Shrewsbury vs Framingham condo (Boston, Worcester: apartments, rental market, condos)

[pennywaltz]

I moved to Worcester for grad school and I have finished grad school. I was able to land a work from home job and been working in this position for 3 years now. I am buying a condo and trying to figure out where exactly do I want to live in terms of buying my first home.. which I will live in for a time period and then turn into a rental property at some point.

I am looking a 2 bedroom apartment condo (just me and the cat) in Shrewsbury (total cost of my mortgage/fees/taxes/HOA etc. would be $1242.18/mo and it includes heat and hot water) and a 1 bedroom towntown condo in Framingham (North of Rt 9. $1303.36/mo NOT including heat and hot water). The difference in my monthly payment is only $61.18 plus whatever the cost of my gas bill is for Framingham, which I estimate to be $100-$150 during the winter. It is all in the range that I can afford.

Approximately 20% of the jobs in my profession are work from home positions, the rest are in office and many companies are in the Boston area (downtown, cambridge etc.). I know I don't want to live in Boston and prefer suburbs. If I were to change to an in-office job, based on MBTA schedules, it's 30 mins additional MBTA ride one way between Framhingham and Grafton stop (Shrewsbury condo closer to Grafton).

I am having trouble making a decision and have a feeling I am overlooking a few factors given it is my first time buying a home and I don't know MA that well. I am wondering if anyone can suggest other things I should consider when deciding which condo to go for?

[BostonMike7]

I would think a 2BR condo would be an easier sell in the future than a 1BR.


Sounds like you actually have this narrowed down to two particular units. Which one do you actually want to live in? Which is the nicer unit and which has more to offer you in the surrounding areas.


If thinking of it from a renter's POV, which one has easy access to public transportation, or other key features that would make it easier to rent out?

[pennywaltz]

Originally Posted by BostonMike7

I would think a 2BR condo would be an easier sell in the future than a 1BR.


Sounds like you actually have this narrowed down to two particular units. Which one do you actually want to live in? Which is the nicer unit and which has more to offer you in the surrounding areas.


If thinking of it from a renter's POV, which one has easy access to public transportation, or other key features that would make it easier to rent out?

Thanks for this. You are right, I have narrowed it down to two units which are comparable in price in terms of monthly payments (about $60/month difference with Framingham in term of monthly payments and a little more cost for Framingham due to heat/hot water not included and Shrewsbury includes that)

I think I would be ok with living in either area. I know Shrewsbury well since I have been here.. I don't know much about Framingham.. but overall the place has everything I want.

Since this unit will become a renter's unit years from now, I didn't think about it in terms of that.. The Framingham unit is close the highway but doesn't include heat/hot water... Shrewsbury unit is nice since it includes heat and hot water but the rent is slightly higher.

[hken]

I actually think the Framingham condo makes a better rental assuming you get enough rent that covers your needs. Framingham will appeal to a broad variety of single professionals given it's reasonable distance from Boston and the 128 tech belt. Based on my experience as a landlord, I prefer single professionals who generally turn over 1-2 years. I think in Shrewsbury you will get less attractive rental candidates. Besides for your own career Framingham is better located in case you do need to change jobs down the road.

[massnative71]

Originally Posted by hken

I actually think the Framingham condo makes a better rental assuming you get enough rent that covers your needs. Framingham will appeal to a broad variety of single professionals given it's reasonable distance from Boston and the 128 tech belt. Based on my experience as a landlord, I prefer single professionals who generally turn over 1-2 years. I think in Shrewsbury you will get less attractive rental candidates. Besides for your own career Framingham is better located in case you do need to change jobs down the road.

Shrewsbury is attractive to young professionals as well, due to its proximity to UMASS and the Rte. 9 corridor. You will have no problem attracting good tenants in either area.

[chicagoliz]

Originally Posted by massnative71

Shrewsbury is attractive to young professionals as well, due to its proximity to UMASS and the Rte. 9 corridor. You will have no problem attracting good tenants in either area.

Is it really? I'm sure it's attractive to some, but my impression is that it is much further out from Boston than is Framingham, and OP indicated it's an additional 30 minutes on the train, which is pretty significant.

I would think that the rental market would be higher for Framingham. If I were moving here as a single person or a married person with no kids, and needed to rent, I'd be much more interested in Framingham than I would in Shrewsbury, especially if proximity to Boston was even remotely a consideration.

[magicshark]

Originally Posted by chicagoliz

Is it really? I'm sure it's attractive to some, but my impression is that it is much further out from Boston than is Framingham, and OP indicated it's an additional 30 minutes on the train, which is pretty significant.

I would think that the rental market would be higher for Framingham. If I were moving here as a single person or a married person with no kids, and needed to rent, I'd be much more interested in Framingham than I would in Shrewsbury, especially if proximity to Boston was even remotely a consideration.

I don't know much about Framingham but Shrewsbury is HOT right now. We were house hunting there today and it's a little crazy. For those that don't venture out in the state you may not realize how booming it is. There are plenty and I mean plenty of people who live, work, play and could not care less about Boston.

[massnative71]

Originally Posted by chicagoliz

Is it really? I'm sure it's attractive to some, but my impression is that it is much further out from Boston than is Framingham, and OP indicated it's an additional 30 minutes on the train, which is pretty significant.

I would think that the rental market would be higher for Framingham. If I were moving here as a single person or a married person with no kids, and needed to rent, I'd be much more interested in Framingham than I would in Shrewsbury, especially if proximity to Boston was even remotely a consideration.

Framingham is slightly higher rent wise, but remember not everybody works in Boston. Lot's of medical positions in Worcester with people coming and going all the time, and then you have tech/IT and other corporate jobs in nearby Westborough as well as the 495 corridor.

Originally Posted by magicshark

There are plenty and I mean plenty of people who live, work, play and could not care less about Boston.

You wouldn't know it from reading this forum, but it really is true.

[chicagoliz]

Originally Posted by magicshark

I don't know much about Framingham but Shrewsbury is HOT right now. We were house hunting there today and it's a little crazy. For those that don't venture out in the state you may not realize how booming it is. There are plenty and I mean plenty of people who live, work, play and could not care less about Boston.

Yes, but the market is different for people who are looking to rent an apartment versus people looking to move into a single family home. There are many towns - not just in the Boston area, but in all metro areas, where there are lots of people who want to live in neighborhoods full of SFH's and plan to live there for a good couple of decades, at least. But the rental markets for condos/apartments, is not at all as hot as the market for houses.

And, I understand that not everyone wants or needs Boston. But as a pure matter of economics, you can see that there is a much higher demand for housing that is commutable to Boston (or Cambridge).

[massnative71]

Originally Posted by chicagoliz

Yes, but the market is different for people who are looking to rent an apartment versus people looking to move into a single family home. There are many towns - not just in the Boston area, but in all metro areas, where there are lots of people who want to live in neighborhoods full of SFH's and plan to live there for a good couple of decades, at least. But the rental markets for condos/apartments, is not at all as hot as the market for houses.

And, I understand that not everyone wants or needs Boston. But as a pure matter of economics, you can see that there is a much higher demand for housing that is commutable to Boston (or Cambridge).

You are rehashing broad generalities, while showing very little familiarity of the rental markets in these two particular towns. OP is looking to eventually rent one of two particular units to young professionals. He will have no problem at either location. As for where the best investment is, it's hard to say without knowing the 2 properties. But a 2 bedroom in a town known for its schools (Shrewsbury) vs a 1 bedroom in a town with iffy schools and its share of urban problems (Framingham), I would go with the prior.