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


If you’re buying your first home, there are plenty of things that you’ll need to know. Being informed will allow you to avoid some of the most common mistakes that first-time homebuyers make. These errors and their remedies can be found below. Don't join the crowd and make an error, know before you buy. 


They Don’t Have Enough Funds


Every homebuyer plans for mortgage payments. Not every buyer plans for all of the other costs that go along with buying a home. Just because you can afford mortgage payments doesn't;t necessarily mean that you can afford the house. 


There’s so much financially that goes into owning a home. You’ll need to plan for things like home maintenance, insurance, taxes, closing costs, and more. All of this will need to be saved ahead of time in order to buy and maintain a house. Things like property tax and insurance can go up yearly, and these costs can be very unexpected. 


Not Securing A Loan


If you don’t secure a loan first and find the home of your dreams, you could be in for trouble. If you haven’t been pre-approved for a mortgage, finding a home and putting an offer in is a bit riskier. Many buyers don’t realize that they can’t qualify for the amount of loan that they think they can. Getting pre-qualified allows buyers to understand just how much house they can afford. 


Avoiding Real Estate Agents


If buyers go it alone, they are taking a risk. The seller pays the real estate agent fees in a home transaction. You really have nothing to lose getting a professional to help you. From there, your agent can recommend all sorts of professionals to assist you in your home search including lawyers, mortgage companies, home inspectors, and others. It’s essential for a smooth home transaction to work with people who are experienced and know what they’re doing.    



Depleting Your Savings


When you buy your first home, you’re going to need a reserve of cash beyond what you have saved for a downpayment. This cash includes an emergency fund, money for repairs, furniture, new appliances, and other unexpected expenses. If you use all of your savings on a downpayment, you’ll be in a dangerous financial situation. Just make sure you have saved enough extra for a rainy day fund.


Opening New Accounts


Before your loan is closed, you should be frozen- financially frozen that is! Don’t open any new accounts. It can be tempting to head out and buy a new car that will look good in your new driveway or to fill your house with all sorts of brand new furniture, but you should wait. Once you get the keys to your new home, you’re in the clear to spend again and open new accounts. You don’t want to overextend your budget of course. Just be sensible!      




8 Gable Ridge Rd, Westborough, MA 01581

Single-Family

$900,000
Price

10
Rooms
5
Beds
4/1
Full/Half Baths
Welcome to The Gables! Have you been craving both privacy & being in a popular development? Here's your opportunity to own this well-kept Colonial w/fantastic views! The oversized family room has tons of natural light, striking stone fireplace & overlooks a beautifully landscaped yard with a soothing Koi pond with waterfall next to the stone patio. Work from home on the upcoming warmer days on the second deck off of the first floor office. The nicely appointed kitchen with center island cooktop leads to a dining room where you can enjoy your family time, or entertain in the formal living room boasting a second fireplace and adjoining a Butler's pantry with wet bar. Upstairs has five generously sized bedrooms including a master suite with private balcony. If having a finished basement adds to your list, this home is definitely a must see. This popular community is thriving with well-ranked schools, commuter options, shops, and recreation for all ages!
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11 Arrowhead Ln, Westborough, MA 01581

Single-Family

$1,000,000
Price

11
Rooms
4
Beds
5/1
Full/Half Baths
As you drive up the stone-wall lined driveway & view your soon-to-be new home awaiting you at the top of a private & stunningly landscaped yard, you'll begin to appreciate all this home has to offer. Those who enjoy being the chef of the home will love the gourmet kitchen w/cherry cabinets, granite counters incl. a spacious center island, gas cooktop w/vent hood, & top notch appliances. The admirable 2-story family room w/one of the two fireplaces in your home is incredibly light, bright, full of natural light & leads out to the oversized deck ideal for lively relaxation in the warmer weather. The expansive finished lower level has a wet bar, game room, & private guest room. Organize your wine collection in the separate wine cellar, & whether you work at home or enjoy escaping with a good book, take your pick from the library w/built-in shelves or the private office. A popular & bustling community known for its well-ranked schools, come, make Westborough home!
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For many individuals, the homebuying journey often begins with getting pre-approved for a mortgage. Because if a buyer has a mortgage, he or she can enter the real estate market with a budget in hand.

Ultimately, there are many signs that now may be the perfect time to apply for a mortgage, and these include:

1. You're ready to upgrade from an apartment to a home.

If you're tired of paying monthly rent for an apartment, purchasing a house offers a viable alternative. And if you get pre-approved for a mortgage, you can move one step closer to moving from an apartment to a house.

In most instances, a home offers a significant upgrade over an apartment. Many residences are available in cities and towns nationwide that offer more space than apartments. Plus, as a homeowner, you won't have to worry about dealing with a landlord.

2. You feel good about your credit score.

If you have a strong credit score, you likely are a great candidate for a mortgage. In fact, you may be better equipped than others to get a favorable interest rate on the mortgage of your choice.

Understanding your credit score is a key part of the homebuying journey. You can request a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Then, once you find out your credit score, you can determine whether you are in good shape to pursue a mortgage.

3. A buyer's market is in place.

In a buyer's market, there usually is an abundance of top-notch houses and a shortage of buyers. This means a homebuyer may be able to get a wonderful deal on a house, especially if he or she performs a comprehensive house search.

To find out whether a buyer's market is in place, you should check out the prices of recently sold houses in your area. Also, you may want to find out how long recently sold houses were listed before they sold. By reviewing this housing market data, you can differentiate a buyer's market from a seller's market and decide whether now is the right time to apply for a mortgage.

If you're interested in getting a mortgage and starting a house search, you may want to hire a real estate agent too. Because if you have a real estate agent at your side, you can receive extensive support at each stage of the property buying journey.

A real estate agent will teach you everything you need to know about pursuing a house. He or she will offer insights into the local housing market and ensure that you can conduct a successful house search. And if you ever have concerns or questions along the way, a real estate agent is ready to respond to them.

Want to launch a home search? Get pre-approved for a mortgage, and you can take the first step to acquire your ideal residence.



18 Granger Rd, Westborough, MA 01581

Rental

$1,750
Price

4
Rooms
2
Beds
1
Baths
Beautifully Renovated 1/2 Duplex on dead end street. Beautiful kitchen with granite counters and stainless appliances. Vaulted ceiling in living room and bedroom. Second bedroom in lower level! Must see! Great East side location, easy access to highways!
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