Trying to buy west of Boston (Framingham, Natick: rent, big house, employment)

[pdude]

Originally Posted by semiurbanite

You sure you want to live west of Boston in a huge suburban house at your age? Planning to play racket ball in there? At what age do you see yourself having kids, if at all?

The thing is I need space for my work regardless. I don't really even want to live IN the city anyways but I do want access. Probably no kids for a decade or so.

[pdude]

Originally Posted by 495neighbor

Well you said a garage not an office initially so one would have to assume the business involves getting your hands dirty.

Its not really relevant though. My point is its not something that needs to be on the books, nor has it been at my last two places. So it is just a non factor for me.

[rethcir]

Can you consider leasing a separate workspace? It may be good to compartmentalize and to remove a limiting criteria from your housing search.

[MrLinderman]

Originally Posted by pdude

I've been approved for a loan that would get me the first house.

I didn't intend to come across as spoiled(Everything I have I earned myself so I appreciate the value of a dollar)- If anything I was coming here to ask peoples thoughts on how to compromise to best meet my needs while still being somewhat satisfied.

I'm not actually looking at 800k places. Sure I could theoretically afford the mortgage(not that I'd be approved for that), but I wouldn't want to be a slave to that kind of mortgage regardless. The 800k places are just the ideals.

To be clear the reason I need space is because A. I will have two roommates B. I run a business which requires I have a pretty large space for a piece of equipment(about 13x13). Most garages or large basements would accommodate this. C. For actual living space I am flexible. Preferably the place would be somewhat modern, and I'd want a nice kitchen, but this is the area where things can get flexible.

I'm hesitant to try framingham not because I'm unwilling to live there(I know some parts are nice), but because I feel like long term the property being in Natick or a similar area would be a driving force in its value increasing.

Would I like to be closer to the city? Absolutely, but the closer to it you go the crazier the prices get. That same 650k place would cost about a mil in wellesley.

In a year or at most two I could pretty easily get together around what I needed for something around 600-700k I believe, since I am expecting improvements to my income and save almost all my money so the down payment would be considerable. So its pretty much a matter of waiting or compromising I think.

Being approved and it being affordable are two different things entirely. My wife and I got approved for way more than we could actually afford.

I'm not trying to bash you, and while you seem really good with money, having a variable income means to me that you shouldn't overextend yourself on a house. You'd be one bad year away from being screwed.

[pdude]

Originally Posted by MrLinderman

Being approved and it being affordable are two different things entirely. My wife and I got approved for way more than we could actually afford.

I'm not trying to bash you, and while you seem really good with money, having a variable income means to me that you shouldn't overextend yourself on a house. You'd be one bad year away from being screwed.

I could very very very easily afford something 450 or lower- Seeing as I wouldn't be buying until the end of this lease at the earliest, I'd have at least 30-60k in savings. I currently pay roughly the same and possible more than the mortgage would cost very comfortably.

That being said, I certainly like the idea of under spending than over. Which is why its a pity Im so unsatisfied with the properties I can actually afford.

[chicagoliz]

Originally Posted by pdude

One roommate works for me, and gets free rent, the other pays a VERY reasonable rent that I think he would be keen to maintain. If he didn't I could easily get someone to move in and pay a few hundred more. I'd still be doing fine without him, so I wouldn't be relying on them, but yes the expectation would be to have at least one rent payer in perpetuity.

I'm curious what your situation is now -- are you renting someplace now and you pay the one roommate's share of the rent and part of the other's share? I assume you're in a place that is working for you now, but you'd like to buy a home to build equity, etc. Is there another reason for moving?

At your age, even someone who lives rent free might leave if they get married or are offered some kind of employment opportunity in another area.

[CaseyB]

He won't have any problem renting the room out should it become vacant. Lots of jobs in that vicinity and no shortage of people looking for cheap housing.

[chicagoliz]

Originally Posted by CaseyB

He won't have any problem renting the room out should it become vacant. Lots of jobs in that vicinity and no shortage of people looking for cheap housing.

Even so, do you want to? If you're living with friends now, and it's a great environment, when it ends, do you want to then have to find someone new? And the older you get, for most people, the less attractive this idea is.

[CaseyB]

Originally Posted by chicagoliz

Even so, do you want to? If you're living with friends now, and it's a great environment, when it ends, do you want to then have to find someone new? And the older you get, for most people, the less attractive this idea is.

Isn't that true wherever you buy? At some point he'll have a girlfriend/wife and the roommates will be gone, anyway.

[Shrewsburried]

Originally Posted by CaseyB

Isn't that true wherever you buy? At some point he'll have a girlfriend/wife and the roommates will be gone, anyway.

Yes, and to Chicagoliz's point, replacing the income of two friends with income of one girlfriend may not financially equate, i.e., he should not plan for that income. Living with two friends/coworkers is a best case scenario for COL and tolerance. Sadly, my SO does not pull the same income as my former roomates, nor is she willing to entertain a "third"