Suggestions for where a gal should buy a home? (Boston: sale, real estate)

[AshleeB]

Hi guys, I'm looking to buy my own condo/place in the next 3-6 months and I was wondering if anyone out there has any suggestions for where I should look.

I'm in my early twenties, recently graduated from BU, with a stable job in Kendall Square (~40k). Right now, I rent an apartment in Brookline with my old BU roommate but as she's graduating and moving onto greener pastures this year, and rent in Brookline creeping up on me, my parents suggested I look to buy my own place with their support. But I haven't a clue on where I should look to in the Boston area. I don't have a car, so I use the T for basically, like, everything. I was looking at areas in Dorchester, Uphams corner, around the Ashmont T stop, and Revere (along the Red/Blue lines). But I've heard and read conflicting information about places like Upham's, Asmont T, east of Dot Ave, away from Blue Hills, etc. I've been in Dorchester before for example, and didn't think it was as bad as some people make it out to be, but being a single young girl, I wanted to gauge where I should look at with my realtor when I eventually get one. I think my budget is around 200k for now so a lot of places are priced out of my range. Any suggestions guys? Thanks!

[Urban Peasant]

Stay away from Uphams Corner, it is one of the most dangerous areas of Boston. I know for a fact because I worked there at one time and kept track of the crime statistics. There is rampant gang activity and the families that live there have had feuds that date back several decades. Definitely not a place for a single young woman of any ethnicity to live alone in.

I happen to live near Ashmont Station in Dorchester. The neighborhood is definitely safer than Uphams Corner but depending on the exact street and proximity to the station, you still have to keep a watchful eye out as I assure you it is no Brookline. There is a brand new luxury condominium complex right in front of Ashmont Station. See if there are any more condos available there. I don't know about the price range but I doubt they would be more expensive than anything found in downtown.

Revere is similar to my part of Dorchester. I would say it is fairly decent but still keep an eye out and don't travel too late on the T as both places tend to get really quiet during the late hours. Other places worth looking at are Quincy (another new condo complex right in front of Quincy Center Station), Malden by Malden Center Station, Columbia Point in Dorchester near the JFK UMASS Station, and Savin Hill, Dorchester. There is a renovated condo complex on Dorchester Avenue in the Savin Hill neighborhood; I believe they have vacancies and I do think it is close to the T Station though not immediately in front.

I hope this helps

[seamusnh]

If I were working in Kendall Sq., I'd go in the other direction on the red line. Arlington? parts of Cambridge?

[Urban Peasant]

Arlington and Cambridge are of course nicer places but more (and at times much more) expensive too. Remember the young lady has a tight budget and she is looking to buy, not rent.

[smarty]

Let me put it this way.... If you think rent is expensive, think again.... buying is more expensive.

There is no way you can afford buying in Brookline based on what you are paying for rent. This means you are forced to buy in less desirable place. If you were to live in less desirable place, your rent will also be less expensive.

I cannot understand your reasoning for buying vs rent...

There are many more responsibilities to own rather than rent. Fixing things if broken, maintenance cost (like painting), insurance, property tax, ..... (just your condo fee can be $300-500). I strongly suggest you NOT to buy and continue to rent. Property in Boston is still way over price compare to rent.

[miu]

I agree with smarty. In this economy, just save your money. Don't go for any sort of mortgage with a low down payment. Never max out your maximum loan limit. And buying a condo is really unwise. Not only will you have a mortgage payment, but then property taxes and monthly condo maintenance fees. You may not like your neighbors, and there you will be trapped next to them.

[Bostonian08]

And 200K is not going to get you anything nice anywhere nice unless you are willing to live 50 miles out of town. Unless you are lucky enough to get into an affordable housing program.

[miu]

I also think that since you are only in your early twenties, don't tie yourself down yet with real estate. Buying a place is akin to getting married. You're young and should keep your options open at this point in your life. What if you got offered an interesting job transfer? Or wanted to live in Europe for a year? Or you fall in love and your place is too small to share? Once bought, selling a condo quickly is very difficult in this market.

[holden125]

I agree with those saying not to buy. This is not a good time to buy. Right now, the market has softened and there's a good chance it will come down more, so you can likely get better deals if you wait. It's also, despite that, still considerably more expensive to buy than to rent a comparable place. Smarty is absolutely right that there are costs associated with buying that people often underestimate: e.g. closing costs up front that you'll never see again, taxes and maintenance, costs of decorating, minor repair costs that are now on you, and the big loss of 6% of the sale price when you do sell. At your income level, you won't offset those costs by the income tax benefits of owning are much smaller than they would be for someone making 3 to 5 times more annually. It's just not a good idea to get tied down because you can have a very hard time getting the place off your hands if you need to. If you really must sell, it will likely be at a loss, and you can thus lose a big chunk of the down payment you saved for if you buy and then have to sell for whatever reason (including losing a job in this economy).

I know someone who bought a condo in Newton in 2005, the height of the market, and now wants to move in with his girlfriend. The total monthly payments on the condo are $1950 but he can't find a subletter for anything over $1300. So he's splitting the cost of the girlfriend's place and still paying $650 a month for the old place. It's not a good situation; the place is worth about 15% less than when he bought it.

[nate14ri]

dont buy in boston until you have a second income.