Buying your first home is an incredibly exciting new chapter of life, but it can feel overwhelming to begin the process as someone unfamiliar with the real estate world. Brookline, Massachusetts, is a great location for first-time homeowners to purchase real estate. The town is part of the Boston metropolitan area, located just southwest of the city, and boasts a rich history. Brookline’s past dates all the way back to early American colonial times, with some of its early 17th-century architecture still standing today. The area has provided a home for some of the country’s most influential figures, including President John F. Kennedy and journalist Barbara Walters. This suburban town has great public schools and a charming community.
While each buyer’s situation is unique, there are a few guidelines that will provide invaluable help to a first-time home buyer in Brookline.
1. Consider your real estate goals
Before delving into the home-buying process, take a step back and consider your real estate goals. What are you hoping to accomplish when shopping for your first home? Are you looking for a long-term property or a starter home before moving into a different space? Outlining your goals and dreams before beginning your home search can help you make informed decisions when it’s time to view homes.
When buying your first home, it is important to consider your future plans and goals. There are many factors to consider, such as the property size, location, square footage, renovation and expansion prospects, and resale potential. When setting your real estate goals, be open to change. Your real estate plans may differ over time.
2. Find the right real estate agent
Connecting with the right real estate professional can be key to a successful purchase for first-time home buyers. A real estate expert can help you navigate the home-buying process, thus minimizing stress and time in the long run. Buying your first home can feel very daunting, but the right real estate specialist can help make the process more straightforward and simple. A real estate agent can offer local market analysis and show you homes for sale in the area that meet your criteria. They can help complete all necessary paperwork, advocate for you during negotiations with the seller’s agent, and make sure that you are in line with all legal requirements.
While it’s possible to purchase a home without an agent, it’s highly recommended that you don’t. A real estate professional understands the ins and outs of the local market, providing you with indispensable information that will help you find a home you love, draft a compelling offer, and guide you through the closing process.
3. Set your down payment expectations
While it’s often recommended that buyers put down a downpayment of 20% of the home’s purchase price, it may not be attainable for first-time buyers without home equity. In fact, so far in 2023, the median percentage that buyers put down on a home is 14%.
If your finances don’t allow you to put down 20%, fret not. Some mortgage lenders offer first-time buyer programs targeted to help individuals afford a home — many of which can even drop the downpayment requirement to zero. You should also look into federal and state programs like USDA and FHA loans.
However, there are several advantages to putting down 20% if you can afford it. A 20% downpayment can result in lower mortgage rates or a shortened repayment period.
4. Be prepared to pay property taxes
Property taxes are an essential cost to consider when buying a home. Property owners are required to pay taxes to their local government. The rate of property taxes varies based on location and the property’s value. In Brookline, homeowners are taxed at a rate of $9.97 per $1,000 in assessed residential property value in 2023. The property tax rate has decreased in 2023 in comparison to the previous year. A prospective first-time home buyer in Brookline should account for annual property taxes when assessing their finances and creating a budget.
5. Check out loan and homebuyer assistance program options
Finding the best loan and homebuyer assistance program is important when buying your first home. Many options are available to first-time buyers to make homeownership more accessible and affordable. Massachusetts offers an array of programs to help first-time homebuyers. A real estate professional is very familiar with the variety of financing options available for potential buyers, so speak with them today to get an idea of the loan assistance programs available to you.
6. Learn more through a homebuyer education course
Homeowner education courses are an element of homebuyer assistance programs that can benefit first-time buyers. These educational courses can be very helpful for those unfamiliar with the real estate process. They are often required for first-time buyers taking out a loan in Massachusetts. First-time homebuyer courses are specifically designed to help future homeowners understand the complexities of purchasing and maintaining a home. These courses will outline important steps, such as getting a mortgage and finding a real estate agent, among other things.
Ready to explore Brookline real estate?
The Kennedy Lynch Gold Team is prepared to provide each client, whether a first-time home buyer in Brookline or an experienced real estate investor, with the best service. The team has over 30 years of experience and is in the top one percent of the firm’s 50,000 agents. Their local team is within the top five most productive teams in Newton and Brookline, making them the perfect guides to help you with your real estate transaction. The group is home to a team of talented real estate experts who work tirelessly to help their clients, buyers and sellers alike, achieve their real estate dreams. The team consistently offers their clients top-notch service, resulting in many loyal repeat customers. Reach out to the Kennedy Lynch Gold Team to set up a consultation today!
