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Old 06-12-2013, 07:58 AM
 
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I currently live in Shrewsbury and work in Northborough. I am looking to move within the next year or so. I've gotten pre-approved for $200,000 and comfortably can put 20% down. I've looked in Worcester, Marlborough, Northborough, and Framingham. Everyone tells me to stay out of Worcester even though I can get more for my money there.

I don't have any pets and I don't plan on owning any in the near future. Two of my hobbies involve playing guitar and movies so I might have to sacrifice keeping the noise down. I am currently living with my parents and was pretty spoiled so this is all going to be new for me. I've managed to be responsible enough to save 20%, plus some extra cash for closing costs and an emergency fund.

I am current looking at Chapel Hill East Condominiums in Framingham, MA. The location is nice, 25 miles from Boston, right near 495 and the pike, and about 15 miles from my job. I am leaning towards a condo since I am not sure a house would be the right choice at this point in my life. I don't want to write off houses though.

Any suggestions?
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Old 06-12-2013, 08:13 AM
 
Location: Massachusetts
6,301 posts, read 9,601,509 times
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Most condominiums do not allow the loud playing of musical instruments. Given you spend your time on playing the guitar and watching movies (video games?) and don't want the responsibility of a pet, a single family home may be more responsibility than you are ready for. So nothing for you here.
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Old 06-12-2013, 08:25 AM
 
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Well I could always compromise. I could wear headphones while playing my guitar (my amp has a headphone jack hookup). Not watch movies as loudly as I usually do. I can acoustically treat the room where my home theater is set up if I decide on a condo.

Right now my subwoofer sits on an Auralex Gramma Amp and Monitor Isolation Riser. It does wonders with improving bass and it keeps the sound from resonating to the floor below. If I am not bothering my parents right now while watching movies/playing guitar I doubt I'd annoy my neighbors if I lived in a condo.

I understand I'll have to make compromises when I move out because I won't have the privacy that comes with living in a single family home.

As far as areas go, are there any other places I should be looking at?

FYI: I am 25, turning 26 in August.
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Old 06-12-2013, 08:33 AM
 
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Condos are great until you realize that there are rules that you need to abide by like it or not. It is glorified renting.
Maybe you should try to rent an apartment first and see how you like it before buying one? SF in no brainier. Better resale as well.
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Old 06-12-2013, 08:57 AM
 
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I appreciate the advice. I have considered renting, but isn't the rent around here just as much as a mortgage payment?

The interest rates are so low right now. I completely understand about renting if you don't know much about the area or can't see yourself saying in the same place for a few years. Maybe depending on the rental to owner occupancy ratio of the condo association I could rent out the condo if I decide to move in 5 years. There's no guarantee I would re-coup all my expenses if I sell a condo in the future, but I wouldn't re-coup anything from renting. Yes, it gives me more flexibility. I guess I'll have to decide how important that is.

A house can just as easily be an anchor rather than an asset.

I am in a great situation right now. My parents understand what I am trying to do. They're not kicking me out. I have plenty of time to look for places in many different areas while continuing to pad my nest egg.
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Old 06-12-2013, 08:57 AM
 
Location: Needham, MA
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When I was in a mindset similar to you (wanting to have fun, lower levels of responsability, etc.) a condo was a perfect fit for my lifestyle. As I grew older, got married, and had a kid I outgrew condo living and bought a house. Owning a house is a HUGE responsability and lots of upkeep which even if you're not doing it yourself you'll still have to find and pay people to do it for you. A condo on the other hand, relieves you of the responsability of finding and paying people to maintain your home. You just cut a check every month to the association. The downside is that you'll be sharing walls and common space with other unit owners in the complex. If you can find one in your budget a townhouse might be a nice compromise as they offer a little more privacy than a single level unit like they have at Chapel Hill (my grandparents actually lived there until a few years ago).

Renting on the other hand is like throwing money down the toilet. Basically, with renting you're paying the upkeep of the property, the mortgage, the taxes, the insurance, plus a little profit for the landlord. You have absolutely no hope at all of ever seeing that money ever again. When you own a home the hope is that when you sell you'll get the principal (a/k/a equity) you've paid into the property back with a little gain as well. Additionally, the tax deduction you get for mortgage interest is great while it lasts. The Realtor organization has a pretty powerful lobby so it's not going to go away without a fight.
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Old 06-12-2013, 09:32 AM
 
787 posts, read 775,771 times
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Quote:
Originally Posted by MikePRU View Post
When I was in a mindset similar to you (wanting to have fun, lower levels of responsability, etc.) a condo was a perfect fit for my lifestyle. As I grew older, got married, and had a kid I outgrew condo living and bought a house. Owning a house is a HUGE responsability and lots of upkeep which even if you're not doing it yourself you'll still have to find and pay people to do it for you. A condo on the other hand, relieves you of the responsability of finding and paying people to maintain your home. You just cut a check every month to the association. The downside is that you'll be sharing walls and common space with other unit owners in the complex. If you can find one in your budget a townhouse might be a nice compromise as they offer a little more privacy than a single level unit like they have at Chapel Hill (my grandparents actually lived there until a few years ago).

Renting on the other hand is like throwing money down the toilet. Basically, with renting you're paying the upkeep of the property, the mortgage, the taxes, the insurance, plus a little profit for the landlord. You have absolutely no hope at all of ever seeing that money ever again. When you own a home the hope is that when you sell you'll get the principal (a/k/a equity) you've paid into the property back with a little gain as well. Additionally, the tax deduction you get for mortgage interest is great while it lasts. The Realtor organization has a pretty powerful lobby so it's not going to go away without a fight.
Yeah, pretty much this. Although property ownership does not guarantee an increase in property value in the future. Renting is good if you want to be mobile. Some people can't put a price tag on mobility. Maybe you relocate for your dream job. You can't predict the future, but you can be better prepared for it. Property values east of Shrewsbury have been known to increase because of location. I agree about townhouses! Definitely a good compromise. Trouble is finding one in my budget. This is the downside of looking at properties on a single income.

Any recommendations on townhouses to look at in the areas I've already posted?
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Old 06-12-2013, 09:45 AM
 
Location: Needham, MA
8,530 posts, read 13,935,652 times
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Quote:
Originally Posted by Louisville Slugger View Post
Yeah, pretty much this. Although property ownership does not guarantee an increase in property value in the future. Renting is good if you want to be mobile. Some people can't put a price tag on mobility. Maybe you relocate for your dream job. You can't predict the future, but you can be better prepared for it. Property values east of Shrewsbury have been known to increase because of location. I agree about townhouses! Definitely a good compromise. Trouble is finding one in my budget. This is the downside of looking at properties on a single income.
One could argue that renting does not offer mobility either. Most landlords in the 'burbs aren't interested in offering a month-to-month lease. The majority are looking for a 1 year lease. Just because you decide you want to move that doesn't mean the landlord is going to let you out of your lease.

In the end, you have to know yourself. I relocated once to RI and I was miserable living there. I love living in Eastern MA and no matter what opportunity popped up I would never relocate again.

Quote:
Originally Posted by Louisville Slugger View Post
Any recommendations on townhouses to look at in the areas I've already posted?
West of 495 is really out of my area of expertise. Maybe another agent who knows the area will chime in soon.
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Old 06-12-2013, 10:34 AM
 
787 posts, read 775,771 times
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Quote:
Originally Posted by MikePRU View Post
Chapel Hill (my grandparents actually lived there until a few years ago).
Did they like living there? The condo fee is kind of high at $432 for a 915 sq-ft unit. But that includes:

Quote:
Refuse Removal, Air Conditioning, Heat, Hot Water, Electric, Gas, Water, Sewer, Master Insurance, Security, Swimming Pool, Laundry Facilities, Elevator, Exterior Maintenance, Road Maintenance, Landscaping, Snow Removal, Recreational Facilities, Exercise Room, Clubroom
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Old 06-12-2013, 10:53 AM
 
787 posts, read 775,771 times
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A homeowner has a responsibility to purchase home owner's insurance so I'd assume I'd need to do the same for a condo right? "Master insurance" is covered in the condo fee, but I am not sure if that is the same thing as homeowner's insurance.

I am trying to get all the costs down so I can make sure I can afford everything. Generally a third of your monthly gross income should go toward you rent/mortgage, correct?

Another thing, 5/1 ARM or 30 year fixed? I can get about 1% less interest rate if I go for the ARM. It's around $100 less per month.

Principle, interest, taxes. PMI won't be neccessary since I'll be most likely putting the minimum down to not have to pay PMI. Then you have your condo fee which includes a bunch of stuff.
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