Looking for a place in MA close to Providence (Boston: real estate market, to rent)

[Alexshim]

So I am getting a job in Providence, RI, 3 year contract. I do not want to live in R.I. and looking for good places to live in MA. I am considering buying because I think it’s a better investment (but tell me otherwise ) . Where would be a good place to live that is close, good neighborhood, that had newer houses and perhaps has a decent resale value that if I decide to leave in 3 years it won’t be difficult ( i know, not too easy to predict)...

[timberline742]

What is your budget? And buying just to resell in 3 years?

[Alexshim]

Something that would be around 3k with mortgage and taxes. Not Just to resell but if I have to , it won’t be a huge problem.

I have a young child and I want to settle somewhere but, life can be fluid so I don’t want to buy in a place where I maybe stuck with a house I can’t sell

I know I will be in the area for a minimum of 3 years

[Louisville Slugger]

Franklin, MA is pretty nice. A little less than 30 miles from Providence, RI. I don't see why you would have trouble selling in that area if you had to. Good schools. Very reasonable property taxes.

Monthly payment on a $450,000 mortgage at 4.625% for 30 years is a little over $2,300 principle and interest.
Property taxes on a this house https://www.realtor.com/realestatean...8_M30002-76519

Would be around $5,300 per year.

$32,900 per year, or a little over $2,700 per month. Then there's PMI (not sure how much you would be putting down), utilities, home owner's insurance, etc. Should put you around $3,000 per month or a little more.

[Louisville Slugger]

Taxes in Franklin, MA are $14.65 per $1,000 assessed. To get the total assessed value of a property look up the address in the online database:

Patriot Properties Franklin WebPro

Tax Rates - Current & Historic | Town of Franklin MA

[Louisville Slugger]

But if you not really familiar with the area it might be better off to rent for at least a year. Buying has it's pros, but you need to be fully aware of what you're getting into. Will the property need a lot of work? Do you like doing landscaping? Do you have money set aside to do maintenance and replace something? Houses can be great if they are well maintained.

I always say buying is more of a lifestyle choice. Renting or buying are not necessarily better than one another.

[MMS02760]

The town (North Attleborough) I live in might be an option. Close to Providence yet much lower prices than the towns just outside Boston. Convenient access to both 95 and 495 with three commuter train stops nearby in adjoining Attleboro and Mansfield (best stop would depend on which part of N Attleborough). Varied tax base with plenty of business, retail, and residential properties along with a low tax rate for MA. Home prices fairly steady. New construction still occurring (100+ unit development behind me continues).

[GeoffD]

A 3 year contract? This is likely the absolute top of the real estate market. Interest rates are going up and all those people who can afford $3K per month will be able to afford less house a year from now. Any real estate within 30 minutes of Providence is not going to be in the Boston market that will likely defy gravity because of commute times. Your odds of selling, paying realtor fees, and doing any better than breaking even are pretty low if the contract ends in 3 years and you need to move. You have pretty big risk that your house will decline 10%+ over 3 years and will eat up your down payment when you go to sell. Personally, I wouldn't buy anything in this market where I didn't think I'd be there for a decade.

Me? I'd probably rent a house in Barrington or East Greenwich if I could find one. You're at least on salt water so you have that to use. Commuting from the Massachusetts 495 belt to Providence every day would get pretty old.

You have to consider the tax implications of working in RI and living in Massachusetts. You'll pay RI nonresident income taxes on your income and then pay additional Massachusetts state income tax. Massachusetts has a 5.10% flat tax. If you make less than $150K, RI has a much lower state income tax. The crossover where Massachusetts is less than RI is about $200K AGI. For someone looking to pay $3K per month in housing, it won't be huge tax money but it's yet another tax bill to pay.

There isn't much new or newer housing stock in New England unless you're willing to pay top dollar for it. At $3K/month, unlikely. If I had to buy, I'd probably buy a smaller house in Barrington with the A+ school district and do the kitchen & bath remodel.

[Shrewsburried]

Originally Posted by GeoffD

A 3 year contract? This is likely the absolute top of the real estate market. Interest rates are going up and all those people who can afford $3K per month will be able to afford less house a year from now. Any real estate within 30 minutes of Providence is not going to be in the Boston market that will likely defy gravity because of commute times. Your odds of selling, paying realtor fees, and doing any better than breaking even are pretty low if the contract ends in 3 years and you need to move. You have pretty big risk that your house will decline 10%+ over 3 years and will eat up your down payment when you go to sell. Personally, I wouldn't buy anything in this market where I didn't think I'd be there for a decade.

Me? I'd probably rent a house in Barrington or East Greenwich if I could find one. You're at least on salt water so you have that to use. Commuting from the Massachusetts 495 belt to Providence every day would get pretty old.

You have to consider the tax implications of working in RI and living in Massachusetts. You'll pay RI nonresident income taxes on your income and then pay additional Massachusetts state income tax. Massachusetts has a 5.10% flat tax. If you make less than $150K, RI has a much lower state income tax. The crossover where Massachusetts is less than RI is about $200K AGI. For someone looking to pay $3K per month in housing, it won't be huge tax money but it's yet another tax bill to pay.

There isn't much new or newer housing stock in New England unless you're willing to pay top dollar for it. At $3K/month, unlikely. If I had to buy, I'd probably buy a smaller house in Barrington with the A+ school district and do the kitchen & bath remodel.

Wiser words are rarely spoken on this forum.

[BostonMike7]

Originally Posted by GeoffD

A 3 year contract? This is likely the absolute top of the real estate market. Interest rates are going up and all those people who can afford $3K per month will be able to afford less house a year from now. Any real estate within 30 minutes of Providence is not going to be in the Boston market that will likely defy gravity because of commute times. Your odds of selling, paying realtor fees, and doing any better than breaking even are pretty low if the contract ends in 3 years and you need to move. You have pretty big risk that your house will decline 10%+ over 3 years and will eat up your down payment when you go to sell. Personally, I wouldn't buy anything in this market where I didn't think I'd be there for a decade.

Me? I'd probably rent a house in Barrington or East Greenwich if I could find one. You're at least on salt water so you have that to use. Commuting from the Massachusetts 495 belt to Providence every day would get pretty old.

You have to consider the tax implications of working in RI and living in Massachusetts. You'll pay RI nonresident income taxes on your income and then pay additional Massachusetts state income tax. Massachusetts has a 5.10% flat tax. If you make less than $150K, RI has a much lower state income tax. The crossover where Massachusetts is less than RI is about $200K AGI. For someone looking to pay $3K per month in housing, it won't be huge tax money but it's yet another tax bill to pay.

There isn't much new or newer housing stock in New England unless you're willing to pay top dollar for it. At $3K/month, unlikely. If I had to buy, I'd probably buy a smaller house in Barrington with the A+ school district and do the kitchen & bath remodel.

Perfect response