Buying a House in Massachusetts (Boston, Bellingham: apartment, rent, condo)

[Carrie0930]

I am a Massachusetts native (from the South Shore), but I don't know a lot about housing here except that it's expensive. Are there any areas, preferably south/southeast of Boston that you could get a decent house with at least three bedrooms for $250,000 or less? We both work in Boston, so anyplace we end up would have to be within commuting distance of there. And are in a decent location? We'd much prefer to buy a house than a condo right now.

We are saving for a down payment now and want to put a 10% down payment down. We previously wanted a 20% one but if we stay in Massachusetts, on our salaries, and with my student loans, and rent, it would probably take five years or so to save that much with prices what they are around here. So I'd rather put down 10% in the near future rather than waiting and then house prices become not so affordable again and make up some of what we didn't pay for the down payment early on. Even if we could pay more than 10% we would never be able to afford any more than $250,000 on what we make now.

I've been looking at some of the online listings but it's been pretty discouraging. Most towns seem to have maybe a dozen listings in our price range, if we're lucky. Ideally I'd like to live in an area like Kingston or one of the other towns in the area that bridges the Cape and the South Shore but a lot of them are pretty expensive.

[reaching4stars]

If you both work in Boston, save your money and get a nice two bedroom apartment. A house is not a good investment.

[cat1116]

Anyone buy a house recently in MA? Is it true that the IRS has become involved in the paperwork now?

[brent s]

Why would the IRS be involved in the paperwork?

[wxjay]

Originally Posted by reaching4stars

If you both work in Boston, save your money and get a nice two bedroom apartment. A house is not a good investment.

Single family homes were and always will be great investments. Sure, the market is sluggish right now, but especially in the Boston area, the inflated prices and "housing bubble burst" never really happened. That said, prices are somewhat lower now, which makes it more affordable for people to jump into the market.

As long as you don't go in over your head and get something you can afford in a good area that you plan on staying in for few to many years, buying is a smart thing to do. Smarter than rent each month (and likely cheaper, depending on the place and location).

[Valerie C]

In just about any market, a single family home is a better investment than a condo, unless you are planning to live there a certain number of years then flip it into income-producing property. Which is possible at this time, rates and prices being what they are.


In response to the 2 questions below, the IRS was involved in the paperwork when the '1st time buyer' tax credit was active. Since people were claiming an 8K credit on federal taxes, there was certain paperwork to be filled out in addition to standard forms. Also, if people purchase homes using various programs, there may or may not be IRS involvement. However, I do not believe that homes purchased with a standard (conventional) loan are not subject to IRS involvement.

Originally Posted by cat1116

Anyone buy a house recently in MA? Is it true that the IRS has become involved in the paperwork now?

Originally Posted by brent s

Why would the IRS be involved in the paperwork?

[brent s]

Originally Posted by Valerie C

In just about any market, a single family home is a better investment than a condo, unless you are planning to live there a certain number of years then flip it into income-producing property. Which is possible at this time, rates and prices being what they are.


In response to the 2 questions below, the IRS was involved in the paperwork when the '1st time buyer' tax credit was active. Since people were claiming an 8K credit on federal taxes, there was certain paperwork to be filled out in addition to standard forms. Also, if people purchase homes using various programs, there may or may not be IRS involvement. However, I do not believe that homes purchased with a standard (conventional) loan are not subject to IRS involvement.

Perhaps for some type of special program the IRS may be involved, but even that I doubt as most programs like that are on the state/local level.


The IRS had no involvement in the first time homebuyer credit (with regards to closing/paperwork) other than processing your application for the credit on your taxes. The only paperwork filed with the IRS to apply for that is the HUD-1, which isn't an IRS form/publication nor is it specific to transactions in which a buyer would be claiming the credit.

[gf2020]

I don't think you will find much under $300K in Kingston, MA. You might try Bellingham, I have seen new construction advertised there for $275K.