• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Merrimack Valley Lifestyles

Experience all that the Merrimack Valley has to offer

  • About
  • Communities
    • Andover
    • North Andover
    • Newburyport
    • Windham, NH
    • Manchester, NH
    • Nashua, NH
  • Real Estate
    • Buyers
    • Sellers
    • Featured Properties
  • Events
  • Restaurants
  • Shopping
  • Contact
  • Facebook
  • Instagram
  • YouTube
  • Search

Making the Right Move: A Checklist for Homebuyers

Whether you are a first time home buyer or an experienced homeowner, buying a new home is always stressful. Here’s a handy checklist of five things you can do up front to make the process a lot easier. Before you start packing, here’s what you need to do…

  • Prepare a budget. You need a clear picture of your family’s finances before you even think about calling a Realtor or applying for a mortgage. List all your monthly fixed expenses, such as car payments, current rent or mortgage, utilities, school tuition, and loan payments. Add categories for other expenses such as food and entertainment.
  • List your debts. If you have existing credit card debts, student loans or other debts that require regular monthly payments, get them down in black and white, so you know exactly how much you owe. Figure out your debt ratio. There are plenty of online calculators that will do this for you. You need to know two ratios. Your housing debt expenses (including taxes and insurance) as a percentage of your gross monthly income should be 25-28%. Your installment debt ratio (credit cards and other consumer debt) should be around 10-15%. Your total debt to income ratio should not be more than 40%.
  • Get pre-approved. #1 and 2 above are important because you want to get pre-approved for a loan before you start shopping. This is an important safeguard, to keep you from falling in love with something you can’t afford or can’t get a mortgage for. Be sure you understand the Mortgage Pre-Approval – Don’t Overlook The Importance. Getting pre-qualified means that you give a lender your overall financial picture, including your debt, income and assets. The lender evaluates this information and gives you a ballpark figure of the mortgage amount for which you could qualify. Pre-qualification can be done over the phone or on the Internet, usually at no cost.Pre-approved, on the other hand, means that a lender evaluates your debt ratios, your credit report, and your overall ability to repay a loan and says, “Yes, I would loan this buyer X number of dollars to buy a home.”
  • Make a list. Before you begin working with a Realtor, you need to make a two-column list of needs vs. wants. Be sure you know the difference! You need three bedrooms. You want a swimming pool. You need to be very upfront with your Realtor about exactly what constitutes a deal-breaker in your purchasing process. If more than one person is involved in making the final decision, be sure that you are more or less in agreement about needs and wants. If one spouse wants a short commute and the other has visions of a country estate, you could have a problem. Resolve these issues ahead of time.
  • Find a Realtor. Once you’ve done your homework, it’s time to start looking. You want to find a Realtor who represents you and puts your interests first. Chemistry is important. You need to look for someone who is committed to meeting your needs and who knows the area and price range you’re looking in.

Buying a home could well-be the single most important decision you will ever make, both financially and emotionally. However, if you do your homework and prepare thoughtfully for the process, it can also be a fun and rewarding experience. Happy hunting!

Primary Sidebar

Your Home Search Begins Here

Email Newsletter

Never miss a thing in Merrimack Valley! Let us keep you in the loop. Get fun, upcoming events delivered to your inbox weekly!

Privacy Policy

Categories

  • Buyers
  • Events
  • Outdoors
  • Real Estate
  • Restaurants
  • Sellers
  • Shopping

Featured Properties

How wonderful would it be to have resort-style living in your own backyard! Starting with one of the most amazing backyards you will ever see, this outdoor paradise features a heated in-ground, Gunite pool & hot tub - each w/ waterfall, double sided stone fireplace w/wood storage, magnificent dining/lounging area, outdoor Kitchen area w/grill, Pool house w/ full Kitchen, full bath & laundry. Even an outdoor shower! Inside the home you will find a huge white Kitchen - 45' long w/high end Viking appliances, walk-in pantry & lots of cabinets. Sunroom/screened rm offers a view of the pool area.  First floor also features a very large Family Room w/ floor to ceiling stone fireplace.  Home Office w/ built-ins & large Living & Dining Rooms. 2nd floor has 4 large bedrooms & laundry rm. Master bedroom suite has huge WI closet w/ custom built-ins. . Finished, walk-out Lower Level with 5th BR, full bath & fabulous Home Theatre. LAND BEHIND THIS HOUSE CAN BE PURCHASED FOR $1,350,000. 2200000 Closed

171 Highland Road Andover, Massachusetts

5 Beds 5 Baths 7,418 SqFt 0.690 Acres

The beauty in this new modern custom designed and built-to-detail “Smart Home” is sure to impress! This dream home is equipped w/ a custom floating grand staircase, voice-controlled Lighting (Control4 - Josh.ai), music thru-out, surveillance system & remote sprinkler system. An open-concept first floor is the perfect place to entertain guests w/ it’s massive kitchen featuring custom designed cabinets, marble countertops & backsplash, 5’x 9’ grand island & top of the line Miele appliances. French doors lead to a spacious deck & very large fenced-in yard. This Modern Colonial offers an office/library, 3 bedrooms w/baths & a private master suite w/ dual walk-in closets, loft space for relaxing/reading, a luxurious master bath w/heated flooring, huge soaker tub, large 2-person shower w/body massager jets & rain shower head.  A bonus playroom/office space in the attic. Finished basement, with ¾ bath, a wet bar, walk-out patio slider door and to top it all off: an 8-seat home movie theatre! 1600000 Closed

49 North Street Andover, Massachusetts

4 Beds 6 Baths 6,033 SqFt 0.600 Acres

OPEN HOUSE CANCELLED FOR SATURDAY 3/6/21 AS AN OFFER HAS BEEN ACCEPTED.A TRUE GEM in the South End of Newburyport. This stunning center entrance 5-bedroom, 2.5 bath Colonial has been meticulously updated and cared for which shows as soon as you walk through the door. The .41 acre lot resides in both Newburyport and Newbury and hosts a pool, expanded patio, granite fire pit, and picturesque gardens. The kitchen and bathrooms have been artfully renovated; the eye for design in this home is flawless.  Additionally, on the long list of improvements are Central AC, a newer roof, solid hardwood floors, two fully lined working fireplaces, and much more. Complete with a finished basement, home office, and a one-car garage, this house is almost too good to be true. Situated on treelined Marlboro Street, this is one of Newburyport's most desirable addresses. 1505000 Closed

71 Marlboro St Newburyport, Massachusetts

5 Beds 3 Baths 3,319 SqFt 0.410 Acres

Footer

Get Social

  • Facebook
  • Instagram
  • YouTube

Search

Explore Merrimack Valley

  • Buyers
  • Events
  • Outdoors
  • Real Estate
  • Restaurants
  • Sellers
  • Shopping

Contact Al Beaudoin

138 River Road
Suite 107
Andover, Massachusetts 01810
United States
Map It

(978) 726-6644
[email protected]

Never Miss a Thing w/ MVL

Privacy Policy

Copyright © 2023 · Al Beaudoin, Merrimack Valley Lifestyles · Log in

  • Privacy Policy
  • Terms of Service
  • Contact

Copyright 2022 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of NEREN. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 05/09/2022.