What To Know Before Buying A House In Boston: A First-Time Homebuyer’s Guide
Plan on moving and buying a house in Boston City? There are several attractions and pros that will make you want to shift here with your family. If you desire to live in a dynamic and varied coastal city with cultural activities, then this place is for you. The cradle of liberty, aka Boston City, offers good health care, an emphasis on quality education, and respect for history.
The city also has a ton of tourist attractions that keep visitors and residents entertained throughout the year. You can always explore the history, go on shopping sprees, enjoy munching on scrumptious food, or simply take a stroll in Boston’s parks.
Buying a home is always a complex task that requires time, energy, and money. There are a host of factors that affect your living and expenditures. It’s better to do your homework before shifting to a new place and buying a house. We have created a complete guide to help you before you buy a house in Boston, especially if you’re a first-time homebuyer.
1- The Real Estate Market In Boston
Just like other parts of the US, Boston will continue to be a hot seller’s market in 2022. This makes buying a house more expensive for you. With the shortage of supply and rise in demand, prices are definitely proving to be high for buyers. Buyer demand continues to surpass the supply of available properties for the time being. As a consequence, both single-family house and condominium median selling prices hit new monthly highs, according to the National Association of Realtors.
i- 2022 Is Not The Year Buying A House In Boston If You’re On A Budget
It’s best to determine if you’re in a buyer’s or seller’s market. In a buyer’s market, the number of available properties outnumbers the number of buyers. This gives the purchaser an advantage. A seller’s market occurs when there are more purchasers than available homes. As a result, the seller gains an edge.
Hence, if you’re on a budget, buying a house in Boston City may not be very beneficial for you. It’s best to wait for a little to see if prices go down and inventory improves.
2- Boston’s Rental Market Is Going Strong
If you’re planning to buy a house to get monthly rental returns, investing in Boston’s rental market is a pretty good idea. Most millennials are moving towards rental apartments because of rising house prices. With high demand and low inventory, Boston has seen a decrease in real-time vacancy rates and real-time availability rates.
3- Know The Cost Of Living
Before you make your move to the city, it’s wise to have an estimate of the cost of living. A high cost of living along with monthly mortgage payments can affect your budget. Boston is known to be one of the most expensive cities in the world. It is on the 26th out of a total of 2202 US cities in terms of expense. Both housing prices and transportation costs are quite high in the city.
Your budget will also exceed food costs as those are higher than the national average. If you decide to eat out, you’ll have more high-end eateries options charging you more. You can expect quality healthcare in Boston but also expect a high price.
4- Best Time For Buying A House In Boston
Starting the process at the correct moment is one approach to making buying a house simpler. Housing inventories, mortgage rates, and market trends change month to month in Boston. The ideal time to purchase a home in Boston is most likely in the fall. Because sales are slow in the fall, sellers are more inclined to negotiate in February.
5- Top Neighborhoods In Boston City
Research the finest neighborhoods in Boston before buying property based on cost of living, crime, public schools, career opportunities, etc. We’ve put together a list of family-friendly neighborhoods where you can reside.
i- Back Bay-Beacon Hill
One of Boston’s upscale neighborhoods is Back Bay-Beacon Hill. Residents here enjoy the nearby distance to Boston Public Garden and Fenway Park on the weekends. This upscale area is known for its streets adorned with antique lights and cobblestone pathways. This very walkable area is only minutes from Downtown Boston and provides homeowners with easy access to the Green and Orange lines, which connect them to the rest of the city.
The neighborhood is famous because of its proximity to famous Boston educational institutions such as Boston University, Boston College, and Harvard University. Residents may choose from a diverse range of brownstones, rowhouses, condominiums, and single-family homes. All of these are close to a variety of restaurants and pubs. Residents go to Harvard Athletic Complex, to catch a Crimson basketball or hockey game. At Charles River Reservation, they like to spend the day boating, hiking, or having a picnic.
iii- East Boston
If upscale neighborhoods are not your cup of tea, East Boston, also known as “eastie”, is one of Boston’s most affordable neighborhoods to buy a house in. The nicest part about this location is the city view. You’ll get a unique perspective of the Boston skyline that no other location can provide. Although there is one little drawback: if you’re a light sleeper, the airport noise might make for a restless night.
iv- Fenway And Kenmore
Fenway and Kenmore combine the best of Boston: history, academia, and sports. You can also munch on tasty donuts, seafood, and plenty of beer. In recent years, the neighborhood has evolved into a major cultural and entertainment center for the city. The area has good schools if you plan on settling here with your children.
Cambridge is also known as the “intellectual capital of the world” as the residents are liberal and progressive despite it being a small town. This area receives a perfect 5 on Public Transit and Walkability due to local rules that promote sustainable energy, public transit, cycling, and walking. Cambridge features over 600 restaurants, pubs, and cafés, making it a foodie’s and coffee connoisseur’s dream.
6- Home Buying Programs In Boston For First-Time and Other Buyers
Read about all the home-buying programs available to you, whether you’re a first-time homebuyer or a second-time homebuyer, to make an informed decision. The city of Boston and the state of Massachusetts offer facilitating programs to people.
i- One Plus Boston Homebuyer Program
The City of Boston’s financial assistance program provides expanded downpayment and closing cost assistance to first-time homeowners who qualify. The ONE+Boston interest rates are 0.5 percent to one percent lower than the previously reduced ONE Mortgage rates for a 30-year mortgage. The program also doesn’t require private mortgage insurance. To be eligible, you must be a resident of Boston City.
ii- MassHousing Loan Program
The MassHousing Loan Program provides a fixed-rate mortgage. It’s a type of mortgage insurance that covers the loan principal and interest if you lose your employment. It is one of Massachusetts’ most well-known first-time homebuyer programs. The program will cover payments of up to $2,000 per month for a duration of up to six months.
iii- MassHousing Welcome Home Program
Are you a military member or veteran buying a house in Boston? This program is suitable for you. It offers first-time homeowners in Massachusetts a fixed-rate mortgage. Operation Welcome Home is a MassHousing effort that offers first-time homeowners a fixed-rate mortgage. The program also offers up to $2,500 in closing costs assistance in addition to the loan. This can be used with MassHousing down payment assistance.
7- Find An Expert Real Estate Agent In Boston
You can always buy a house through your own search and browsing, but are you ready to handle such a complex task that requires knowledge, experience, and time? Buying a house through a real estate agent saves you time and energy. You also get access to more listings on the market and competitive rates. They hold negotiations on your behalf that may not be as effective when you do it yourself.
Regentology Can Help You With Your Home Purchase
Looking to connect with the best real estate agents in your area to buy your dream house at the best prices? Contact Regentology today! The fastest-growing referral network connects you with knowledgeable and experienced agents in your region that will help you purchase your dream house in Boston City. Simply fill out the form to know more!
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