John Boey - Central Real Estate
Central Real Estate | 617-828-3268 | [email protected]


Posted by John Boey on 12/22/2019

The concept of a starter home is an American tradition that has existed for decades. Buying a starter home makes it possible to achieve homeownership, financial independence, and to build equity and credit while you transition to a larger home.

However, your first home doesnít need to be a tiny, one-bedroom house with none of the amenities that you want.

In todayís post, weíre going to look at some of the things that are desirable in a first home or starter home, so that you can make the best financial decision now that will help you save more in the long run.

Top things to look for in your first home

1. Resale value

Perhaps the most important thing to think about when buying your first home is the day that you eventually decide to sell it and upgrade. Thereís a lot that goes into the purchase value of a home. But, if you maintain the home or even make some upgrades, thereís a good chance youíll be able to sell it for more than you paid.

Other factors that affect resale value are the location and real estate market trends. While you may not be able to change the economy, you can choose to buy a home that is in a location others will find desirable in the coming years.

2. Size

The cost of your first home will be determined by its location, as mentioned before, but another huge factor will be the size or square-footage of the home and yard.

If you donít plan on having children in the next few years and donít currently have kids at home, having several bedrooms and a large backyard probably arenít huge priorities. This means youíll be able to save by buying a small home on a small property.

Similarly, if itís just you and a significant other living in the home, you may be comfortable with just one bathroom for the next few years. These omissions can save you a ton of money on your first starter home.

3. Transportation and proximity

Typically, when people buy their first home they are just getting settled into their career and may still change jobs a few times. Most workers in todayís economy change jobs between 10 and 15 times throughout their career and do so more often toward the beginning.

This means it will make sense for you to buy your first home within commuting distances to companies in your industry.

4. DIY and fixer-uppers

Homes that are in need of repairs or renovations can be a great way to save money and see a return on your investment when you decide to sell. Of course, there are limits to how many repairs are reasonable while still getting your moneyís worth from a home.

Youíll know from your home inspection or by doing a walk-through with professional contractors how much work is required to bring the home up to standards. Use those resources to ensure that youíre making a sound financial decision for your first home.





Posted by John Boey on 3/3/2019

Are you thinking about buying your first home but completely overwhelmed with where to even begin?

Buying your first home is a big, and exciting, decision. Itís also one that comes with a big learning curve you need to get down quickly.

There are many steps to the process and even though your agent is always here to help you and give advice itís critical you do your own research. You want to be able to take action quickly when you find your dream home. To do this you will need to be able to keep up with the process by having everything done neatly, orderly and on time.

So where to start?

Start here:

Start by sitting down with your budget. What do your current finances look like? What sort of wiggle room for spending do you have? What can you afford for a monthly mortgage payment?

And perhaps more importantly, do you have enough saved to cover a down payment and closing costs? Depending on which programs you qualify for you donít necessarily have to put the traditional 20% down. With that said, you should know how much you would need to put down and if you have money in the bank to cover those costs.

Smooth out any credit snags. Your credit score doesnít need to be out of this world, but it should reflect that you are actively improving and financially responsible.

Find a mortgage professional you trust to help you make the right moves throughout the process. Again, you want to be able to take action quickly once you find a home you love. And you donít want to miss out because your mortgage professional hasnít prioritized you.

You will also want to have a preapproval prepared, with the help of your mortgage professional, when you are ready to start looking at houses. Having a pre-approval in hand shows your agent that you are serious about this process.

Calculate the costs. Yes, more math! You will want to take into consideration real estate taxes, HOA fees, home repairs and maintenance as you refine your budget to see which homes make the most sense for your lifestyle.

When looking at homes focus on the ďbonesĒ of the house. Look past paint, hideous wallpaper and yes even the granite countertops. Are there enough bedrooms? Bathrooms? A laundry room? Is there enough garage space and driveway? Do you like the floor plan? The neighborhood?

Know whatís important to you. In an ideal world, you will find a home that ticks off every item on your wishlist. And not to say that itís entirely impossible, but know which items on your list are negotiable. Which are you willing to budge on and which are make or break?







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