Need input about income and living in Boston

[VTLiving]

Thats good to know that places will take pets, but its not going to help me much with my daughter and changing schools. I dont want her to have to start a new school and then us move again and have to start another new school and maybe 1/2 way thru the year.

What I am hoping to do is to sell my house in VT and either rent it back from the new owners or rent a place around us while looking for a place in Mass. That could give us months to find the right place and buy it and then we could move there once DD finishes up the school year (in Spring 2013).

[mephie]

I think given you're from Vermont, you will love either Lexington or Concord, but I think the latter will suite you better. The bus that goes through Lexington is going to change--I forget what the two options are, but you can find it on the mbta website under the task force PDF. Concord is more rural, whereas Lexington is more suburban. You can get more land in Concord for the same money. There are fewer elementary schools in case you do indeed rent (I don't think you'll find a problem buying in the same school area-- the homes in your price range are not in one part, or the "bad part" of town. Personally, I just think it's easier renting when you move to a new area).

Your plan may be hard to work out, and you may lose considerable negotiation power. You could also sublet/rent for a few months while looking for the right house.

Also, you may want to consider Lincoln, it's a very small, rural town that you may love (it's very expensive!). Lincoln has one Grades K-4 school.

Let me know if I can help out in any way. I'm familiar with the areas so I can try to help you narrow it down.

Do you value arts or sciences more? Lexington is filled with MIT professors; Concord is considered more "artistic". Lexington is considered a severe pressure cooker school, but I think any of the top schools will be very similar in that regard (Concord is considered more laid back but I don't really buy it).

[VTLiving]

Well actually I grew up in West Roxbury, so I am not a native Vermonter. And right now I dont live in a rural area of Vermont. So I dont know how I feel about living way out there. I would like a neighborhood with sidewalks and to be able to walk places (a few stores would be nice!). So living on 2 acres in Concord doesnt do alot for me unless I find an awesome house there that I have to have.

My place right now is on a .33 acre lot and that is fine by me. I want to be able to say hi to my neighbors when I go outside and I dont really want to have to get in a car to go anywhere (I do have to drive most places now, except for the park, or if I wanted to bike somewhere) the closest grocery store is a mile or so. I'd like to be closer to a store than 1 mile.

DH is definitely not into artistic things. We are both in I/T jobs. I dont want a crazy school system where my kids are stressed out about learning. BUt I do want good schools.

Although I went to Boston Latin and I hear people talk about how stressful that can be and I didnt find it stressful at all...but I am also not an overachiever.

[jackshaw]

VTLiving, there are two/three town centers in Concord (Concord Center and W. Concord, with Thoreau Street sometimes listed at as a third). These areas are probably 1/2 or 1/4 acre zoning. You can buy houses in either but W. Concord houses are generally less expensive. You can walk to stores from either, though the Concord Center stores tend toward expensive tchotchkes (such as you'd find in Newport Beach) whereas the W. Concord stores tend toward the functional. The supermarket in Concord Center is probably more functional than the one in W. Concord (good selection but expensive so you shop there out of need). You can walk to the commuter rail from either, and it will take you (or your husband) directly to North Station. I believe it is more like a 45 to 50 minute train ride. Belmont and Lincoln are also on that train line, although Lincoln's town center is a potted plant in the middle of a 5-way intersection. The towns on the train line with good schools tend to be pretty expensive overall.

Versaeau posted this list from Boston Magazine on ratings of school systems. The Best Public Schools in Boston 2011: In the Classroom. I'd take the rankings as indicative but only so. Winchester and Belmont are probably a little lower than I might have guessed and Needham and Arlington are a lot lower than the others. The town of Harvard, which is pretty far out, doesn't show up on the Boston Magazine list but is thought to have pretty good schools.

[Cato the Elder]

I would look in Winchester if you don't need a huge yard and you're not really looking for the bucolic. It's a very quick commute to North Station. The town has excellent schools but it's not a meat grinder like Lexington from what I understand. $750k-1 million shouldn't be a problem, especially at today's interest rates and if you don't need perfection from the get-go. I would venture to guess that your family would fit in quite well.

[kmann-sherborn]

I know it's a side issue but I thought I'd add my two cents re: the plan to sell your VT home and rent it back. You may have a difficult time doing this. Most real estate attorneys I've encountered will strongly recommend that a home buyer not agree to do this due to all kinds of liability worries re: potential tenant issues, damage to the home, etc.

[kmann-sherborn]

Is your husband planning to take the train to North Station or drive to that area? That would make a difference for recommending communities.

[JacksonPanther]

Originally Posted by VTLiving

Is $200k-$250k a year a decent amount to live close to Boston? I am thinking Arlington, Winchester, Needham, Newton, Wellesley, Belmont, maybe Acton if we need to budget for house prices. We'd be looking for a 4 bedroom 2.5 bath house and we think we will have like $150 or so to put as a down payment. Maybe up to $200k. We'll have to see once we sell our current house and see what we save in this coming year before we move. Most houses that I like I look at on MLS are at least $700k on the conservative side and can go up to $1m if its really nice.

You're yearly income is obviously more than enough for Boston. However you're not bringing much to the table for a house down payment. For the price point you're talking, you're looking at a nice fat $600,000 or more mortgage.

Find a mortgage calculator, run the numbers, and be conservative. Don't forget to include child care if you will both be working.

Finally, my recommendation is to buy something that you guys could afford on a single salary. This makes you recession-proof and layoff-proof.

[bostonhuskypantz]

Originally Posted by Cato the Elder

I would look in Winchester if you don't need a huge yard and you're not really looking for the bucolic. It's a very quick commute to North Station. The town has excellent schools but it's not a meat grinder like Lexington from what I understand. $750k-1 million shouldn't be a problem, especially at today's interest rates and if you don't need perfection from the get-go. I would venture to guess that your family would fit in quite well.

Winchester is really nice. I'd throw in Newton as well if you want that "sidewalks and shop(pe)s feel. Belmont's not bad either. Keep an eye on the tax rate, a 600-800k house in a town with minimal industry gets you a hefty tax bill.

[VTLiving]

kmann-sherborn - Thanks. I know most people wont rent back a house. I am not counting on that part. Just an idea to throw out there. Or I guess just try to set the closing date late so my daughter can finish up school at her current place. And my husband would take the train into North or South Station (whatever one we live on the line for I guess). he definitely will not be driving.

JacksonPanther - The house prices/down payment do worry me. I'm hoping we'd have the 20% needed for a downpayment. I was torn so much about this job he is taken mostly because I am commiting to move without knowing where I will move to or what kind of house. And my house now is nice and I dont want to end up in a tiny house and wishing I stayed put. But job has been accepted now and we will plan on moving next year. Hopefully we can swing something that we like and afford the mortgage. We pay slightly over $8k a year in property taxes now in VT on a $370k house so the rates in MA look low to me!