Exit Family First Realty | Wilmington MA Real Estate


The amount of money you will need to ensure you can purchase a house varies based on a number of factors. For example, if you want to purchase a house in a big city, you may need to save more money than you likely would require to buy a residence in a small town. Meanwhile, your decision to choose a fixed-rate mortgage over an adjustable-rate mortgage – or vice-versa – can impact your monthly housing costs. And let's not forget about the costs of home utilities like electricity and water, either.

Ultimately, it helps to put together a homebuying budget before you embark on a house search. Because if you know how much money you have at your disposal, you can map out your house search accordingly. And as a result, you can minimize the risk of spending too much to acquire your dream residence.

Let's now take a look at three tips to help you craft an effective homebuying budget.

1. Evaluate Your Current Expenses

An in-depth assessment of your current monthly expenses is key. If you conduct an expense evaluation, you can find out how much you spend on various must-haves and wants. You then can take steps to reduce your monthly expenses and increase your savings for a new home.

It also never hurts to consult with a financial planner. If you have a financial planner at your side, you can gain expert insights to help you evaluate your current expenses. Plus, you can work with a financial planner to determine the best course of action so you can eventually buy your dream residence.

2. Get Pre-Approved for a Mortgage

Meet with a variety of banks and credit unions and explore your mortgage options – you will be happy you did. If you assess your mortgage options closely, you can find one that complements your finances. And once you get pre-approved for a mortgage, you will know how much you can spend on a house.

Generally, it is beneficial to meet with as many banks and credit unions as you can. If you consult with myriad lenders, you can receive extensive insights into many mortgage options. Best of all, you will be better equipped than ever before to find the lowest-possible interest rate on a mortgage.

3. Consider Your Down Payment Options

The down payment required for a home purchase varies, but it commonly ranges between 5 percent and 20 percent of a house's total price. If you account for a down payment as you craft a homebuying budget, you can use this total to plan ahead for the property buying journey.

Lastly, you may want to collaborate with a real estate agent as you prepare to launch a home search. In addition to helping you find your dream residence, a real estate agent can put you in touch with potential lenders and offer plenty of guidance throughout the property buying journey.

Ready to pursue a home? Use the aforementioned tips, and you create a successful homebuying budget.


This Condo in Salem, MA recently sold for $415,000. This Townhouse style home was sold by Office Wilmington - Exit Family First Realty.


63 Aurora Lane, Salem, MA 01970

Condo

$429,000
Price
$415,000
Sale Price

6
Rooms
2
Beds
2/1
Full/Half Baths
Move right into this stylish and chic townhouse in the popular and professionally managed Sanctuary complex. This unit is full of windows allowing for wonderful natural light and has a lovely open floor plan. Impeccably maintained, this lovely home has a tasteful color pallet throughout and offers a fabulous kitchen with granite counters, stainless appliances, and glamorous tile backsplash. Having beautiful hardwood floors in the formal dining room which opens to the living room with a fireplace and both access the oversized private deck. Upstairs are two generous bedrooms each with an en suite and sliders to the private deck. The master suite is spacious, has a walk-in custom closet, loft area, and a soaking tub. A bonus versatile finished lower level makes for a great home office space, family room or game room! In-unit laundry, central air!

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This Single-Family in Wakefield, MA recently sold for $725,000. This Colonial style home was sold by Office Wilmington - Exit Family First Realty.


24 Whittier Rd, Wakefield, MA 01880

Montrose

Single-Family

$699,900
Price
$725,000
Sale Price

9
Rooms
5
Beds
3
Baths
Must see, gorgeous 9 room home in a lovely neighborhood in the Dolbeare School district!! Five bedrooms with generous closet space. Second floor laundry in fifth bedroom which can double as a bonus room, office or game room. Three full, recently renovated baths, including master. Beautiful dining room with Pottery Barn flair and French doors leading to play room or office. Kitchen boasts plenty of cabinet space, breakfast bar and granite counters. Sliding doors to a large manicured yard, with Reed's Ferry shed and a gazebo with electric lighting. Pull down stairs access a full, stand up attic, which spans the entire home, offering extensive storage. Picturesque farmer's porch and oversized attached garage with barn style doors. Lighting, fixtures, molding, this home spares no decorative detail. Easy access to Market Street, schools and major highways. You won't want to miss it! First showings at open house on Saturday, May 4th and Sunday, May 5th, from 12:00 to 2:00 p.m.

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8 Millstone Cir, Andover, MA 01810

South Andover

Single-Family

$639,000
Price

9
Rooms
4
Beds
2/1
Full/Half Baths
Refreshed & Rejuvenated! Sought After South/Doherty School Location! Nestled with nature in a beautiful cul de sac, this 4 Bedroom, 2.5 bath Colonial Gambrel awaits its new owner! An inviting family room with woodstove greets you as you enter the home along with a 4-season sunroom with soaring ceilings overlooking the private backyard.The kitchen/dining area has been tastefully refreshed with recessed lighting, granite counters & center island. Gorgeous front living room along with a 1st floor bedroom that could also be a home office, den or playroom, 1/2 bath & 1st floor laundry. Center staircase to 2nd floor with Large Master BR with double closets/sitting area/renovated private bath, 2 more generous sized bedrooms & another updated full bath. Neutral décor & gleaming hardwood floors throughout. 2 car garage with newer doors/storage space above. Finished lower level with ample recreation space & workshop, 5 zone heat. Near conservation/walking trails/train station/major routes!
Open House
Sunday
June 23 at 1:00 PM to 3:00 PM
Cannot make the Open Houses?
Location: 8 Millstone Cir, Andover, MA 01810    Get Directions

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65 Brand Avenue, Wilmington, MA 01887

Single-Family

$549,000
Price

9
Rooms
5
Beds
3
Baths
2,500+ square foot home designed for multigenerational living! This Raised Ranch on TOWN SEWER with 5 bedrooms, 3 bathrooms and 2 kitchens is sure to impress! Fresh paint and immaculate living conditions greet you as you enter this single family with two separate living quarters for the extended family. The first floor has an oversized kitchen with pantry, spacious living room, a full bath and 3 generous sized bedrooms including a master with a private 3/4 bath. Staircases at the front & right side of the home lead to the lower level with another kitchen, 2 bedrooms, an open concept kitchen/dining/living room area, another full bathroom and both a laundry room & utility room which offer additional storage. Large, fenced in backyard, plenty of off street parking, storage shed, central AC, newer roof, systems, windows & doors with maintenance free vinyl siding. Located in a neighborhood setting and convenient to schools, shopping, & train to Boston. Truly a home to be treasured!
Open House
Thursday
June 20 at 11:30 AM to 1:00 PM
BROKER TOUR & OPEN HOUSE - Thursday, June 20th Lunch will be provided! Please bring your clients! Thursday, JUNE 20TH 11:30 a.m. to 1:00 p.m. $549,000 - Single family Raised Ranch with 5 bedrooms, 3 baths and 2 legal kitchens! Seller is ready to move!
Cannot make the Open Houses?
Location: 65 Brand Avenue, Wilmington, MA 01887    Get Directions

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