When it’s time to purchase your first home in Lawrence, Massachusetts, it is a big step—am I right? Many things might be swirling through your head and everything for sale may seem desirable. In order to focus your purchase plans you should step back, meet with everyone involved in the decision, and fine-tune your goals.
You have to decide if you want the first Lawrence house to be a long-term, for-life home, or a “good enough for now” property that will suit your family’s current needs. How do you decide when there are so many possibilities? Well, it comes down to your budget, what your needs are right now, and where you think you’ll be 10 (or 15?) years from now. Because we are experienced Lawrence home buyers and sellers over the years, today we’ll offer you some of our tips on jumping into home ownership and exactly what to look for in a house.
How Much Lawrence House Can You Afford?
Given your current income and work history, your home-buying budget is the obvious first consideration when trying to decide between homes. Virtually all lenders will approve you for a home loan based on the earnings you’ve had in the past 3-5 years. Interest rates have jumped up and down somewhat quickly in the past year so it pays for you to monitor where they are because your mortgage rate can have a significant impact on your monthly expenses.
To get the best possible interest rate, talk to your lender about their requirements. They will ask you several questions about your credit score, income, and employment history. Then, you will be able to dive into how much money you actually have to borrow to get into the house of your dreams.
In addition, you’ll want to pay attention to more than just the asking price of your new home in Lawrence. You have to consider the cost of Lawrence’s property taxes, homeowner’s insurance, general maintenance, and repairs. Leaving these out of your budget calculations may create problems when the usual homeowner problems arise unexpectedly.
In Lawrence, A Bigger House Is Not Always Better
Maybe you plan to have a full brood of kids or you’re blending two families. Obviously, that will dictate how much space your home needs—particularly with enough bedroom and bathroom space for all. But if you’re planning to buy a large home, remember that there are lots of extra expenses that go along with having a larger property. You’ll not only be on the hook for more home maintenance, but a larger house usually means you’ll pay higher property taxes, higher heating bills and a host of other related expenses.
Is A Small Lawrence House Enough?
When it’s time to buy your first Lawrence house, a small home does have its advantages, but it might not be the best option if you’re planning to expand within the next few years. The Living Well Spending Less blog explains that a small home is easier to clean and helps you simplify your life. However, smaller homes are less likely to have a loft or bonus room where everyone can get away when they need some personal space.
Is A Small Lawrence House Enough?
When it’s time to buy your first Lawrence house, a small home does have its advantages, but they might not be the best option if you’re planning to expand within the next few years. The “Living Well, Spending Less” blog explains that a small home is easier to clean and helps you simplify your life. However, smaller homes are less likely to have a loft or bonus room where everyone can get away when they need some personal space.
Budget Wisely For All Homeowner Costs In Lawrence
No matter what size home you buy in Lawrence, your mortgage payments are just the first of many property-related expenses. You’ll also have to pay for everything from a home inspection to homeowner’s insurance. And, if you want to protect your HVAC, electrical, and other systems, you might wish to invest in a home warranty.
Are home warranty plans worth it, and do you really have to have one? While no one can require you to buy a home warranty, it just might be a smart investment in avoiding extra-large repair bills in the future. This is where an experienced home inspector will help you determine if there are any major issues, such as a repairable foundation, that might go beyond the scope of a warranty. On the other hand, you may not need a home warranty if your new Lawrence property home is less than 10 years old.
Does Location Matter In Lawrence?
When you’re ready to buy that first house, pay particular attention to the different Lawrence neighborhoods, like Tower Hill or Colonial Heights for example. You’ll find that a home with closer proximity to higher-rated schools normally appreciates in value more predictably. If you have a specific school in mind, use the district zoning map on GreatSchools.org before you start your home search.
You may be in a neighborhood with families and lots of children. If you choose a smaller home, there’s a good chance that your community will be made up of small families or young couples just starting out. Spend some time scoping out each potential neighborhood to make sure it’s compatible with your lifestyle before you spend hundreds of thousands of dollars on a home.
Buying your first home is an exciting time, and it’s one that offers lots of benefits, including tax breaks, home equity, and predictable monthly payments. When you’re looking for stability and a place to put down roots, you can’t beat owning the deed to a property in your dream neighborhood. But it’s a big decision that requires lots of consideration. From understanding how interest rates affect your payments to deciding whether or not to splurge on a home inspection, take the time to know your expenses before you sign on the dotted line.
When buying or selling a house in Lawrence, why not use Summit Buys Houses as your “go-to” information source? We can tell you the current value of your property in Manchester, and then do the typical number calculations with you so you can see exactly how much money you can receive using a traditional MLS listing, a FSBO, or a direct sale to a professional and trusted homebuyer like us.
A very special thanks to Sarah and Mark Velasquez for authoring today’s blog post! They are the creators of Our Perfect Abode, the website for all aspiring homeowners. After years of renting, they recently bought their very first home. Sarah and Mark are currently hard at work turning that fixer-upper into their perfect abode and are sharing their journey and all the tips and tricks they pick up along the way on their website.
How Can We Be Of Assistance To You?
We are “The Local Guys” who buy Manchester New Hampshire homes just like yours for cash.
Give our team a call if you have any questions or would like a free quote on your home. There are never any “high-pressure” sales tactics from us and everything is free of charge. We are here to help—what have you got to lose by giving us a call?
You’ll quickly see why the Better Business Bureau of Massachusetts. has awarded us their highest business rating. It’s an honor we’ve earned by helping homeowners like you sell their homes quickly and profitably in the shortest amount of time.
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We pride ourselves on our simple, transparent process to buy your Lawrence house quickly. We buy houses in any condition all over Lawrence, including North Common, Clover Hill, and Tower Hill. We’re very confident that we can give you the highest possible offer for your property—because it happens all the time! So if you’re interested in selling your home anywhere in the Middlesex, Essex, and Worcester counties of Massachusetts—contact us for a quick, confidential, no-obligation cash offer and the best, no-pressure advice. “Summit Buys Houses” is Summit RE Group LLC and is duly registered to operate in the states of Massachusetts, New Hampshire, and Nevada.