Archive for the 'Buying a Home' category

New on the market: Pristine 4 Bedroom/2 Bath single family Cape totally renovated features  stainless steel kitchen, Living Room w/fireplace, hardwood floors, all new systems, central AC, windows, updated electrical, new roof & new walls leave nothing for you to do but move in and make it your own. For summer entertaining, enjoy the sun porch, spacious patio & private yard with mature landscaping. Steps to shops, restaurants, public transportation & Stony Brook State Reservation. Offered at $291,000

For more information, please call Emmanuel at 617-669-6277 or go to www.BostonPropertiesNow.com

Introducing this modern 1 bedroom condo on a side street, close to everything JP has to offer. This unit features an open floor with a good size separate bedroom, laundry, renovated stainless steel kitchen, recessed lights and a lovely back yard great for BBQs. Steps to public transportation, shopping & the Arboretum; this is urban living at it's best with an affordable price and a great opportunity to own especially for first time buyers. Listed at $178,900.

For more information, contact Emmanuel Scibilia at 617-669-6277 or go to www.BostonPropertiesNow.com

 Buying a home can be complicated, for most of us, it is the biggest investment we'll ever make so asking questions is very common. Here are a few questions buyers ask when they start the process of buying a home and as they start looking at homes.

1:  Are there any tax deductions for homeowners ?
Real estate taxes are tax deductible. It can add up especially because in the first few years your payment is actually mostly interest.

2:  What happens once the seller agrees to the price ?
Once you’ve come to an agreement on price, be sure to check if the appliances are included, then your buyer agent will get it in writing and help you schedule a home inspection.

3:  What happens if the home has defects ?
There is no way to know for sure, the best way is to have a home inspector check the house, the roof, systems, foundation, etc...

The cost of a home inspection ranges from about $300.00 to about $500,00

When you're looking at homes, you can look at the foundation or any signs of leaks or moisture.

4:  How soon after I apply for a mortgage will I know if I am approved ?
Assuming, you have been pre-approved for a mortgage, it can take up to 2 to 3 weeks to get the loan, depending on how simple or complicated your application is and how busy the lender is. It's also a good idea to check when your rate expires if you locked it.

5:  What is the minimum down payment ?
You can put as little as 3% down and if you qualify for a VA loan, you can put 0 down. Keep in mind that if it is 3%, it may be an FHA loan and the lender will need to approve the condition of the property so it will need to be in livable condition.

6:  What does a bank use to set my mortgage amount on?
The bank will look at your income and debt, also called debt to income ratio. They also look at how long you've been at your job. If you're self employed, they will check your past tax returns.

7:  What type of mortgage is best for me? fixed or adjustable?

There are fixed-rate mortgages and adjustable rate mortgages. 

Fixed mortgage rates allows you to lock in an interest rate for a set amount of time, no matter how the market fluctuates. This is great because you can  lock in at a good rate, but on the other hand, you may lock in only to watch interest rates hit an all-time low.

Many buyers are comfortable with a fixed rate because they know their monthly mortgage payments will remain stable over the years, making their monthly cash flow more predictable. The lenders charge a higher rate of interest for fixed-rate loans.

If you plan on living in your home for many years, a fixed rate makes sense.

Adjustable-rate mortgages means that the rate you pay changes according to fluctuations in the market. Advantage. Lenders charge a lower rate for such loans because you take on some of the risk. Initially, this makes your monthly payments lower.

If rates rise, however, there is a limit to how much an adjustable rate can rise, often to no more than two percentage points a year, with a cap of six for the life of the mortgage. If you are willing to endure the ups and downs of refinancing on an annual basis, then you may come out on top.

8:  Can I make a lowball offer?

It is a good idea to do a comparative Market Analysis first to see what other homes are selling for in the area.

With that information, your agent can help you make an offer that reflects the current market. One thing to look at is how long has the home been on the market and to be realistic, otherwise you risk giving the impression that you're not a serious buyer.
 

For more information, please contact Emmanuel Scibilia at 617-669-6277 or visit: www.BostonPropertiesNow.com

This 2 bed condo will be coming to the market soon. It offers a garage space, central AC, a renovated Kitchen, in-unit laundry, private storage, front and extra large back deck with views of the hills, a few blocks to a commuter rail stop, shops and restaurants. It will be listed at $269,900

This is a good value for a condo with added features compared to other properties in Roslindale.

For more information, contact Emmanuel at 617-669-6277 or go to www.BostonPropertiesNow.com

Walkingscore.com is a great site that rates cities and neighborhoods. It calculates the proximity to conveniences within walking distance and rates it on a 0-100-point scale.  You can check your house, your office and check the best way to get there.The site is very easy to use and very useful. You can find places like shops, offices, transit stops, restaurants, hotels, etc..

When it comes to searching for homes for sale, this is helpful because it allows to easily know all the conveniences surrounding a specific property and to know if a location is walkable or more car-dependent.

Also, if you're comparing neighborhoods or cities to live in, walkingscore.com can help you get a better idea of how easy it is to walk in different areas.

Boston has a score of 97 and it is not surprising. It is easy to walk and the public transit offers great options. 

There are many great opportunities for buyers including foreclosures especially with the mortgage rates offered right now. The reality is that it is harder to qualify for a mortgage, banks are more demanding with buyer's credit scores and are more strict with their lending guidelines.

A lot of buyers are waiting for the perfect market to buy, however even if prices go down, the interest rates may go up and make you lose the advantage you think you may have based on the possible lower price. It is impossible to time the market and to know when we reach the bottom.

If you'd like more information on properties and the market, please contact me at 617-669-6277