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Posted on 6/7/23 at 9:19 am to ItNeverRains
I work in downtown Boston and my fiance works in Nashua NH which makes things hard. 23 Suzanne Rd is just right outside of our budget (~1.3) and I dont think they will take less sadly. We are looking at lexington, arlington, winchester (schools)
Posted on 6/7/23 at 9:20 am to Jcorye1
Good idea going Lexington vs Bedford. Lexington High is ranked in the top 300 HS in American. I do recommend mortgage, taxes, and insurance to be under 25% of your take home.
Posted on 6/7/23 at 9:20 am to fareplay
Also, check how many rental houses are in the area. Nothing is more annoying, and potentially ruinous, as having a bunch of rental types destroying houses.
Posted on 6/7/23 at 9:22 am to tigerbacon
quote:
I do recommend mortgage, taxes, and insurance to be under 25% of your take home.
Good luck with that in this market.
Posted on 6/7/23 at 9:24 am to tigerbacon
LINK
Was looking around here. Not too proud of the way it looks tho
Also 25% of base pay for a 7k month is 28k after tax a month. We technically can do that but it isnt desired
Was looking around here. Not too proud of the way it looks tho
Also 25% of base pay for a 7k month is 28k after tax a month. We technically can do that but it isnt desired
This post was edited on 6/7/23 at 9:27 am
Posted on 6/7/23 at 9:26 am to Vacherie Saint
quote:where are you getting a McMansion with such a low mortgage payment?
choices. Dont get caught up in the McMansion craze and saddle yourself with 3000
Posted on 6/7/23 at 9:26 am to Jcorye1
Good feedback there.
We're buying new construction so it's less of a pain, but there are still some things to consider.
OP, also invest in multiple inspectors. I did plumbing, electrical, and a general home inspector even though it was new construction. All of them found at least 1 thing done incorrectly so it made it worth it.
Agreed on the appraisal, though ours came in 4% over contract price so we were in a good spot.
We're buying new construction so it's less of a pain, but there are still some things to consider.
OP, also invest in multiple inspectors. I did plumbing, electrical, and a general home inspector even though it was new construction. All of them found at least 1 thing done incorrectly so it made it worth it.
Agreed on the appraisal, though ours came in 4% over contract price so we were in a good spot.
Posted on 6/7/23 at 9:28 am to fareplay
Last piece of advice is this will be your house. A lot of people that purchased before have rose tinted glasses and/or bought in different markets. You know your own finances, what you can afford/not afford, and hopefully understand there is risk involved.
Posted on 6/7/23 at 9:30 am to fareplay
step 1: Leave Boston
step 2: profit?
step 2: profit?
Posted on 6/7/23 at 9:31 am to Shamoan
My fiance has a unique job in the area that pays very very well. Hard to leave that.
Posted on 6/7/23 at 9:32 am to Jcorye1
Yeah our main reason for buying it is that we will need a bigger place to rent and instead of 3.3k rent or so that is wasted, is 7k a month to build equity better
Posted on 6/7/23 at 9:35 am to fareplay
quote:
What should a first time buyer be aware of? Looking at single family homes and there are so many various ways of heating/cooling/stove/etc. that I am unfamiliar with.
Looking at homes in the north east and they have oil heaters? Ive lived in apartments most of my life with central heat/cooling and have no idea.
Also if I ever want to set it as a smart home (have a dog so want the temperature to be suited to what dog wants) is that even possible on a older home?
Get a good look at the neighborhood during the weekday, evenings, and weekend. That is one thing you won't be able to change after the purchase.
Posted on 6/7/23 at 9:39 am to fareplay
IMO, you are throwing money away making a 5 year investment on a house right now. Amortize the amount you want to spend at the rates you are being quoted. Look at your interest to principle numbers through 5 years, then take a look at real estate appreciation forecasts. I think you'll be surprised.
Posted on 6/7/23 at 9:44 am to GreatLakesTiger24
you are probably right. LOL.
You can still get a 500-600K home (in south Louisiana and Texas that buys you a an extremely nice home) at 6% for around that, but its getting worse and worse by the day.
Im so glad I bought back when I did.
You can still get a 500-600K home (in south Louisiana and Texas that buys you a an extremely nice home) at 6% for around that, but its getting worse and worse by the day.
Im so glad I bought back when I did.
Posted on 6/7/23 at 9:48 am to fareplay
Real talk... your fiancé could probably take a substantial pay cut to live in another state without such insane costs of living and you'd have substantially more disposable income than you would in Boston.
Posted on 6/7/23 at 9:49 am to Vacherie Saint
Cost of living isnt too big of an issue, we need to stay in this area for a bit. What we are afraid of is a house that is a cost sink
This post was edited on 6/7/23 at 9:52 am
Posted on 6/7/23 at 9:59 am to fareplay
I can tell you that a general rule to break even or potentially gain equity is that you need to be in a house for 7 yrs.
This is for people that aren’t buying and doing remodel/updating/flipping. Those people tend to either get sweat equity or have lowered costs on labor and supplies.
It’s going to likely be a longer horizon to building equity for homebuyers now due to the interest rates. A large part of what eats into your profit is the ~6% you have to spend on each side of the transaction due to realtor “fees” for all their hard work. Lol.
Don’t forget you can anticipate spending a chunk of change over the 5 years you will own on simple maintenance you never pay as a renter.
That’s one of the little joys of homeownership you often overlook in the fine print.
This is for people that aren’t buying and doing remodel/updating/flipping. Those people tend to either get sweat equity or have lowered costs on labor and supplies.
It’s going to likely be a longer horizon to building equity for homebuyers now due to the interest rates. A large part of what eats into your profit is the ~6% you have to spend on each side of the transaction due to realtor “fees” for all their hard work. Lol.
Don’t forget you can anticipate spending a chunk of change over the 5 years you will own on simple maintenance you never pay as a renter.
That’s one of the little joys of homeownership you often overlook in the fine print.
Posted on 6/7/23 at 10:04 am to fareplay
quote:
Our commute for that place is 2 hours each way
How is this being overlooked? 4 hours of driving each work day
Posted on 6/7/23 at 10:05 am to fareplay
quote:
What are the OT home buying tips?
Don't get divorced if married.
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