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Old 06-09-2016, 01:16 PM
 
12 posts, read 11,471 times
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I’m going to pose a question that I’m interested in somefeedback on


Would you consider it a good long term move to purchase anice, newer home that needed little work, and hit on all your punch list items,in a lesser desired town..OR..purchase a home that needed work and cost the same or more, but in the more desired (by public perception anyway) town.


Obviously, this is my own personal situation I’m grappling with..My wife and I are in our mid 30s, with a 3 year old son, and perhaps one more child in our future. So the public schools should be considered, as it would be our preference over private schooling


Ok to narrow it down more..basically we want to stay inEaston, but are also looking at Canton and Foxboro.It’s hard though, when towns like Raynham,West Bridgewater, and Norton are close enough to where we need to be and offer homes where we get much more bang for our buck


Conventional wisdom says to buy the most you can comfortably afford in the best neighborhood/town you can …but I’m not necessarily sold on that



Last edited by Blank1127; 06-09-2016 at 01:38 PM..
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Old 06-09-2016, 01:20 PM
 
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location, location and location
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Old 06-09-2016, 01:26 PM
 
Location: Boston Suburb
2,111 posts, read 5,545,759 times
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There is really no right or wrong answer as each person / family has a diff situation. I think it depends if you have the ability / capability to handle the work needed if you got the one in the more desirable location.

If you can't or have no time to do any repairs, do some research and try the repairs yourself, make calls to contractors for bids & wait for them to show up and to supervise the work, etc.... you are better off not even going near that house that needs the work. You will be miserable in it.

Also, you want to be able to see yourselves living in that house and neigbhorhood for the next 5+ yrs, whichever way you choose. People say when the right house comes around, you will 'feel' it. That pretty much happened to me.
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Old 06-09-2016, 01:30 PM
 
Location: East Coast
3,382 posts, read 2,094,108 times
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(Not sure what went on with your formatting, but it is difficult to read.)

The "more desired" town is always the better choice. But the difficulty lies in the definition of "more desired."

If town A and town B are adjacent, with essentially the same access to Boston and most amenities, yet Town A has a fantastic school system and Town B has a terrible school system, then always buy in Town A.

But the scenario is not usually this cut and dried.

As far as an investment, the higher priced, more desirable town is more likely to hold its value. But the lower priced town has more opportunity to become "hot" and for owners to make a profit if they sell.

But if your primary reason for purchasing the house is that you want it to be your home and you plan to be there long term and raise your family there, the most important consideration is what is it that YOU personally most desire?

If you really like the more expensive town, because it has the amenities you want, the amount of walkability you desire, the transportation options you need, and you just genuinely like the town itself, then you should ALWAYS buy in that town. If the other option for you is a house you like better, but the town is less desirable (because it is further out, has a longer commute, has nothing or very few things in town that interest you, has worse schools -- whatever it is), you will regret sacrificing those things for the bigger/nicer house.

In short, buy in the best neighborhood/town for YOU. The best neighborhood/town for you might be completely different from the best neighborhood/town for me.
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Old 06-09-2016, 01:41 PM
 
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If you get the smaller house, you will be locking yourself into other savings like lower utilities, and less space to fill with crap. Don't choose your consumer wants over what is best for your family. You dont really need that extra bedroom for once a year, a pull out coach in the basement will be fine.

I have always chosen the town I wanted to live in, then the cheapest livable home. Never had a price range (though I did have a max) or minimum home requirements. Just choose the cheapest home that didn't have any major issues.
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Old 06-09-2016, 02:21 PM
 
3,039 posts, read 1,892,962 times
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Quote:
Originally Posted by Boston_Burbs View Post
If you get the smaller house, you will be locking yourself into other savings like lower utilities, and less space to fill with crap. Don't choose your consumer wants over what is best for your family. You dont really need that extra bedroom for once a year, a pull out coach in the basement will be fine.

I have always chosen the town I wanted to live in, then the cheapest livable home. Never had a price range (though I did have a max) or minimum home requirements. Just choose the cheapest home that didn't have any major issues.
But to also be considered it that bigger houses tend to be newer (here in MA) and that may offset some of the utility cost issue.
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Old 06-09-2016, 03:43 PM
 
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With kids in the equation, I'd do the small house in the less desirable location of the town with the really good school system. With 1 kid, a basic starter home is just fine. That said, I wouldn't buy a house on a super-high traffic street or a house that has issues like commuter rail tracks with train horns. You can always remodel and you can usually add on later.
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Old 06-09-2016, 03:57 PM
 
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Buy in the nicer town. You and your kid (and future kid) are young. You could always move up to a nicer house. Getting a house that needs work means you can make it nicer and sell it at more of a profit. I think Easton, Foxboro and Canton have very solid school systems. I used to live in Norfolk and they're similar. I think the other places you mention are definitely a step down ( not to offend).
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Old 06-09-2016, 04:06 PM
 
Location: Westwood, MA
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im not a big fan of conventional wisdom. Conventional wisdom ignores economics and assigns a greater value to a house that has the same price. If the market has priced the houses similarly then people actually value the houses similarly.

The question becomes: how do you value the houses? Are you handy? Do you like doing home improvement? Do you like having more space? How good is "good enough" for schools? To maximize your relative value you need to look for things that most people don't want and that you do want or for things that most people can't handle and you don't mind. You'll here

You don't mention where you're commuting, but if you don't work in Boston, part of the premium you'll be paying to live closer to Boston would be wasted in some of the "better" towns.
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Old 06-09-2016, 04:19 PM
 
3,080 posts, read 2,641,547 times
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Almost everyone on this forum but me will tell you to buy in the town with the "best school system" even if the house is a complete POS.

The problem is no one can predict the future and the quality of school systems can and does change.

I would say you should buy the best house that meets your budget and other criteria. Don't live in a house you hate because the school district is ranked higher than towns with nicer houses. Money and status are a big factor in "the best towns" and your kids can find themselves the victims of bullies because their house isn't as nice as anyone else's.
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