The Papineau Team | Andover Real Estate, North Andover Real Estate, Boxford Real Estate


Do you ever wish that they taught a class in high school called, “Things You’ll Actually Need to Know In Life?” You’d learn how to prepare your taxes, what investing is, and how to buy a home.

Unfortunately, all of these important life lessons tend to be self-taught; you pick them up along the way and learn from your mistakes.

However, it needn’t be that way. Our goal today is to give you an accurate idea of what to expect when you’re buying your first home. We’ll go over a typically home buying timeline and discuss how long each step can take. This will give you a better idea of how long it will take to close on your first home.

Step 1: Build credit and save for a down payment

Estimated time: 2+ years

The first step of buying a home is to make sure you’re financially secure enough to do so. While there are ways to purchase a home with low or no down payments (See FHA, USDA, and VA loans), generally it’s wiser to wait until you have a sizable down payment saved. This will save you money in interest and mortgage insurance in the long run.

Next, you’ll need to start working on your credit. If your credit score took some hits due to late payments when you were younger, now is the time to start fixing those mistakes by making on-time payments and paying off outstanding balances.

Step 2: Have a plan for the next phase of your life

Estimated time 6+ months

One of the most important, and least talked about, parts of buying a home is understanding what it means to own a home. If you have a spouse, partner, or family, you’ll need to be in agreement that you’re prepared to stay in one place for the next 5 or more years.

Buying a home is expensive and you won’t want to go through the process of closing on a home if you aren’t sure you’ll stay. This means making sure your career won’t bring you elsewhere in the near future.

Step 3: Get prequalified and preapproved

Estimated time 1-3 days (depending on how much initiative you take)

Getting prequalified for a mortgage takes minutes. You simply fill out an online form and the lender will give you an idea of the type and size loan you could qualify for. Be forewarned: they’ll also use this information to call and bother you about getting a mortgage from them.

Once you’re prequalified, it’s just a matter of working with the lender to provide the correct documentation for pre-approval.

Getting preapproved takes a bit longer (1-3 days), since it requires a credit check and some work on your part--namely, gathering and sending income verification.

Once you’re preapproved, you can safely start shopping for homes without worrying that you’re wasting time looking at homes that are overbudget.

Step 4: House Hunting

Estimated time: 30+ days

It’s a seller’s market. So, if you’re buying a home right now there is competition out there. You’ll need to dedicate a substantial amount of time to researching homes online, contacting sellers’ agents, and following up on calls. Like before, the amount of effort you put into this process determines how quickly and smoothly you’ll get through it.

Step 5: Making an offer and closing

Estimated time: ~50 days

Average closing times for buying a home has grown to 50 days according to a recent study. However, by securing financing ahead of time and acting quickly, you can drastically cut down the time of these process to as little as two weeks.


This Single-Family in North Andover, MA recently sold for $1,140,000. This Colonial style home was sold by The Papineau Team - Coldwell Banker Residential Brokerage.


18 Stevens St, North Andover, MA 01845

Old Center

Single-Family

$1,199,900
Price
$1,140,000
Sale Price

14
Rooms
6
Beds
4/1
Full/Half Baths
The founding fathers of the town always had the best land and location! Surround yourself in a picturesque setting that would be hard to duplicate, near Weir Hill and Lake Cochichewick. This can be your country estate and respite from the city or live here and live the life. You'll enjoy your morning coffee on the covered brick patio or in the gazebo and have a beautiful view wherever you are, soaking in this priceless setting. While they have written history books about this home and it's colonial features, so much has changed! There is an understated feel of luxury with the amenities, while the decor is a nod to the history and beginnings of the house. The chef's kitchen is a delight with an open flow to the butler's pantry and the family room. Walls of glass let the outside in and offer great natural light. The first floor is open and offers great spaces for entertaining yet has cozy spaces to work. The bedroom layout and baths give everyone their space. 6 car garage for car lovers.

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This Single-Family in Andover, MA recently sold for $685,000. This Colonial style home was sold by The Papineau Team - Coldwell Banker Residential Brokerage.


11 Lowell Junction Rd, Andover, MA 01810

South Andover

Single-Family

$699,900
Price
$685,000
Sale Price

9
Rooms
4
Beds
3/1
Full/Half Baths
A great location can be priceless for both the daily commute and ease of lifestyle. Imagine shaving hours off of your monthly drive to work from this wooded and private location adjoining the Gregory Circle cul de sac. Enjoy all that this young Colonial has to offer with the open floor plan, fresh detailing and a beautiful fenced yard. Conveniences include Town Water/Sewer and Gas Heat. The floor plan has the spaces you want and is great for entertaining. The kitchen has lots of cabinet space, room for an island and opens to the Family Room. The open flow provides lots of flexibility in how the rooms are used. Easy deck access from the kitchen with expansive views of the level back yard, yet natural privacy with the trees and land. The second floor features 3 good sized bedrooms and the third floor has a Bed/Bath suite which could be a private office, in-law, teen suite or more. The finished walk out Lower Level has 2 open rooms for play space or a media room. South School District.

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63 Foxwood Dr, North Andover, MA 01845

Old Center

Single-Family

$669,000
Price

12
Rooms
4
Beds
3/1
Full/Half Baths
Come live at Foxwoods and be near all that North Andover has to offer. Enjoy the special features of this younger Colonial home that has been updated with a beautiful two story addition on the back of the house. This provides an oversized eating area and sun room off of the kitchen with flexible space. Cooks delight gourmet Kitchen has a new gas cooktop and island. The open flow floor plan is great for entertaining, and the higher ceiling height and two story spaces offer lots of natural light. 4 generous sized bedrooms with closet systems. The finished walk out lower level has a full bath, exercise and play areas, media space and more. Spacious room for guests or family looking for a private suite space. Open concept between the family room, fireplaced living room and the kitchen on the first floor offers a flow for today's living. Nice upgrades throughout. Popular combination of natural gas heat, town water/sewer. Near the Youth Center and Old Center. Welcome home!
Open House
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December 16 at 1:00 PM to 3:00 PM
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Location: 63 Foxwood Dr, North Andover, MA 01845    Get Directions

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This Condo in Andover, MA recently sold for $185,000. This Low-Rise style home was sold by The Papineau Team - Coldwell Banker Residential Brokerage.


111 Main St, Andover, MA 01810

In Town

Condo

$185,000
Price
$185,000
Sale Price

3
Rooms
1
Beds
1
Baths
Here is your opportunity to have the downtown condo you've always wanted! The best that Andover has to offer is here; exciting restaurants, shops and cafés to public/private schools and the commuter train to Boston is all within a 10min walk or drive. This well-cared-for condo is on the second floor, front. Enter into the living room, with the kitchen and en-suite master bedroom to your right. Wonderful morning and afternoon sunshine pours through the windows, offering great natural light. Cozy living room centered around the beautifully paneled decorative fireplace. Carpeted living room and master bedroom, tiled kitchen and master bathroom. Low monthly association dues ($109.44) and cost-effective gas and electric utilities are a big value-add. Town water/sewer. In-building washer/dryer included in condo fee. Basement storage. Deeded parking as well as ample street parking for guests. Commuter rail is Andover station (10min walk) on Haverhill line into North Station, Boston (~50min)






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