Return to Office Has Sparked New Demand for Boston Condos—Try These Tips to Find Yours
As Boston companies roll out return-to-office plans, many employees are bidding farewell to work from home flexibility. This is driving aspiring property owners to seek out condos, everywhere from the luxury high-rises in Seaport to one of the historic, Parisian-styled buildings nestled on the wide streets of Back Bay.
Boston residents returning to the city want shorter commutes again, driving up demand for condos across the city. But placing a claim on a condo is no easy feat, so the team at Prevu compiled a few expert tips to help buyers find their dream condo.
Set up automated searches
First, scooping up a swanky condo requires buyers to keep a keen eye on listings.
Before buyers could peruse online real estate marketplace sites, agents provided listings to Boston condo buyers. But instead of waiting for listings from an agent or endlessly scouring websites for the perfect match, there is a way buyers can simplify the search process.
Digital home buying tools like Prevu allow buyers to pre-set their home buying preferences and stay up to date. Once a target condo hits the market, they will get alerted so they can schedule a property tour with the click of a button. This way, buyers can research different condo prices and features but still get a heads up when they’re out and about
Plus, Boston buyers can tailor their preferred amenities on the Smart Buyer Platform— when a condo with rooftop views hits the market, you’ll be the first to know.
Work with an agent experienced in condos
Purchasing a condo in Boston requires a level of expertise that differs from buying a single-family home.
Newcomers trying to close on a Downtown Boston condo can feel overwhelmed dealing with condo management boards and negotiating with sellers. That’s why having an experienced buyer’s agent is vital. They will help you navigate the critical final miles of the negotiation process and support the inspection process.
Make sure to question the agents you meet about the areas they’ve sold condos in before and how many deals they have under their belt. Experience matters.
Secure a commission rebate
Just as important as an agent with experience is whether the agent you work with offers commission rebates. The commission rebate is a simple concept that is growing in popularity with Boston buyers.
By streamlining the home search and purchase process through digital tools, Prevu simplifies the buying experience and unlocks significant savings for buyers. Prevu agents have local knowledge of the Boston condo market, offering expert advice every step of the way while providing a large portion of their commission to buyers via a rebate.
Prevu gives buyers up to two-thirds of their commission, which can help renovate a condo or increase a buyer’s purchasing power. If a buyer closes on a $1,250,000 condo in Downtown Boston with Prevu, they can receive up to $25,000 back with the company’s Smart Buyer Rebate.
Save early and often
Deciding to buy a condo is an exciting prospect, but saving up for it can take a considerable amount of time.
Buyers that want a condo in their favorite Boston neighborhood will need to save at least 10% of the purchase price for a down payment. This minimum threshold is the same whether the unit is a re-sale or new construction, and is a requirement for most condo buildings. Buyers should also plan for closing costs, which average around 1.25% to 1.75% of purchase price.
There are many ways to save, but creating an automated deposit into a savings account every pay period is a tried and true method. It also helps if aspiring condo owners cut out costly vacations or extravagant purchases for a year or two in order to hit saving goals faster.
Secure a pre-approval from a lender
Getting pre-approved shows sellers you are ready to close on a home and helps buyers figure out just how much of a mortgage they can afford. Buyers interested in purchasing a Boston condo should interview several lenders to shop for the most attractive rates and products.
Lenders determine how much to lend buyers by examining W-2s, credit reports, scores, and proof of assets. Buyers should avoid taking out any new loans, like purchasing a new car. Additionally, buyers should review their credit history well in advance of starting the condo search process, and take steps to improve their credit score.This is a paid partnership between Prevu and Boston Magazine's City/Studio