N O T H I N G C O M PA R E S T O W H A T ' S N E X T
Homebuyer?s Guide Presented by The Gilardi Group
Our Mission Is To Help You Achieve Your Goals Working with The Gilardi Group, you have a strategic advantage as a buyer. Our powerful network in Massachusetts and all over the globe, coupled with intimate knowledge of our local markets is the key to our success. We have built generations of loyalty and trust with our white glove customer service.
T H E A DVA N TA GES O F B U Y I N G V ERS U S REN T I N G You will have a set, long-term monthly payment without annual rent raises and moving costs. Homeownership is a wealth building tool. This is most often a BUYING
secure, long-term investment. Your home is an asset that you can add to your portfolio. If you move, you can rent your property to create a passive income stream. You can customize and renovate your home. Boston offers an owner-occupancy residential exemption if the property is your primary residence, resulting in lower property taxes.
REN T I N G
Not a permanent stay. On average, renters stay in their apartment 1-3 years. Subject to annual rent raises and other associated fees. Not building equity. You cannot customize or renovate the property.
Interest Rates Are So High. S H O U L D I WA I T U N T I L RAT ES C O M E D OW N ?
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Interest rates are still historically low. However, if the monthly payment is intimidating there are Adjustable Rate Mortgages locked in for 5, 7, or 10 years that could be a great option.
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There is no guarantee rates will decrease ? meaning the interest rate could rise if you wait.
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When rates decrease, it will result in more competition, which will cause prices to increase.
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?Marry the price, date the rate?? your interest rate can be refinanced, your sales price will never change.
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Buy the property when rates are high with less competition, and refinance the rate when they come down.
B UYI N G N OW VS L AT ER
N OW
L AT ER
Purchase Price
$600,000
$700,000
Interest Rate
7.5%
6.0%
Monthly Payment
$4,195/ Month
$4,197/ Month
* For marketing purposes, not reflective of today?s current rates.
ST EPS TO B U YI N G A H OM E From initial meetings to the final closing, below is an overview of what to expect throughout the home buying process.
0 1 | INITIAL CONSULTATION
0 6 | HOME INSPECTION
Contact your Gilardi Group Advisor to discuss
Get the home inspected by a licensed home inspector.
your home buying goals. Discuss current market
Inspections are typically within 7 days from an
trends, areas of interest, and get signed up for our
accepted offer before you sign the Purchase and
VIP Program
Sale Agreement.
for
access to
off
market
and
pre-market opportunities. 07 | SIGN THE PURCHASE & SALE AGREEMENT 0 2 | GET PRE-APPROVED Call your mortgage lender to fill out an application to start the pre-approval process and determine your budget.
Typically, this occurs between 7-10 days from the offer. The buyers and sellers attorneys will draft a document restating all the information on the offer and any other requests that have been negotiated. Once signed, the buyer will write a check for the second earnest deposit, typically 5-10% of the purchase price or half of the total down payment.
0 3 | BEGIN THE SEARCH When you see a home you are interested in, call your Advisor to set up a time to go and see the property. If
0 8 | SECURE YOUR MORTGAGE COMMITMENT
there is an open house, your Advisor will attend with
Make sure to get all required documentation to your
you; they can identify any potential questions on the
lender and ask your lender about any large
homes systems, etc.
purchases, new credit inquiries, or moving funds.
0 4 | PUT IN AN OFFER! You?ve found your dream home ? submit an offer through your Gilardi Group Advisor. They will help give advice on pricing, explain safeguards such as a mortgage and inspection contingency, and discuss strategies to make your offer more attractive.
0 9 | CLOSING DAY! Typically 45 days from initial offer. Your agent will schedule your Final walkthrough to confirm the property is in the same condition, with all personal property removed. Head to the attorneys office to sign the rest of the paperwork, pay the remaining down payment and wait to go on record!
0 5 | OFFER ACCEPTED!
10 | WELCOME HOME!
Send your offer to your lender and real estate
Once you are officially on record ? receive the keys
attorney to start the Purchase and Sale Process.
and the house is yours.
C H OOS E EX P ERT I S E
The Gilardi Group
Bost on Magazine
D I S C OV ER W H AT ' S N EX T
Top Real Estate Producers 2023
617.529.4461 | GilardiGroup@GibsonSIR.com
RealTrends America's Best 20 23
TheGilardiGroup.com
Those ranked are among the top 1.5% of 1.6 million real estate professionals in the United States. Bost on Agent Magazine 20 23 Who's Who in Boston Real Estate
S CA N T O J O I N O U R V I P B U Y ER P RO GRA M
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