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My wife and I found a great house to buy in Sudbury for about $650K and we were planning to put an offer in, expecting to relocate for work. House is awesome, interest rates are great, we totally can see raising our family there long term and renting out of our current condo in Chicago.
Problem, my company now wants me to stay in Chicago an extra year. They will give me a small raise but not enough to carry two mortgages (Sudbury + Chicago). Wife LOVES the house and doesn't want to give it up. I am putting a ton of $$ down, so Sudbury monthly mortgage/taxes are "reasonable", under $3K/month. I was thinking just rent it out for 1 year...I don't need to make money, just break even (or lose a little) to tide me over till we move. Does anyone know how house rentals are doing in metro west? Sudbury seems far enough from Boston that the demand might be low and that makes me a little nervous if it stays vacant for more than 3 months. Any thoughts?
I can say that Sudbury is very desirable due in large part to it's highly rated schools, despite the fact that it's a little far from Boston. It's hard to say whether it's worth the gamble to buy the house and rent it but I did check & on average, Sudbury rental homes are taking 42 days to rent. That's looking at homes that rented in town over the past year.
There aren't too many rentals available in the 'burbs. I find demand for rentals is greater than supply. You shouldn't have any trouble at all renting your house.
I can't speak to how quickly houses rent in this town, but I do think the stress of potentially having to carry two mortgages for a while is enough to wait on buying. In another year (and what if your company decides to keep you in Chicago beyond a year?) there may be another house in Sudbury that you'd both love as much or even more. We bought our current home before selling our previous home- we'd paid off our mortgage so we weren't carrying two, but paying taxes, insurance, and heating the house for the five months it took to sell were a financial drain and we were getting really stressed out waiting for it to sell. We absolutely love Sudbury and are thrilled we made the move, but it's worth considering whether you have the stomach for the possible stress, and the savings to carry the costs.
We just rented a home in Sudbury and found that things were going quickly. The home we rented had 3 rental applications in the first week it was offered...
I think corporate relocation would be a plus in Sudbury, maybe for people working in Westborough. A friend of mine used to do rentals for corporate relo, and I know there are agencies.
A lot of my corporate relocation clients usually come in to my office with Sudbury on their list of towns to consider. You get a lot more bang for your buck vs Newton, Needham, Wellesley, & Weston but the schools are still highly ranked on most lists. Plus, people really love it's quaint New England feel. People I've dealt with who have decided to settle in Sudbury have often considered strongly renting first because they're highly concerned about the commute. Some people don't mind it because they love the town so much but it drives others crazy and they end up deciding to settle elsewhere.
My point really is that there is a lot of demand for rentals in Sudbury from people wanting to "try it on for size."
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