Tewksbury/Andover Area (Chelmsford, Dracut: for sale, apartment, renters)

[capn]

Hello,

I've recently interviewed in the Tewksbury/Andover area for a job and before I can make a decision on a job offer (if I get it), I'd like to know more about the area.

I'm a recent college graduate, same with my wife.

The combined income of myself and my wife will likely be between 75k-80k a year (I'm hopeing) and we obviously can not aford the housing in this area. Most houses seem to be in the 300k+ range, closer to 400k.

We're looking for a three bedroom house, probably I'd say below 275k. Most calcuators I've played with give me a number closer to 250k though (one said I could afford a 3.5 million dollar house ... I wish!) Since we are right out of college we obviously don't have anything for a down payment.


Is there anywhere at all around this area with $~250k, and also has good schools and low crime? We want to start a family, but most of what I've heard is you either pay over 350k or you deal with substandard schools and high crime =/

The job sounds great, the cost of living sounds terrible =(

I come from an area that you can get great schools, almost no crime, and pay well under 200k for a decent sized home. Unfortunatly there are no 'high tech' jobs here either.

Thanks!

[Irena.M]

Try getting a Townhouse at first; you can look at Chelmsford, Tewksbury and Andover. There are not many single homes available for your budget .Owning is always better than renting.
Times New Roman]Chelmsford has decent schools as well. These areas do not really have Crime as in parts of NY or Dorchester. They are all pretty safe.

[capn]

Thank you for your information.

I was kind of hoping for a single family home, but I supose I might have to make due with near neighbors. I wouldn't have half the problems I do now in an apartment (people upstairs walking around heavily or in shoes, so I hear every single step they make all day ... and night).

One more question then that maybe you could help me with. I took a brief look at townhouses for sale and they all have a HOA fee in the area of $300-$400. Is that monthly or yearly? If it's monthly I could probably just get a more expensive house whose mortage is equal to that of a townhouse plus fees?

[Valerie C]

Capn, those HOA fees on a condo/townhome will usually be the monthly fee. I know, seems awfully high, doesn't it. The monthly charges will "usually" cover things like the maintenance/upkeep of the building(s) and any amenities (pool, tennis court, etc). Also, water, sewer, trash pick up, and the master insurance policy that covers the exterior of the unit. (Your belongings aren't covered by that policy-you would need renters insurance to cover your personal property). Also, landscaping, plowing, lights in the common area(s) like streetlights, etc.

If you're receiving a full version of Massachusetts MLS listings, the HOA fees should be right on the listing sheet, along with what they cover and if it is a monthly or quarterly. Usually the Condo Association Fee will be paid outside of your mortgage payment, but your lender will figure it in when doing your pre-approval and good faith estimate.

Another community you might consider is Dracut. My advice is to talk to a reputable lender FIRST, before looking at homes or prices. Find out from them how much you can spend comfortably per month, and go from there. It's very hard to come from another area to New England, and pay the prices--we did that several years ago (now in the oldest house we've ever owned, and owe more money than we did back in the 80's when we built our first home... go figure!!)

[Irena.M]

The HOA fees are monthly. However if you think about what is included into these than it comes pretty close to what you pay for heating, water, garbage, sever (in some cases), landscape, snow removal etc.
It is a valid thought to add the monthly fee to the mortgage payment but you still have to pay for all the other stuff. You should get a real pre approval from a lender, it is free and non binding. That will help you. The pre approval is usually valid for 6 months to a year, and than just before you purchase the property you should shop around for a good rate and lock in the most favorable terms for you.