There is a thriving market for real estate in Boston which does not look like it will go down any time soon. Boston is currently undergoing a construction boom with new constructions happening is almost all its neighborhoods.
There are apartments flying left, right, center off the Boston market. Some questions you should ask yourself before buying Boston apartments are:
- Are there any rules and regulations? Take time to read the fine print to familiarize yourself with the rules and to also see how they will affect your life. Hire an attorney to review those rules and regulations.
- How much will you pay in fees? Find out how the fees have increased in the recent years and also ask if in the near future, the fees are likely to increase.
- What’s the apartment’s financial health? Ask to see all the financial statements linked to the property. Financial distress is a major red alert.
- Are there any ongoing lawsuits?
- Do they have an onsite property manager?
When is the best time to buy?
However, buying houses is not as easy as it sounds, especially in Boston. Often you will find the houses going for more than the asking price, and crowded open house. The process can be overwhelming for the new buyers.
One way to ease things up on your side would be to look for homes when other people aren’t, for example in the fall. During this time it is less competitive as people are more focused on the holidays. Normally, the market ramps up during spring and that is when there are open houses.
If you want to buy an apartment and you’re on a budget, you need to set some realistic expectations. Here are a few tips to help you but an affordable apartment:
- Get Ready
As a buyer, you should have an offer ready together with all the financial documents that are required. The buyer must be pre-approved to make sure that they are financially qualified before they can move in any sort of buying process.
It is important that you go through things with your lender to find out the amount of financing you expect from them and how soon you can close.
- Be Informed
Buyers need to understand the market in relation to their financial situation. Potential buyers should first talk to a mortgage consultant before they go on the search for homes. There is no reason really, to start looking if you don’t know how much you can spend.
A lot of people are in the dark when it comes to things like debt-to-income ratios.
If you’re a first-time buyer, you can get help or incentives with things like down payments from your city.
- Choose Wisely.
Stay ahead of the game by always paying close attention to up-and-coming neighborhoods. Don’t focus on just one neighborhood. Look into all the possibilities. Do not miss any outlying areas as well.
Pick a location that is strategically positioned, preferably near public transportation. A neighborhood that is walking distance to transit is a good bet.
- Be Creative
Do what other buyers aren’t, to set yourself apart from the crowd in a competitive situation. Do whatever it is that you have to do, if it makes you stand out it can definitely make a huge difference.
If for example you are trying to get into a certain neighborhood and you have a really good reason why you should write a letter to the seller. This personal touch will go a long way.