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Old 04-07-2016, 07:33 AM
 
Location: MetroWest Boston
317 posts, read 429,121 times
Reputation: 412

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Here are the criteria:


- Budget of ~ 350k, can go up to 400k max but would like to stay at 350k, or better yet, under.
- Single, so schools do not matter.
- Work in Quincy, but do not mind driving up to ~ 45 minutes.
- Not picky, space isn't an issue.
- Single family home preferred, mainly because I believe these appreciate faster than condominiums.


Here are the priorities:


1) Want to have a home that will gain the most value over time.
2) Want to stay at $350k, but would go up to $400k if it offered a home in a town that was likely to gain more value over time and you couldn't get into the town for $350k.
3) Open to south shore and MetroWest, as driving to Quincy for up to ~45 minutes each way doesn't matter, as value potential is greatest priority.
4) Open to doing some rehab work, but with limited construction skills, would do some DIY projects and pay for moderate/advanced improvements.
5) Single family seems to be the priority, mainly because it seems like value potential is greater with single family than condo.


Here are some scenarios:


-Is there more value to be found in a nicer home in the $300-$350k range in a town like Weymouth, or a starter/fixer upper in the $350-400k range in a town like Natick?


-Would any Boston or bordering Boston town, where a 1 bdrm condo likely maxes out the budget, offer greater appreciation potential?


With such an open canvas, looking on thoughts of specific towns, where homes can be purchased in this range (even if on the small or fixer upper side), and why you think that town offers the most potential value.
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Old 04-07-2016, 07:41 AM
 
3,176 posts, read 3,680,772 times
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My advice, buy a house because you want to live in it, not because you consider it an investment. The only sure thing about home ownership is it will suck up lots of time and money. Getting a decent return is not a guarantee at all, especially once you factor in the cost of ownership and the time investment.

As a single person, I think buying an SFH is an expensive endeavor. "Small houses" appreciate in value the least and fixer uppers usually require tens of thousands of dollars of work.
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Old 04-07-2016, 07:43 AM
 
15,756 posts, read 20,346,743 times
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Quote:
Originally Posted by Dm84 View Post
As a single person, I think buying an SFH is an expensive endeavor. "Small houses" appreciate in value the least and fixer uppers usually require tens of thousands of dollars of work.



Plus you never really get back all the money you spend in maintainance and upgrades and such.




Buy a house for $300K. Soak $50K into over the course of 3-4 years while living there, and then sell it for $350K. Did you really make money?
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Old 04-07-2016, 07:46 AM
 
3,176 posts, read 3,680,772 times
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Quote:
Originally Posted by BostonMike7 View Post
Plus you never really get back all the money you spend in maintainance and upgrades and such.




Buy a house for $300K. Soak $50K into over the course of 3-4 years while living there, and then sell it for $350K. Did you really make money?
Right. I think it would take at least a decade to break even and even then I'm not sure after factoring in maintenance, broker fees etc.
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Old 04-07-2016, 07:46 AM
 
1,298 posts, read 1,326,242 times
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Quote:
Originally Posted by BostonMike7 View Post
Plus you never really get back all the money you spend in maintainance and upgrades and such.
Well, that depends. I've seen people here in Somerville do extensive renovations and sell for a net profit.
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Old 04-07-2016, 07:48 AM
 
3,176 posts, read 3,680,772 times
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Quote:
Originally Posted by semiurbanite View Post
Well, that depends. I've seen people here in Somerville do extensive renovations and sell for a net profit.
We're not talking about Somerville. Also consider the purchase price and sale price. Unless the sale price is at least $100k more than the purchase price little money was really made when all is said and done.
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Old 04-07-2016, 07:57 AM
 
193 posts, read 277,363 times
Reputation: 385
Lawrence. I'm not kidding.

Edit: I didn't read all of the criteria carefully enough; your commute would rule out Lawrence. But, if I'm just answering the question in the subject line, I still choose Lawrence for capital appreciation.

Last edited by mwbms28; 04-07-2016 at 08:08 AM..
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Old 04-07-2016, 08:04 AM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,779,762 times
Reputation: 2962
I was looking at Chelsea myself. Better rent to price ratio there than in established/hip cities. I know several gay people and hipsters who moved there recently who rave about it being a hidden gem of metro Boston which is a good sign. I decided not to invest there because I felt I could get a better ROI elsewhere. However, I'd take a hard look at it if I was single and needed a place to live while trying to increase my prospects of turning a profit in the near future.
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Old 04-07-2016, 08:17 AM
 
15,756 posts, read 20,346,743 times
Reputation: 20895
I fi were to take a stab at it, I would look to communities bordering already established, high value neighborhoods. Somerville exploded the way it did due to people being priced out of neighboring Charlestown.


So what is the next Somerville? Where are people priced out of currently that offers a neighboring community that offers the same thing, but at a lower price?
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Old 04-07-2016, 08:24 AM
 
1,298 posts, read 1,326,242 times
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Quote:
Originally Posted by BostonMike7 View Post
Somerville exploded the way it did due to people being priced out of neighboring Charlestown.


So what is the next Somerville? Where are people priced out of currently that offers a neighboring community that offers the same thing, but at a lower price?
Charlestown? That's an interesting observation, I don't know anyone in the Porter/Davis area that came from Charlestown. By far the most have come from Cambridge in my experience.
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