3 Things to Do Before Making an Offer on a Home in Massachusetts

There are few things more exciting than buying a new home. It’s also one of the biggest investments you will ever make. Whether you’re getting your first home, upsizing for a growing family, or downsizing an empty nest, it’s important to take precautionary steps to minimize risk. The right property can grow in value and allow you to build equity. As you consider your next major investment, remember these 3 things to do before making an offer on a home in Massachusetts.

Get an Updated Mortgage Estimate

Understanding your monthly payment will give you an idea of whether a property is within your budget or not. With the market and interest rates constantly changing, it’s a good idea to get an updated mortgage estimate right before submitting an offer. Ask your loan officer to estimate payments based on the property’s price, property taxes, and today’s interest rates. With this updated information, you can submit an offer with confidence.

Obtain a Homeowner’s Insurance Estimate

Another variable home ownership expense is homeowner’s insurance. Although your lender may include a figure in your mortgage estimate, it’s important for you to consider accurate figures. Insurance premiums are specific to a home, so one home could be more expensive to insure than another. Without a quote from an insurance company, your estimated monthly payment could be inaccurate. Also, be sure to check whether flood insurance is required for a specific property.

Perform Due Diligence On The Neighborhood  

Look at comparable home prices, school rankings, crime rates and utility services for the neighborhood. Your real estate agent can assist with comparable sales, but the rest is up to you. Check different websites for school information. Contact the local police department for crime statistics. You can also speak to local residents for information that might not be readily available elsewhere. This information is invaluable to your decision on whether to buy a home in the area, so it’s best to perform your due diligence before making an offer.

Summary of 3 Things to Do Before Making an Offer on a Home in Massachusetts

As with all big decisions, the key is having the right information. This is why it’s so important to complete the 3 things above before making an offer on a home in Massachusetts. There is a wealth of information available from industry professionals, websites, and local organizations and neighbors. Take advantage of the resources around you to empower your home buying decision-making.