Need help on where to buy our first home?(My wife works in Adover and I work in Waltham) (Boston: 2015, insurance)

[NS2015]

Hello folks,

We are young couple and have been searching for our first home since last 6 months but no luck in this crazy market. My wife works in Andover and I work in Waltham. So far we have looked at places in billerica, burlington, wilmington and reading. We need relatively new construction (2005 or greater) and move in ready house since we both works 8.00 to 5.00. Our budget it 375K, 2BD & 1.5 Bath, 1100 to 1200 sqft. I really need a help to figure out is this too much to ask within this budget specially in this seller's market? Should we consider moving further away on the west side like Northborough, Westborough or may be Shrewsburry? I live in Wilmington and my daily commute on 93/95 is like 45 minutes each way. So moving further away would defiantly scares me . Looking for a genuine !!!!!

Thanks,
NS

[Shrewsburried]

Originally Posted by NS2015

Hello folks,

We are young couple and have been searching for our first home since last 6 months but no luck in this crazy market. My wife works in Andover and I work in Waltham. So far we have looked at places in billerica, burlington, wilmington and reading. We need relatively new construction (2005 or greater) and move in ready house since we both works 8.00 to 5.00. Our budget it 375K, 2BD & 1.5 Bath, 1100 to 1200 sqft. I really need a help to figure out is this too much to ask within this budget specially in this seller's market? Should we consider moving further away on the west side like Northborough, Westborough or may be Shrewsburry? I live in Wilmington and my daily commute on 93/95 is like 45 minutes each way. So moving further away would defiantly scares me . Looking for a genuine !!!!!

Thanks,
NS

Based on your constraints, you're going to have to ditch the "new build". A couple things:

- "new build" does not mean maintenance free. A well built and maintained home from the '60s will require no more long term maintenance than a new build, particularly if it's a cheaper new build. If you don't want to do home maintenance, buy a condo.
- You will find zero 2 bedroom, 1100-1200 sqft "new builds" in these towns. Land costs for developers are very high in eastern MA and, to amortize the cost of the land, developers will typically build homes which will realize the greatest profit - the 2200-3000 sqft 3-4 bedroom home.

Your budget pretty much excludes Burlington, Wilmington, and Reading ... even if you were to compromise on the "new build" constraint.

[kingeorge]

I would zoom on Reading or Wakefield if you can tolerate smaller and older for the time being. There is zero new build that is affordable to middle class and your budget. Even with older home you can still get an excellent house, but will have some time to improve, make things to your liking more, and to trade up at the later day. All of us make sacrifices and compromises, including being weekend home improvement warriors. Your first home is not necessarily the only home you will ever own. It is the first step. Be smart with your money, and think about location first and foremost. New home in the bad location is short-sale waiting to happen.

Reading is best value in the area but things are getting more expensive there, Wakefield might offer more for your money. You could also include Wilmington, Chelmsford, and Woburn and see if you like anything there. I would think long term just in case. Focusing on 3 bed is smarter long term strategy. Forget about year of build, and focus on decent home you can find in your price range.

You might decide that condo is the best option considering your wish list. That could work for you as a starter home.

Are kids on the horizon?

If this is so, and your wife might be primary caregiver, make sure her commute is easy, and she can pick up kids quickly and without fighting traffic at every turn. Bigger home with long commute, winter snow storms, and big traffic are awful when you are new parents.

See what you get in your price range, that will still allow you to start a family, have sane commute, and to be able to survive few years without needing to trade-up immediately (people usually try to stay at least 5-7 years in their place, unless area is super hot, and sells like hotcakes).

If kids are not in the picture, you should not have much trouble finding newer/updated condo or townhouse with good commute for both.

Good luck.

[BostonMike7]

What about Bedford? Rt3 north in the AM isn't that bad, and easy access to 95 to get to Waltham.

Might have to forgo the new build requirement though. Just did a quick look and didn't see a whole lot of new contruction for $375K in that area. $450+ however might get it done.

[flowbe202]

Have found any homes that matched your must-haves?

I only found 3 in the whole area... One was a bank-owned gutted house in Billerica.

Something has got to give...

[johngolf]

NS

When the general are you mention comes up I keep saying check out Chelmsford and I never understand how Chelsford is overlooked. Someone tell me why?

[dravogadro]

Live in Waltham. It's way easier to head north for the morning commute than try to head south for Waltham.

Suggestion

Yes, it is missing that half bath.

[kingeorge]

Originally Posted by johngolf

NS

When the general are you mention comes up I keep saying check out Chelmsford and I never understand how Chelsford is overlooked. Someone tell me why?

It gets mentioned. I always recommend it if commute fits. Chelmsford is a good value, especially for someone working outside Boston/Cambridge area, and to the west/north.

It is no brainier for someone working in Andover, but for many people it is not always feasible if they need to be in Boston or Cambridge on a a daily basis. There are better options.

This is why Chelmsford is still cheap in comparison to Reading e.g., and why it is not the "usual suspect". Many folks used to go to Burlington, but prices have been creeping up there too, and it will be interesting if the next wave of "gentrification" hits Billerica and Chelmsford in the next decade.

OP Waltham commute from Chelmsford is not ideal either.

[gf2020]

Wilmington, where you live now, seems like a reasonable location.

http://www.realtor.com/realestateand...0-00711?row=20

[NS2015]

Originally Posted by Shrewsburried

Based on your constraints, you're going to have to ditch the "new build". A couple things:

- You will find zero 2 bedroom, 1100-1200 sqft "new builds" in these towns. Land costs for developers are very high in eastern MA and, to amortize the cost of the land, developers will typically build homes which will realize the greatest profit - the 2200-3000 sqft 3-4 bedroom home.

Your budget pretty much excludes Burlington, Wilmington, and Reading ... even if you were to compromise on the "new build" constraint.

Thanks Shrewsburried, I never thought from the land cost perspective. That was a very valid point. Only thing that discourage me from buying old house is roof, furnace, home insurance etc. Eventually everything adds up. But I agree, I should reevaluate my criteria.