finalize their mortgage, and complete money and ownership transactions during escrow. Buyers can consult with their agents when signing necessary documentation and making a final walkthrough of the property. To avoid a rushed move, buyers should start packing a couple of months in advance.
Ready to buy in Boston?
Follow this guide on how to buy a house in Boston. As a buyer, you should always research an area to get an understanding of the community energy, types of neighborhoods and properties, as well as market trends like median prices and buyer competition. Then you can partner with an agent for further guidance searching for and purchasing a property. When you’re ready to look for homes for sale in Boston, contact local agent Anson Wu at Alpha Group for expert help.
