South Boston is an evolving residential neighborhood that has undergone several demographic transformations. The neighborhood is home to the St. Patrick’s Parade, which is a celebration of Irish-American culture. Buying a house in South Boston can be a daunting task. By asking the right questions, you will buy the best home on your budget.
What Is The Ideal Budget To Buy A New Home In South Boston?
The South Boston peninsula is made of -[several district sections like the historic warehouse of Fort Point, the West Side, the luxury towers of Seaport, and the beach neighborhoods like the Telegraph Hill, City Points, and Dorchester Heights. Before suggesting any neighborhood, your South Boston MA real estate agent will ask about your requirements and budget.
After getting the required information, the real estate agent will show you listings in different neighborhoods that meet your requirements and fit your budget. Besides mentioning the list price, the agent will also have additional costs in buying a home like home insurance, property taxes, home maintenance charges, and other expenses.
What Is The Market Like In Different South Boston Neighborhoods?
The South Boston housing market is slightly competitive. Though most house owners listing their properties get multiple offers, most deals are closed 1% below the list price. According to recent market data, the average rate per square foot is $812, 6.7% higher than the previous year’s rates. An average-size home in SouthBoston costs around $855K.
When you ask about South Boston neighborhoods, ask the agent if there is a concern in any South Boston neighborhood that will reduce desirability.
What Is The Property Worth?
The list price is the amount that the Seller expects to get by selling the property. Property worth or market value refers to the price the house is expected to sell for. The real estate agent will provide you with the property’s market value that will help determine whether the Seller is offering the house at a fair price.
You can ask the South Boston MA real estate agent about prices of similar properties in the same neighborhood or other places nearby. Then, after studying the prices of homes in different neighborhoods, you can offer an educated price for the property.
Is The Seller Flexible About The Price?
Many sellers get offended when a buyer makes a lowball offer for the property and back out from the deal. In that case, they are more likely to consider other buyers interested in buying their house. To be on the safer side, you may ask the agent if the seller is flexible about the price as you don’t want to spoil the chances of buying a suitable property.
Is There Any Problem With The New House?
New houses are not problem-free. Some construction projects don’t go as planned, which makes new homes less than perfect. For example, the new house could have structural problems or weatherproofing problems that are not easily identified. Such issues have potential costs to rectify these problems.
Is the New House Construction In A Flood Zone?
South Boston receives rain for 104 days a year. According to a recent news report, heavy downpours and flooding have become regular for South Boston businesses. It would help if you asked the real estate agent whether the new house is constructed in a flood zone. If the answer is Yes, you should skip the property and look for better options.
How Long Has The House Been Available For Sale?
The longer the house is on the market, the more enthusiastic Seller will be to make a deal. It means he will be more flexible in negotiating the price and willing to resolve any noticeable issues. For example, if the seller had listed a higher price for the new house and there are no buyers, he is more likely to go for multiple price reductions to make a deal.
To sum up, these are some questions you need to ask the South Boston real estate agent when you go to buy a new house.