Buying a house in Massachusetts

Buying a house in Massachusetts now is challenging and sometimes frustrating. Also Buying a house during the pandemic requires determination and care and research. A key to a dream home is steps away. 

Buying a house and savings for the deposit

I have a relative who always saves his money and keeps it in the bank. Over 4 years ago he stated he had 100k saved for his future home. I suggested he purchase a house (now/four years ago) that he would need to fix up the house he would buy called a Fixer Upper. He also stated to me that he was going to wait until the market slowed down.

Buying a House now

My relative lost out on buying a house and lost investment he would’ve had if he bought four years ago. He still has the money in the bank that took him about ten years to save and still pays rent monthly. You can also do the math on the same house I recommended to him has increased in value over 150k in four years. In addition lets say he pays $1000 in rent and in over fours years of rent he payed now over 50K plus the 150k in house value increase he lost about 200K.

You can see for yourself buying a home in this real estate market has not slowed down as of this date. When the interest rates increase and housing market slows down it may reduce the value of your house by a small percentage. According to history the values are going level off and then will increase in a couple of years. Most first time buyers don’t loose unless you loose your job or don’t pay there mortgage. 

Do you homework

Do your homework and get all your ducks in a row or you are going to loose a lot of houses. Make sure you are pre approved and not just pre qualified for a mortgage this is just one lesson learned. Many people I meet with young children focus on the school system in the town. Also more expensive, some home buyers can focus on the neighborhood within the town near good schools is rare. Choose where you can afford a house and lookup the town info on you own and consult your realtor. 

Home Inspection before or After?

When you purchase a home without the Home Inspection you’re taking a big risk. You could loose thousands in repairs and or risk your families life. Because you felt you would loose out on the house of your dreams. I can tell you that most homes I’ve inspected have a least one or two potential life threatening or structural issues. Talk to a Home inspector about inspecting the house before or shortly after the purchase depending on the circumstances.

Here is some additional info

https://www.nytimes.com/guides/realestate/how-to-buy-a-house