The Bean Group Buyer's Guide
The Complete Buyer's Guide
Six chapters, three calculators, and a clear-eyed walkthrough of every step from pre-approval to closing — built from what we see every day across New England and Florida.
Chapter One
Getting Pre-Approved (and Why It's Not Optional)
Before you tour a single home, get pre-approved. It defines your real budget, makes your offers credible, and surfaces issues while you still have time to fix them.
A pre-approval is a lender's written commitment, after reviewing your actual financials, that you qualify for a loan up to a specific amount. It's not the same as a pre-qualification — that's a quick estimate based on what you tell the lender. Sellers and listing agents know the difference.
In a competitive market, an offer without a pre-approval letter is often set aside. With one, you've signaled three things: you're serious, the bank has vetted you, and the deal will probably close.
What lenders look at
- Credit score. 740+ unlocks the best rates; 620 is roughly the floor for conventional loans.
- Debt-to-income ratio. Total monthly debt under ~43% of gross income.
- Down payment & reserves. 3–20% down typical; reserves of 2–6 months of payments strengthen the file.
- Employment history. Two years of stable income, ideally same employer or industry.
Pre-Approval Document Checklist
Have these ready before you contact a lender. Check progress as you go.
0 of 8 ready
Chapter Two
The Real Costs of Buying
The sticker price is the smallest of three numbers you need to know. Your monthly payment and your closing costs both deserve their own math.
Most first-time buyers anchor on the list price and forget that taxes, insurance, and closing costs can quietly add 5–10% to what you actually pay. New England property taxes in particular are substantial — often the second-largest line on your monthly statement after principal and interest.
Mortgage Calculator
Estimate your monthly payment including taxes and insurance.
Principal & Interest
$2,781
Property Tax
$802
Insurance
$160
Assumes property tax ~1.75%/yr and insurance ~0.35%/yr of home price. Actual rates vary by town and policy.
Closing costs, by state
Closing costs vary dramatically across our markets. Vermont has the highest buyer-paid transfer tax in New England; Massachusetts has none. New Hampshire splits the transfer tax 50/50 between buyer and seller. Use the estimator below for a rough number.
Closing Costs Estimator
State-specific estimate of buyer-side closing costs.
- Transfer tax
- $4,125
- Title insurance
- $2,750
- Recording
- $275
- Attorney/closing
- $1,100
- Lender fees
- $3,000
- Prepaid taxes & insurance
- $2,888
NH transfer tax is split — buyer pays 0.75%. Figures are estimates — your loan officer and attorney will provide exact numbers.
Chapter Three
How to Evaluate a Neighborhood Like an Agent
A great home in the wrong neighborhood is a hard sell five years from now. Here's the framework experienced agents use.
The best way to learn a neighborhood is to spend time in it at different times of day. Drive the commute at rush hour. Walk to the nearest coffee shop on a Saturday morning. Drive past on a Friday night. The neighborhood you tour at 1pm on a Tuesday will feel different at 7pm on a Friday — and that's the version you'll live in.
The eight things to check
- School ratings & enrollment trends — even if you don't have kids, this drives resale value.
- Commute — drive it during peak hours, not on Google Maps.
- Property tax trajectory — has the mill rate climbed each of the last five years?
- Recent sales — are nearby homes appreciating or sitting?
- Walkability & amenities — coffee, groceries, parks, healthcare within reasonable distance.
- Planned development — town planning meeting minutes are gold.
- Flood, fire & climate risk — FEMA maps and insurer ratings.
- Cell & internet — confirm coverage at the actual address, not the zip code.
Chapter Four
The Inspections That Matter (and the Ones That Don't)
A general home inspection is the start, not the end. In our markets, you also want specialists for radon, septic, well, and sometimes pest.
New buyers often panic over a 40-page inspection report. Experienced buyers focus on five things: foundation, roof, major systems (electrical, plumbing, HVAC), water & septic, and any health hazards (radon, mold, lead). Cosmetic findings — peeling paint, dated fixtures, scuffed floors — should already be priced into your offer.
| Issue | Priority | What to do |
|---|---|---|
| Foundation cracks (structural) | Major | Walk away or require engineer report. |
| Active roof leaks / aged roof | Negotiate | Credit or replacement before closing. |
| Failed septic / well issues | Major | Costly; require seller fix or credit. |
| Outdated electrical (knob & tube, FPE panel) | Negotiate | Insurance impact — quote replacement. |
| Radon above 4 pCi/L | Negotiate | Mitigation system ~$1.5K, seller-paid. |
| Aged HVAC at end-of-life | Negotiate | Credit toward replacement. |
| Cosmetic paint, flooring, fixtures | Cosmetic | Don't sweat — easy to update. |
| Outdated kitchen/bath | Cosmetic | Reflect in offer price, not inspection. |
Chapter Five
Making a Winning Offer Without Overpaying
The highest number doesn't always win. Terms — financing, contingencies, closing date, flexibility on possession — often matter as much as price.
A winning offer is the one the seller most wants to accept after weighing certainty, timeline, and price together. Your agent's job is to find the structure that lets you pay the right price with the highest chance of acceptance.
Levers beyond price
- Earnest money. A larger deposit signals commitment.
- Inspection scope. Information-only inspections (no repair requests) are powerful in hot markets — but only if you can absorb surprises.
- Appraisal gap coverage. Cover a defined gap if the appraisal comes in low.
- Flexible closing date. Match the seller's preferred timeline.
- Rent-back. Let the seller stay 30–60 days after closing.
- Escalation clauses. Auto-beat competing offers up to your cap.
Chapter Six
From Contract to Closing
The 30 to 45 days between an accepted offer and closing day follow a predictable rhythm. Knowing the milestones removes the stress.
Once your offer is accepted, the clock starts on a series of deadlines that protect both sides. Your agent and lender drive most of this, but you should know what's happening — and what could derail it.
- Lender reviews credit, income, and assets, then issues a pre-approval letter — your real budget.
You've read the guide. Now what?
Talk to a Bean Group buyer's agent.
No pressure. No sign-ups. Just a real conversation with someone who knows the market you're shopping in.
Want a copy to read offline?
Download the full Buyer's Guide as a PDF.