The Providence Home Buyer Guide
Buying a Home in Providence: Your First Steps
Buying in Providence goes smoother when you do things in the right order. Here's the order that works.
1. Set a monthly budget
Start with the payment you're comfortable with, including property taxes and insurance. Taxes differ from city to city in Rhode Island, so compare Providence with nearby towns like Cranston and Johnston.
2. Get pre-approved
A pre-approval letter from a lender shows sellers you're ready. Ask your lender about RIHousing and other first-time buyer programs; terms change, so confirm what's available when you apply.
3. Pick your must-haves
Parking, yard, bedrooms, commute and schools. Write down your top three so every showing has a clear yes or no.
4. Look at multi-family homes
Two- and three-family homes are common in Providence. Living in one unit and renting the others can help with your mortgage. If a unit was built before 1978, ask about Rhode Island's lead certificate rules for rentals.
5. Make a clean offer
Sellers look at price, financing, deposit and closing date. Your agent can tell you what matters most to each seller before you write.
6. Inspect and close
Book the inspection right away. Your attorney and lender handle the title work and loan, and you sign at closing.
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