Relocation considerations (downpayment, commute, schools) (Boston, Newton: real estate, credit, how much)

[youdontknowjack]

Hi all - my husband and I are considering relocating to Boston from Orlando, FL. We are originally from Pennsylvania so the weather isn’t a concern for us, I’m looking forward to enjoying the seasons again

We are primarily looking at the Metrowest area (might consider north too) out as far as Sherborn (or wherever would be within a 50 minutes commute to Back Bay where he would be working) and could go up to $850k. I realize that isn’t much but I’ve been seen some decent listings at that price point. We have 3 young children with a fourth on the way, but I am a stay at home mom so childcare costs aren’t a factor. Preschool does seem pricey in many areas though. .

My husband will be looking at a base salary around $250k with a good signing bonus and good annual bonus potential. We have moved several times for his job in the past few years, however, and will not have much in terms of a downpayment if we buy this summer... like 5%. I am a real estate agent here in Florida and that isn’t uncommon here, though not ideal. We can handle the monthly payments and have excellent credit so I’m okay with that downpayment, I would just like insight on whether that will significantly hamper our offers around Boston if we offer close to full list price and we are preapproved.

What towns should we focus on that would offer great schools and a decent commute to Back Bay either by public transportation or car?

Do any highly rated public elementary schools offer foreign languages or an IB program? Florida schools aren’t great, but my oldest son just finished kindergarten at the top elementary school in the state and they were an IB primary years programme with Spanish starting in K. I will miss that if we can’t find something similar, but I understand Mass schools are some of the best in the country.

Thank you for any insight you can share!

[bjimmy24]

I can't even imagine having concerns like this.

[CaseyB]

Yes, several schools offer Spanish in Kindergarten. I know Sherborn does. Are you planning on getting pre-qualified for a mortgage? I think that would help.

[youdontknowjack]

Originally Posted by CaseyB

Yes, several schools offer Spanish in Kindergarten. I know Sherborn does. Are you planning on getting pre-qualified for a mortgage? I think that would help.

Yes we will definitely get prequalified. My husband has his final interview for this job soon, so it’s certainly not a sure thing. If he gets the offer, I will fly up with him to drive around these areas we’re considering to get a better perspective. I just like to prepare in advance as much as possible. We will find an agent to work with as well, but I like to scope things out myself first.

That’s great to know about Sherborn! Thank you.

[youdontknowjack]

Originally Posted by bjimmy24

I can't even imagine having concerns like this.

I’m sorry if my post came across a certain way. I’m just trying to make a good decision with no practical experience or knowledge of Boston and the surrounding areas. It doesn’t seem like these are unusual concerns for the area. But again, my apologies if it sounded snooty.

[chicagoliz]

Originally Posted by youdontknowjack

Yes we will definitely get prequalified. My husband has his final interview for this job soon, so it’s certainly not a sure thing. If he gets the offer, I will fly up with him to drive around these areas we’re considering to get a better perspective. I just like to prepare in advance as much as possible. We will find an agent to work with as well, but I like to scope things out myself first.

That’s great to know about Sherborn! Thank you.

Really, I think it should be pre-approved, rather than pre-qualified. Anyone can get pre-qualified.

I hate to even say this, based on how many posts this town inspires on this board, but I suggest looking at Natick. The train ride would be 40-50 minutes and the drive would be about as reasonable as you'll get for your price point.

Not sure which, if any schools offer Spanish in elementary. My son's previous school in PA offered it (but it was only about once a week, so I kind of question the efficacy, anyway.) They don't offer it in Newton, although I know there are plenty of families who have their kids in some kind of language lessons outside of school for various languages. So that might be a more common thing around here that you might be able to find if it's really important to you.

Good luck with the move!

[MikePRU]

How much your down payment will impact your home search will depend on what town you end up focusing on. I just put in an offer for a client last week and we didn't get the house because the other buyer was all cash whereas our offer was 50% down. Otherwise, the offers were pretty much the same.

Sherborn typically is a pretty slow market so 5% down probably wouldn't impact you there. In a more competitive market like Natick your down payment will be more of an issue.
Also, if you're thinking of getting your license in MA, I'm happy to chat with you about what it's like to be an agent in this state.

Originally Posted by youdontknowjack

I’m sorry if my post came across a certain way. I’m just trying to make a good decision with no practical experience or knowledge of Boston and the surrounding areas. It doesn’t seem like these are unusual concerns for the area. But again, my apologies if it sounded snooty.

I was a little surprised by the reaction to your post. It sounds like many other questions we get here. I didn't find it snooty at all.

[bjimmy24]

Originally Posted by MikePRU

I was a little surprised by the reaction to your post. It sounds like many other questions we get here. I didn't find it snooty at all.

Didn't say anything about the OP personally, just that I cannot imagine being that wealthy. 850k for housing. 250k salary. "Top" kindergarten. It's not relatable, which is why I said that. This board easily forgets that the median income in our state is not anywhere close to the median income of our little forum here.

[brightdoglover]

Nothing snooty about it. Just a situation that is not in the middle of the curve, even for Massachusetts. I wish the OP well in their search for a fine community for their family. I think Sherborn would be lovely, although somewhat rural for having to drive kids everywhere or meet people. How about Concord? More of a coherent town and certainly very good for family and commute (purple line).

[simplexsimon]

How much house and yard are you looking for? To add another data point we beat out a cash offer but had to go above list price in Westwood.