First conversation
Pre-qualification
Meet with a mortgage broker and find out how much you can afford to pay for a home.
First-Time Buyer Guide · Waltham, MA
Buying Your First Home
Everything you need to know before you start, laid out in five steps — from your first conversation with a lender to the final walk-through. For all your buying needs in Waltham, MA, contact Dave DiGregorio.
- 5 steps
- 6 min read
- Buyer representation
Dave DiGregorioColdwell Banker RealtyWaltham, MA
01 Getting ready
Know your numbers
Before you tour a single home, find out what you can borrow and get it in writing. It is the difference between browsing and buying.
In writing
Pre-approval
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range.
With pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.
Costs for pre-approval are generally nominal, and lenders will usually permit you to pay them when you close your loan.
02 Needs & wants
Make two lists
Realistically, you probably will not get everything on your wish list — but the lists keep you on track for what you are actually looking for.
List one
Needs
Items you must have: the number of bedrooms your family needs, a one-story house if accessibility is a factor, and anything else you cannot compromise on.
List two
Wants
Your wishes: a pool, a den, a bigger yard. Things you would like to have, but that are not absolutely necessary.
03 During the search
What to keep in mind
Four things worth checking at every single showing, before the excitement of a nice kitchen takes over.
Representation by a professional
Consider hiring your own real estate agent — one who is working for you, the buyer, not the seller.
Location
Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, and proximity to positives such as shopping, parks and freeway access — or negatives such as abandoned properties, a garbage dump or a source of noise?
Visualize the house empty
Picture the rooms without the current owner’s furniture, then with your own decor. Are the rooms laid out to fit your needs? Is there enough light?
Be objective
Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.
04 Focus & organization
Your home search kit
Keep these in one convenient place so every showing adds to the picture instead of blurring it.
Maps
One or more detailed maps with your areas of interest highlighted.
Listings file
A file of the properties your agent has shown you, along with ads you have cut out from the newspaper.
Paper and pen
For taking notes as you search — details fade fast after the third house of the day.
Camera
Photos or video to refresh your memory on individual properties, especially if you are attending a series of showings.
05 Be thorough
Before you close
A few extra dollars well spent now may save you big expenses in the long run. Don’t forget these three.
The offer
Include inspection and mortgage contingencies in your written offer. They are your way out if something turns up.
The inspection
Get the property inspected by a professional inspector, and read the report before you sign anything else.
The walk-through
Request a second walk-through within 24 hours of closing. Check that no changes have been made that were not agreed on — for example, a nice chandelier you assumed came with the sale being replaced by a cheap ceiling light.
Keep in mindAll of the above may seem rather overwhelming. That is exactly why having a professional represent you and keep track of the details is highly recommended.
Keep reading
More before you buy
Waltham, MA
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