Robert Smith - Westborough MA Real Estate, Northborough MA Real Estate, Southborough MA Real Estate

Buying a new home is a big decision and one that many wonder if they are truly ready for.

Use this guide to determine if you are ready to start house hunting:

  1. Thirty percent of your income can cover a mortgage payment for your ideal home

The ability to afford month to month payments is incredibly important. Staying within the recommended percentages when it comes to budgeting helps you failsafe your finances from potential future hardship. At the very least you want your mortgage payment to be as close as possible to the thirty percent marker of your income.

  1. You’re in a secure job.

In addition to having an income that can sufficiently support the month to month payments you also want to ensure that that income is a reliable source. Signs of a reliable income are that you have been with your current company for longer than two years with several months at the same pay rate.

  1. You have a great credit score

This one shouldn’t come as any surprise to you. A great credit score will not just increase your eligibility for financing but also for a great interest rate. If your score falls in the “good” region you can take steps to bring up your score fairly quickly, as far as scores go,  before applying.

  1. You have a down payment saved up

A down payment is a big savings goal to tackle. So if you’ve already done the math and saved up a sizeable sum for the downpayment on your dream house you are most certainly ready! Ideally, this amount should be around twenty percent of the sale price.

  1. You’ve prepared a prospective budget

If you already have a down payment saved you at the very least have part of this step taken care of! Knowing your future homeowners budget doesn’t just include your typical expenses plus a mortgage payment. You also want to factor in homeowners insurance, potential HOA (Homeowner Association) fees, and maintenance costs.

  1. You’re ready to build equity - or it’s your next financial goal

For those scratching their heads, equity is the amount of your home that you actually own. This is the ratio between your homes value, the amount you have paid and the amount you owe. As you continue to make payments on your home your equity grows. Equity can also increase if the value of your property increases.

  1. You’re ready for stability

If you’re ready to settle down in one place for at least the next five years you’re looking for stability. Perhaps you’re ready to put down some roots and start a family or become a part of a local community. Owning your own home provides you a steady living expense, builds equity and gives you (almost) complete control of your lifestyle.

The homebuying process may prove to be challenging, particularly for individuals who fail to anticipate potential problems. Lucky for you, we're here to help you identify and address homebuying hurdles before they escalate.

Now, let's take a look at three tips to ensure you can seamlessly anticipate and overcome homebuying hurdles.

1. Learn About the Housing Market

The real estate market can be complex. Fortunately, an informed homebuyer should have no trouble resolving potential problems early in the property buying journey.

Examine a wide range of housing market data – you'll be glad you did. Look at the prices of recently sold houses – as well as the prices of available residences – in your preferred cities and towns. With this housing market information, you'll be better equipped than ever before to differentiate a buyer's market from a seller's one and plan your homebuying journey accordingly.

2. Get Home Financing

If you intend to pursue a house, you likely will need a mortgage. Thankfully, banks and credit unions are available to help you obtain a mortgage in no time at all.

Ultimately, it helps to get pre-approved for a mortgage. If you enter the housing market with a mortgage in hand, you can narrow your house search to properties that fall within your price range. And as a result, you could speed up the process of finding and buying your dream house.

When you meet with lenders, don't hesitate to ask lots of questions, either. If you allocate time and resources to learn about all of your home financing options, you can determine exactly which option is right for you.

3. Employ a Real Estate Agent

There is no need to pursue a house on your own, regardless of whether you're an experienced or first-time property buyer. But if you employ a real estate agent, you can work with a homebuying expert who can help you make your homeownership dream come true.

A real estate agent understands what it takes to find a great house at an affordable price. He or she can teach you about the housing market and help you make informed decisions at each stage of the property buying journey. Perhaps best of all, a real estate agent can prepare you for potential homebuying hurdles and ensure you can quickly address these issues.

Let's not forget about the assistance that a real estate agent provides as the homebuying journey progresses as well. A real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit an offer to purchase your dream residence. And as you approach the date of your home closing, a real estate agent will offer tips and recommendations to ensure you can finalize your house purchase without delay.

Want to avoid homebuying hurdles? You're not alone. But with the aforementioned tips, you can identify and overcome various homebuying hurdles and effortlessly navigate the property buying journey.

This Single-Family in Framingham, MA recently sold for $575,000. This Colonial style home was sold by Robert Smith - Mathieu Newton Sotheby's International Realty.

18 Hickey Dr, Framingham, MA 01701


Sale Price

Full/Half Baths
Here's your chance to put your personal mark on this spacious Colonial in desirable North Framingham. Located in an established neighborhood near the Southborough line, this traditional floor plan has 2480+ sq' plus the finished room & half bath in the basement, central air, recent architectural shingle roof, & high-efficiency gas heating system. Enjoy watching the game with guests in the vaulted family room addition, read your Sunday morning novel by the stone fireplace, or warmer days may find you in the private yard on your deck overlooking the inground pool. The eat-in kitchen has stainless steel appliances, and an abundance of white cabinets. Easy access to Routes 9/30/Pike, shops, and schools. Come, see your new home!

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This Single-Family in Worcester, MA recently sold for $269,000. This Ranch style home was sold by Robert Smith - Mathieu Newton Sotheby's International Realty.

25 Dodge Ave, Worcester, MA 01606


Sale Price

Welcome to Worcester! If you're seeking a move-in condition, open floor plan ranch w/1st floor master suite & laundry that has the added touch of "not like all the rest", here's your chance to live in Burncoat! You'll fall in love as soon as you approach the welcoming farmers porch leading you into a bright & airy vaulted living room / dining area. Picture yourself enjoying company of family & friends by your fireplace that will be a central gathering spot during the upcoming cooler months & sip your morning tea on your balcony off the master. Gleaming hardwoods throughout most of the first floor were recently refinished & brand-new carpeting on the fully finished lower level that has 3 additional bedrooms & a full bath is just one less thing for you to do to your new home! Dual driveway allows for plenty of parking for all & this quiet side street is tucked away yet close to daily conveniences, highways, & a fantastic city restaurant selection. Come, make it home in Worcester!

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This Single-Family in Westborough, MA recently sold for $310,000. This Cape style home was sold by Robert Smith - Mathieu Newton Sotheby's International Realty.

38 Robin Rd, Westborough, MA 01581


Sale Price

Full/Half Baths
Great Neighborhood location for this cute little cape style home! In the same family for the past 55 years! 3 bedrooms and 1.5 baths set on a private wooded lot. Replacment windows approximately 8 years ago. Great potential, with some repair and updating, this house can be a great home!