Shawn Sullivan, Massachusetts Real Estate, Medford homes for sale, Somerville homes for sale


Establishing a homebuying budget can be tough. But for those who want to secure a terrific home at an affordable price, entering the housing market with a budget in hand can make it easy to accelerate the homebuying cycle.

Now, let's take a look at three questions to consider about a homebuying budget.

1. How much money have I saved for a home?

Examine your finances and see how much money is readily available for a home purchase.

Remember, the more money that is at your disposal, the more likely it becomes that you'll be able to secure your dream residence in no time at all.

Although savings are important, it is essential to note that those who have little to no money saved still have plenty of time to get ready for the homebuying journey. And if you start saving a little bit each day, you can move closer to accomplishing your homeownership dreams.

2. Do I need to get a home loan?

In most instances, a homebuyer will need to obtain a home loan so he or she can purchase a residence. Luckily, many lenders are available to help you discover a home loan that matches or surpasses your expectations.

Meet with a variety of lenders in your area – you'll be glad you did. Each lender can provide insights into assorted home loan options, explain how each home loan works and respond to your home loan concerns and questions.

Also, it often helps to get pre-approved for a mortgage. If you have a mortgage available when you enter the real estate market, you'll know exactly how much you can spend on a residence, thereby reducing or eliminating the temptation to overspend on a house.

3. How will my monthly expenses change after I buy a house?

Owning a home is different from renting an apartment. As such, you'll want to account for all potential expenses as you create a homebuying budget.

For example, a homeowner will be responsible for any home cable, internet and phone bills. This property owner also will need to consider any home maintenance costs like those associated with mowing the lawn in summer or removing snow from the driveway in winter.

Crafting a homebuying budget that accounts for your personal finances can be tricky. If you need additional support along the way, lenders may be able to provide expert tips to ensure you can acquire a wonderful house without exceeding your financial limitations.

Lastly, don't forget to reach out to a real estate agent for help along the homebuying journey. A real estate agent is a housing market professional who will go above and beyond the call of duty to assist you in any way possible. From setting up home showings to negotiating with home sellers on your behalf, a real estate agent will make it easy for you to secure a superior home at a budget-friendly price.

Consider the aforementioned homebuying budget questions, and you can speed up the homebuying process.


Before you launch a home search, it helps to prepare for the property buying journey as much as possible. Fortunately, there are many things you can do to get ready to find your dream house.

Now, let's take a look at three tips to help you prep for a home search.

1. Establish Homebuying Criteria

If you know you want to buy a home, it generally is a good idea to define your ideal residence as well. That way, you can streamline your house search.

Consider where you want to reside. For example, if you work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to return to school, you may want to search for a home near top colleges and universities.

Think about what features you want in your ideal home, too. If you have always wanted to own a home that boasts a luxurious outdoor swimming pool, for instance, you can map out your home search accordingly. Or, if you want to purchase a residence that features a state-of-the-art kitchen, you can search for a home that offers this amenity.

2. Get Pre-Approved for a Mortgage

A mortgage typically is a must-have, regardless of where and when you search for a home. And if you enter the housing market with a mortgage at your disposal, you will know precisely how much you can spend on a residence.

Getting pre-approved for a mortgage can be simple. If you meet with banks and credit unions in your area, you can review your options and select a mortgage that complements your finances.

If you have concerns about home financing, don't hesitate to ask questions. Banks and credit unions employ courteous, diligent mortgage specialists who can respond to your home financing queries. As such, you can work with these specialists to gain the home financing insights you need to make the best-possible mortgage decision.

3. Hire a Real Estate Agent

As you get set to conduct a home search, there is no need to work alone. If you hire a real estate agent, you can collaborate with a homebuying expert who can take the guesswork out of finding and purchasing a house.

A real estate agent is happy to provide guidance throughout the homebuying journey. He or she can offer tips and recommendations to ensure you can find a terrific home at a price that matches your budget. Plus, a real estate agent will simplify the process of setting up home showings. Perhaps best of all, if you are uncertain about whether to submit an offer to purchase a home, a real estate agent is ready to provide insights to help you analyze all of your options.

Dedicate time and resources to prepare for the homebuying journey. By doing so, you can enter the housing market with the insights you need to succeed.


Ready to acquire your dream house? Before you embark on a home search, it often helps to establish a homebuying wish list. That way, you can narrow your house search and discover your dream home without delay.

Now, let's take a look at three factors to consider as you craft your homebuying wish list.

1. Home Size

Home sizes vary. As such, you'll want to consider your living situation closely to ensure you can find a house in a size that suits you perfectly.

Remember, a three-bedroom house may be too big for a single person. Much in the same vein, a one-bedroom home is unlikely to meet the needs of a family of five. But if you consider your living situation ahead of time, you can determine what size home to buy.

2. Home Location

Do you want to own a house that is located just minutes from your office in the city? Or, would you prefer a home in a small town? Think about where you want to live, and you can tailor your home search accordingly.

Keep in mind that home prices will vary based on location. Oftentimes, houses in or near major cities are more expensive than similar homes in small towns. At the same time, homes close to top schools or attractions may prove to be more expensive than others.

3. Home Exterior and Interior Features

Consider the home exterior and interior features that you want – you'll be glad you did. If you evaluate home exterior and interior must-haves, you can create priorities as you search for your dream house.

For instance, buying a house that features a central air unit may be a top priority if you plan to relocate to a warm-weather region. On the other hand, you might want to purchase a house that features an in-ground swimming pool, but you can live without this outdoor amenity if necessary.

A homebuying wish list is essential, regardless of where you choose to pursue houses. In addition, if you require extra help as you get ready to enter the housing market, you may want to employ a real estate agent.

With a real estate agent at your side, you can boost your chances of acquiring a top-notch house at a budget-friendly price. A real estate agent will allocate the necessary time and resources to learn about your homebuying goals. Then, this housing market professional can help you streamline your home search.

Furthermore, a real estate agent will provide expert assistance throughout the homebuying journey. He or she will set up home showings, help you submit offers on homes and handle homebuying negotiations. And if you ever have homebuying questions, a real estate agent is happy to respond to them at any time.

Make your dream of purchasing a home come true – consider the aforementioned factors, and you can create a wish list to help you accomplish your homebuying goals.


For those who want to enjoy a seamless homebuying experience, it helps to prepare accordingly. That way, you will be ready to identify and address any hurdles that come your way during the homebuying journey.

Ultimately, there are lots of things you can do to avoid a complex homebuying journey, such as:

1. Establish Homebuying Criteria

If you enter the housing market with homebuying criteria in hand, you can search for residences that match your expectations. Best of all, you may be better equipped than ever before to streamline your quest to find and acquire your dream home.

To craft homebuying criteria, think about what you require from a house. For instance, if you need a home that is located near your office in the city, you can hone your house search to residences in or near the city itself. On the other hand, if you want a home that offers two or more bedrooms, you can search for a house that provides the space you need.

You may want to create a list of home must-haves, too. This list may help you simultaneously narrow your home search and speed up the homebuying journey.

2. Know Your Homebuying Budget

There is no need to focus on homes that fall outside your price range. Instead, develop a homebuying budget, and you can avoid the risk of wasting time pursuing a house that you are unable to afford.

Oftentimes, it helps to meet with banks and credit unions before you launch a home search. These financial institutions can teach you about different home financing options so you can develop an effective property buying budget.

Banks and credit unions can help you get pre-approved for a mortgage as well. Once you have a mortgage in hand, you will know precisely how much you can spend to acquire your ideal residence.

3. Collaborate with a Real Estate Agent

Let's face it – no one wants to encounter roadblocks during the homebuying journey. Fortunately, real estate agents are available in cities and towns nationwide, and these homebuying experts are happy to help you achieve your desired results.

A real estate agent can offer comprehensive insights into the homebuying journey. He or she also can help you conduct an in-depth home search, set up house showings and much more.

In addition, a real estate agent understands the challenges associated with buying a house. He or she will help you alleviate stress throughout the homebuying journey and ensure you can make informed decisions along the way. Plus, a real estate agent is ready to provide homebuying recommendations and suggestions at your request.

When it comes to navigating the homebuying journey, you may want to start planning today. Thanks to the aforementioned tips, you can map out a successful homebuying journey. And as a result, you can boost the likelihood of purchasing a house that will serve you well both now and in the future.


Image by ErikaWittlieb from Pixabay


 

You have been in the same home for several years, but you want to move. You'll need to decide whether to rent or buy and if you decide to buy, what type of home you want. Condominiums, townhouses and single-family homes all have benefits, depending on where you are in life. Many people don’t want to deal with lawn maintenance when they get older. Sometimes, younger people who are focused on their careers would rather not have any maintenance to deal with. However, the perks of owning a single-family home often outweigh the cons, especially if the only con is the maintenance. After all, you can always hire someone to take care of the maintenance.

More Privacy

Even if you are in the city with your neighbors close to you, you have more privacy with a single-family home than you would with a condo or a townhouse. Even though you have a yard with a townhouse, you'll likely share it with the others in the same building. And, when you share a wall with your neighbor, you must be mindful of loud noises, which means you can’t turn the television up as loud as you want. With a single-family home, you can also fence in your backyard for even more privacy.

Add-Ons

When you buy a single-family home, you can add to the value of the property without getting anyone’s permission. If you want to add a garden shed, a detached garage or even a pool, as long as zoning allows it, you can do that. However, if you are buying a house in a neighborhood with deed restrictions, you will probably have to get permission from the property association before initiating these projects.

Additionally, with a single-family home, you can build out additions on as long as you can get the permits. Maybe you have aging parents you want near you. If they don’t want to live in the same house, you can add on an in-law apartment, guest house on the property, or even add a bedroom suite to your house. If you start out small but decide to have more kids than you originally planned, you can add more bedrooms to a single-family house. 

If you plan on adding to your property, you probably want to avoid restricted deed neighborhoods.

Entertaining

Single-family homes are usually better for entertaining as they have more room inside and out. With a single-family house, you can add decks and porches to your specifications. You can even create an outdoor living area complete with a kitchen and screened in patio that you can enjoy yourself or for entertaining large groups. If you do enjoy entertaining, a home with an open floor plan makes gatherings more comfortable because you don’t have walls creating smaller spaces. People can mingle throughout the living room, dining room, kitchen and den areas. Adding French doors out to the deck or patio makes your entertaining space even larger.




Loading