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For many renters, buying a home can feel like something that is still years away. Between saving for a down payment, understanding mortgage costs, and figuring out where to start, the process can seem overwhelming. But becoming a homeowner does not always require having everything figured out before you begin. If you are currently renting in Framingham or the surrounding MetroWest area and are thinking about buying, there are steps you can take now to see if homeownership may be realistic for you.
Start by Understanding What You Can Afford
One of the first steps toward buying a home is understanding your overall budget. Your monthly housing cost is more than just the mortgage payment. Homeowners may also have property taxes, homeowners insurance, utilities, maintenance, and other costs to consider.
Before looking at homes, it can be helpful to speak with a lender and get pre-approved. A pre-approval can give you a better idea of what you may qualify for and what price range makes sense for your situation.
You May Not Need 20% Down
A common misconception is that you need a 20% down payment to buy a home. While putting 20% down can have benefits, there are mortgage programs that allow qualified buyers to purchase with a smaller down payment.
Massachusetts also has programs that may provide assistance to eligible first-time homebuyers. The programs, requirements, and available benefits can change, so it is important to speak with a qualified lender or housing professional about what you may qualify for.
Think About Your Long-Term Goals
Before starting your home search, think about what you actually want from a property. Do you want to stay in the same area for several years? Are you looking for a condo, single-family home, or another type of property? How much space do you need? What locations would work for your commute and daily routine?
Framingham offers a variety of housing options and is located in the MetroWest area, with access to Route 9, Route 135, I-90, I-495, and commuter rail service. Looking beyond just the house itself can help you determine which areas and properties make sense for your lifestyle and budget.
Don’t Forget About Savings
Having enough money for the down payment is important, but it should not be the only savings you consider. Buying a home comes with additional expenses, including closing costs, inspections, moving expenses, and potential repairs or maintenance after you move in.
Having money set aside beyond your initial purchase costs can give you more flexibility once you become a homeowner.
Work With Someone Who Understands the Local Market
Buying a home is a major decision, especially if it is your first time. Having a local real estate agent who understands the Framingham and MetroWest market can help you understand the process, find properties that fit your goals, schedule showings, write offers, and navigate the steps from accepted offer to closing.
As a real estate agent with Winter Properties Realty Group at Century 21 Custom Home Realty, I work with buyers throughout Framingham and the surrounding MetroWest area. I especially enjoy helping renters understand what it would take to make the transition from renting to owning.
You do not have to be ready to buy tomorrow to start learning about your options. If you are renting in Framingham, Massachusetts, and have been wondering whether buying a home could be possible for you, starting the conversation now can help you understand what steps you can take to get there.
