Back to the drawing board on what town.... Thoughts on these options? (Lowell: condo, appliances)

[Bruins3445]

Originally Posted by kingeorge

OP this is very good advice. You are not in situation to be very picky. Come spring you will see firsthand that sellers can afford to be choosy around here, people on limited budget or little down-payment not so much unfortunately. You are moving to one of the most competitive RE markets in the US.

It is not just mortgage when you buy, but taxes, insurance, water & sewer, heat, snow removal, landscaping etc. You are solely responsible party. This is super costly area, and costs go up. Just keeping your new home heated will cost you.

You need to have some cushion, and honestly get down to earth. Any place you look at in your price point will have some fatal flaw. And all buyers have unplanned emergency repairs after they buy. Our climate is not kind to houses, old or new.

My advice is to find best TH/condo in best school district/location your money can buy. 5-7 years later you might be in a position to trade up into better home. Or even better, rent first and see how you like it here, and how your budget will work in MA.

If buying is only option then Chelmsford & North Andover are good picks.

Good luck.

My concerns with condos are the resale value. I've always heard condos are the first to drop in price when the "bubble bursts" and often take longer to recoup after a bust. I also feel like trying to sell again will deter certain buyers (many will not consider a condo). Condo fees can go up, I've heard horror stories about poorly managed associations. And, save for an end unit, the idea of sharing a wall isn't appealing. I'd rather be renting.

How is Chelmsford in terms of getting to/from Boston? 93 is an easy drive. Is Rte 3 decent?

[GeoffD]

Originally Posted by Bruins3445

My concerns with condos are the resale value. I've always heard condos are the first to drop in price when the "bubble bursts" and often take longer to recoup after a bust. I also feel like trying to sell again will deter certain buyers (many will not consider a condo). Condo fees can go up, I've heard horror stories about poorly managed associations. And, save for an end unit, the idea of sharing a wall isn't appealing. I'd rather be renting.

How is Chelmsford in terms of getting to/from Boston? 93 is an easy drive. Is Rte 3 decent?

And condos in weaker towns get completely crushed. I lived that in 1990. Now, it would be even worse because you can't get a mortgage on a condo in a complex with a bunch of unit owners in default on association fees or with 30% or more of the units being rented.

[traffic_lover]

What about Mansfield? I forget, do you need to be close to NH? why?

[Dm84]

Originally Posted by traffic_lover

What about Mansfield? I forget, do you need to be close to NH? why?

You're not going to find a move in ready house in Mansfield for $300k. Maybe a condo and that's a big maybe.

[traffic_lover]

Originally Posted by GeoffD

And condos in weaker towns get completely crushed. I lived that in 1990. Now, it would be even worse because you can't get a mortgage on a condo in a complex with a bunch of unit owners in default on association fees or with 30% or more of the units being rented.

My buddy bought a townhouse in North Attleboro on rt1 in 2006 for 220k. I think it was worth 80k at one point in 2009. Only worth 120k ish now.

[CaseyB]

OK, it's on right on Rte. 1? What was he thinking?

[Dm84]

Originally Posted by CaseyB

OK, it's on right on Rte. 1? What was he thinking?

Let's remember how inflated RE was back in 2006.

[Bruins3445]

Originally Posted by traffic_lover

What about Mansfield? I forget, do you need to be close to NH? why?

I would love Mansfield or Foxboro. Sadly, can't find anything the VA would approve in our price range. Raynham was a thought but limited inventory too.

Close proximity to NH is ideal because my wife's family is there and will be able to help with child care

[jan0105]

We lived in a two bedroom house with two kids for quite a while. It's really very doable. Two bedroom houses are harder to sell, but honestly if your budget is $300,000 max, you don't want a condo, and you're doing a VA loan, a two bed SFH in a town you like would be a good option IMO.

[Dm84]

Originally Posted by Bruins3445

I should have clarified. My wife's family is helping us with a down payment. Which, thanks to the VA, we don't need to put one down. So instead of dumping a chunk of money into a home we will opt to keep the down payment in the bank for home repairs. We can afford more than $300k with no money down, but it is foolish to max out your budget because on paper you can always afford more than in reality. Initially we wanted to spend $250k but now we are realistically looking at $300k and can comfortably afford that with no money down which is still less than rent in most areas. Not to mention every time we rent we risk the rent going up, landlords keeping deposit, things not getting fixed on time, etc. Renting is not working for our lifestyle. We would never buy a home and blindly assume it is better than renting. We know there will be costs.

However that being said it if it a matter of Londonderry will get us a newer, nicer home with good schools vs a home in Tewksbury that is an older home that is more likely to need repairs, we will strongly take that into consideration. One thing we are factoring in is the proximity to my job. So while the NH house may cost less to upkeep because it is in better condition, that money is spent on wear/tear or gas in commuting costs. So I think we are trying to get a feel of the overall picture. If a town in MA has great school programs available to our kids that would be better for them in the long run and therefore we are willing to sacrifice the larger, newer home. We just want an honest opinion of some of those towns. I don't want to buy in an area that isn't desirable or has a bad reputation. City-data forums have brought many issues to my attention concerning certain towns that I wouldn't have otherwise known about. Maybe someone else has been in my shoes and can offer 2 cents

Well it sounds like you have a solid plan and I hope it all works out for you.

One word of caution regarding advice about towns you're receiving. Many of the posters on this forum live in affluent towns in houses that either cost or are now worth much more than what you're looking to spend. It's easy for them to judge places they won't be living in as "undesirable" or having a "bad reputation" because they don't have to go through the struggle of actually finding a quality house in budget. Keep your eyes open but also remember if you put too much thought into finding the "best" house in the "best" town you may miss out on a great house in the process.