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Old 04-22-2008, 07:25 AM
 
20 posts, read 69,784 times
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A new job will be requiring a move to the north shore for my family (2 kids, 3 and 2).

The job is great, but if for some reason it doesn't work out, we'd hate to have bought (and in this market, we'd buy to stay for 10+ years) somewhere that would landlock us out of future job opportunities.

My husband works in Boston, and will be taking the train. I'll be in Marblehead.

Ideally, if we could find a 3-bed house to rent or rent to own, it would be ideal. But I hear the salem schools are in trouble, but we are priced out of Beverly. Our budget is 250K.


Any words of wisdom?
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Old 04-22-2008, 08:28 AM
 
Location: Cambridge, MA
4,883 posts, read 13,762,514 times
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I wouldn't totally write off Beverly, because it's one of Massachusetts' most socioeconomically mixed communities. The only thing affordable about Prides Crossing and Beverly Farms is the view from the commuter train (LOL) but there are nice neighborhoods in North Beverly and around Montserrat station which might have some properties in that range. But Beverly isn't All That. You could also look in Danvers, Rockport, Rowley, Essex, Nahant, Gloucester, Middleton, and even Swampscott and Ipswich. (The latter two towns, like Beverly, have a reputation for wealth that isn't entirely deserved.)
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Old 04-22-2008, 09:09 AM
 
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If you see downsides to buying, why would you want to rent to buy? I'm not too familiar with how the deal works, but I think only a small part of your rent goes towards buying, essentially, the owner is giving you a very minimal mortgage. Or something.

Offhand, $250K sounds pretty low, even in this market.
I think renting a condo would make the most sense, as you get a feel for the job and the housing market. At least, that's what I'd consider doing. You can also pick your school district if you're renting.
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Old 04-22-2008, 01:08 PM
 
20 posts, read 69,784 times
Reputation: 10
Thanks for the input. The rent-to-buy idea takes into consideration that we might find a house we love ... I wouldn't want to be "stuck" in Salem because an ideal commute for me (keeping in mind the 2 kids in daycare) would be 30-45 mins.

Essentially, we want/need to live within a half-hour of my job since I'll be the primary pick up and drop off for day care (whether that daycare is in my home or someone else's.) Should the Marblehead job not work out, another move may need to happen.

I like the condo idea. I'll start looking.
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