U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Massachusetts
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-18-2015, 06:54 AM
 
112 posts, read 138,068 times
Reputation: 189

Advertisements

Hi all, I'm having a bit of cognitive dissonance regarding my recently accepted offer on a house in Winchester.

$640K for a 3 bed, 2 bath 1,600 SF house on a small lot (5,000 SF). The house seems to be in good shape, but the kitchen is old and small and could use updates. There's no driveway or garage, which I find to be odd, but the house is on a private road and parking isn't an issue. Other minor negatives are a small 2nd bath (slanted ceiling) and no fireplace.

Location is excellent: quiet neighborhood and street, walkable to schools, walkable to everything in the town center (including the commuter rail).

Does this sound like a good deal? Or a bad deal, because of the small lot & weird parking? Did I just make a huge mistake? Do you think I'll be able to sell at no loss in 5-10 years? Should I rethink before signing the P&S?

And thanks to those of you who recommended inspectors to me in my previous post.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-18-2015, 07:16 AM
 
Location: West Somerville
84 posts, read 187,260 times
Reputation: 93
If you absolutely have to be in Winchester, then that is what you get for the price. In 2012, I was between two houses, a similar colonial on Middlesex Street in Winchester and a larger 4 bedroom 2 bath nice colonial in Burlington. I ended up buying the Burlington house. The Winchester house was 412k, just to give you an idea of the price appreciation that has happened in that area since then. Will your house ever be 800K? I don't see that happening, but I never thought my two family in Somerville would be worth a million......but it is.

I know what house you are buying. It's nice........but for 640k you can buy new construction in Holly Glen in Burlington, right on the Lexington line. However, there seems to be space to add a driveway if need be, or even a small addition. I would say to go for it. You are not going to lose money.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-18-2015, 08:05 AM
 
Location: Behind You!
1,949 posts, read 4,128,268 times
Reputation: 2758
Quote:
Originally Posted by Jimbo21 View Post
Hi all, I'm having a bit of cognitive dissonance regarding my recently accepted offer on a house in Winchester.

$640K for a 3 bed, 2 bath 1,600 SF house on a small lot (5,000 SF). The house seems to be in good shape, but the kitchen is old and small and could use updates. There's no driveway or garage, which I find to be odd, but the house is on a private road and parking isn't an issue. Other minor negatives are a small 2nd bath (slanted ceiling) and no fireplace.

Location is excellent: quiet neighborhood and street, walkable to schools, walkable to everything in the town center (including the commuter rail).

Does this sound like a good deal? Or a bad deal, because of the small lot & weird parking?
Old, needing updates and small weirdly configured land is the definition of the metro Boston area. Winchester's a nice town seems like the good far out weighs the bad.


Quote:
Do you think I'll be able to sell at no loss in 5-10 years?
No way anybody can ever answer that truthfully. Unlikely, but there's always a chance that's real estate.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-18-2015, 08:19 AM
 
1,768 posts, read 3,007,065 times
Reputation: 1579
Why would you buy to sell in 5-10 years? Is this you starter? Usually buyers are excited to buy something to hold for awhile. You do not sound excited one bit.

Cold feet are not unusual. We all had similar doubts when buying, If you buying for the right reasons--need roof over your head and decent place to raise family, you should do OK. If you are buying to flip and for investment--you might or might not make on it as much as you hope now.

I do not think you will lose your money. Location sounds too good for that.

You might have some unplanned costs associated with being on private road, and my sincere advice is to make sure you do understand responsibilities and all costs associated with this particular road.

No designated parking spot is a little weird, and you should talk to town or neighbors to learn if there is anything that you should know in advance about this situation. Is there limit on your cars and guests? Do other neighbors have their own parking? Neighbors are kind or territorial? Etc.

Also before inspection is done and you sign P&S, drive by in different times and see how it feels in real life.

Good luck!!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Massachusetts

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top