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A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

WHAT OUR CLIENTS SAY

Every part of the home buying process that Taylor assisted with he made easier and better for me. From my initial market research to completing the home purchase, Taylor was there every step of the way. His personal touches made me feel comfortable and valued as a client. His manner is relaxed and he is as confident in his expertise as a professional orchestra conductor: waving all the pieces into place ...

— Jeremy K.

WHAT OUR CLIENTS SAY

We were referred to Taylor by a friend who praised him for his excellent work, and it has been a fantastic experience. Taylor is extremely knowledgeable and eager to explain. As first-time homeowners, there was a lot we needed to learn. Taylor spent lots of time with us going through the processes, gave us helpful tips, and navigated us through the process. He was always very responsive, often in a matte...

— Buyer

WHAT OUR CLIENTS SAY

Could not have asked for a better experience than Taylor. He lined up tours for us when we were in the process of moving from San Francisco to Boston. He toured us all around the suburbs so we could quickly get a grasp of where we wanted to live in the area. He put open house schedules together and made sure we were able to see places even outside of the regularly scheduled ones. Also very understanding ...

— Joey M.

WHAT OUR CLIENTS SAY

Taylor helped guide us in a difficult market. After purchase, and upon reflection, he checked all the boxes with regard to initial asks. He was available and responsive, even answering what must invariably sound like silly questions. His practice is very process oriented and much appreciated. We highly recommend his work and transparency. My suggestion is to carefully consider your needs and communicate ...

— Arash H.

WHAT OUR CLIENTS SAY

Taylor spent a lot of time helping us get familiar with the area since neither of us had any experience with Massachusetts. He is very knowledgeable, calm, responsive, and rational, which was all incredibly helpful in this insane market. His bidding strategy was exactly correct and he made good recommendations for lawyers and mortgage brokers and had other great recommendations as well.

— Jessica M.

WHAT OUR CLIENTS SAY

Taylor was outstanding. He was extremely helpful, knowledgeable, insightful, and accessible. Couldn’t ask for a better agent as a buyer. He was the one person we could most count on to help when we needed an answer and weren't sure what to do. Taylor was there for it. He went the extra mile for us many times over and we would highly recommend him.

— Travis D.

WHAT OUR CLIENTS SAY

Taylor was a fantastic agent. He gave us clear expectations throughout the whole process. He had great insights into the houses and neighborhoods we were interested in. Submitting an offer was super easy with his tips and tricks. And he helped guide us through the whole closing process. Absolutely recommend.

— Tim Y.

WHAT OUR CLIENTS SAY

Taylor is amazing. He stuck with us in a difficult market offering guidance and support along the way in negotiations. No matter time of day, he was available to us. We are thankful to him for helping us find the perfect home.

— Elaina W.

WHAT OUR CLIENTS SAY

I could not be more impressed with Taylor's knowledge and expertise in all aspects of buying a home. Buying a home in the Boston area is stressful, to say the least. Taylor's immense support was the only sane part. I was particularly pleased with how Taylor kept us on top of the gazillion things one needs to wrap up before closing on a property. Thank you, Taylor.

— Buyer

WHAT OUR CLIENTS SAY

Taylor was there when we needed him. Responsive and informative, especially for a new home buyer. I’m happy that we got to work with him. What else to say for a great Realtor®? Please reach out if you need service.

— Buyer

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