Should I buy a condo or rent in Framingham? (Boston: appointed, real estate)

[abhartiya]

Hello,

I have been posting here quite a bit lately because I am looking to move closer to my work in Hopkinton. It started from "whether should I commute from Revere to Hopkinton or not" to "where to live if work is in Hopkinton". Since, I did not want to mix this with those threads, I decided to start a new thread here.

I got some very useful feedback and I decided to ditch Revere and move to Framingham which is much closer to work and also within reasonable commute distance to Boston.

Now, the next big question is - Should I rent or buy a condo in Framingham? This is probably the biggest decision of my life and I really need your help.

I am 26 and this will be the first time I have thought of becoming a homeowner so I have 0 experience with real estate. So, please consider that when giving suggestions. What I am essentially looking for is a 2b/2b condo where I can live as well as rent the other room out. How and where should I start my search? Any links/pointers would be greatly appreciated.

Also, is buying a condo in Framingham practical in my situation?

Thanks a lot

[brightdoglover]

I don't think it's ever practical to buy before becoming familiar with an area. Framingham has a large number of condos that were tossed up and aren't very valuable,and you don't know your neighborhoods. It seems much wiser (although some trouble) to rent somewhere, work, get to know that area and town and then decide. In fact, if you're willing to live with someone or have to for finances, do so in a rental and then take your time learning about buying and about the town.Best wishes.

[495neighbor]

Chapel Hill and the complexes along Route 9 have held their value well.

There is a nice townhome at Apple D'Or on MLS right now that looks priced right. However, you will likely be in a residential neighborhood with mostly families in North Framingham.

Not in Framingham but close are the group of complexes across from the West Natick commuter rail. Names of associations are Natick Green, Village Green, etc. These are always popular with young professionals commuting into Boston. You could take 135 all the way down into Hopkinton from there.

[MikePRU]

One big question for the OP is . . . how long do you see yourself living in this place?

Originally Posted by 495neighbor

Not in Framingham but close are the group of complexes across from the West Natick commuter rail. Names of associations are Natick Green, Village Green, etc. These are always popular with young professionals commuting into Boston. You could take 135 all the way down into Hopkinton from there.

The three complexes are Natick Village, Natick Green, and Deerfield Forest. Personally, I would feel better about buying there than almost anywhere in Framingham from a perspective of "am I going to get my money back when I go to sell?" The town of Natick on the whole held value better than Framingham during the recent real estate down turn.

[abhartiya]

Hi MikePRU, I am not really sure about that. I have been moving a lot and want to settle down eventually.

Having said that, my ultimate destination is California maybe sometime in the future. But, even if I buy a condo here and leave Mass, I can still rent it out, right?

[krelithous]

renting it out all depends on the bylaws as some of em can be insane. the the bylaws to a lawyer and have them go over it

[MikePRU]

You can but being a landlord (especially from across the country) can be a major PITA. Also, some associations limit your ability to rent your unit and others don't allow renting at all. So, make sure to review the condo docs in detail before committing fully to buying.

Personally, I wouldn't buy property unless I planned to hold it for a minimum of 5 years.

[abhartiya]

I went and did some research on condos in the Framingham area. And, I was disappointed to see that there are not a lot of options. I was able to find the one on Apple D'or and there were around 3-4 listed in Chapel Hill condos (1500 Worcester Road). Almost, all of these are 2 bedroom condos in the price range of 200,000-250,000.

Are these worth considering? I am not sure I liked what I saw so far..

[mmyk72]

OP... sounds like you are rushing to buy but doesn't sound like you are ready... as in knowing the area, the market, your own outlook on staying or moving.... Did you get flushed with money or something?

Seriously, if you're asking the questions that you posted, you are NOT READY!! Why don't you rent a yr or 2 in the area. (another poster recommended this as well). You may even find an apt in or near those same complexes. That'll give you time to figure out do you want to put down a lot of money to own similar units or continue renting.

[abhartiya]

Hi mmyk72, You are right!
I am definitely not ready. And, I was just looking whats out there. Not really thinking about it seriously.
And, no I am not flushed with money lol.

I am going to rent initially. I just wanted to get a headstart and start looking atleast and get a sense.