Our Real Estate Blog
When you’re searching for a home, perhaps the price of the house isn’t as important as the overall affordability of the neighborhood itself. While you have a long wish list of what you want for your property, if you search by neighborhood in order to help you fit your budget, your search may be much easier and help you turn up with a more affordable house.
Look At The Price
This seems obvious, but we mean that you should go a bit deeper. The list price of a home and reality could be two very different things. A house could be underpriced or overpriced based on the surrounding properties in the neighborhood. If you do a little research, you’ll be able to see what the going price for similar style homes is in the area and make a judgement based on that information.
Don’t Stick To One Neighborhood
You should take a peek around and look outside of the certain neighborhood that you find to be the most desirable. If you look just a few streets away, you could find out that the prices are better and the benefits of the area are the same.
You’ll choose your neighborhood based on what you’re looking for in your lifestyle. If you prefer to go out to eat, you’ll need to know what types of restaurants are nearby. If you like to walk in the park, being close to parks and recreation is of course important to you.
Know The Phrase Up-And-Coming
This description of a neighborhood can sometimes seem like a bit of a reach, but many times it turns out to be true. Once undesirable neighborhoods may become the place people want to be after a certain amount of time. The problem with this is that no one can be sure as to exactly how long this will take. Potential warnings for properties described as being in an up-and-coming neighborhood would be:
- There’s low sales in the area
- The value of the properties has actually been decreasing
- There’s little access to grocery stores, restaurants, and entertainment
Overall, use your judgement when it comes to what’s described as a neighborhood waiting to be gentrified. You could buy your own piece of gold, or you could be on the search for a dud.
Check Your Commute Times
Match the cost of different homes that you’re looking at with the reality of the commute times that you and your family are facing. How far are the kids from school? Will you be closer to work? Will it cost you more to get to and from work in the new location? While your commute costs aren’t exactly directly correlated with real estate, it’s definitely a part of your regular budget. You also don’t want to add a lot of time to your work commute if you can help it.
These tips should help you to make an informed decision about what neighborhood to buy a home in that will be the most cost-effective for you.
20 Ironwood St, Billerica, MA 01821
Buying a retirement home is a big decision. And doing so before you retire is a smart decision. However, you’re also in a completely different place than you will be when you’re retired or as you age. You don’t know what the future holds. It’s easy to take our mobility for granted until we lost it. There are a few things you should look for in a home to plan for the future and whatever it may hold.
Many empty-nesters look to downsize when buying their next home. And this very well might be the perfect option for you. But first, consider how often and how many guests you may want to have over at a time. Will you host holiday dinners or want to have room for grandchildren to stay for the night? If you have a large family or one that is growing many couples find they want the room to host dinners or have a pull-out couch.
You’ll also want to plan ahead for the future when choosing the size and layout of your new home. Even if you downsize it’s wise to put wide hallways and a single floor plan on your wishlist as you house hunt. If either of you has mobility limitations in the future you’ll be glad to have such an accessible home.
The lower your monthly payments on your new mortgage, the better. But more ideally you’ll want to consider homes in a price range that allow you to pay in full. Again, keeping retirement in mind keeping bills to a minimum so that either one of you can cover all costs on one sole income could save you from hardship down the line. Retirement is very different from what it used to be, often many people find themselves needing to take on part-time work to get by. Keeping expenses well below your monthly income can help to ensure you can spend your retirement years enjoying life in the way you want to.
In general, when planning retirement it’s best to live below your means. Not only do you want to account for inflation costs but also for any unexpected large expenses that could crop up such as home repairs, emergency care, or car maintenance. Having an idea of what your future budget will be as well as your current one will help you make the best decisions for the years ahead now.
Buying a retirement home can save you money in the long run on bills like heating and electric. However, house hunting for the perfect home entails a lot more decisions that many couples realize. Remember to plan for your life both now and later when putting together your must have features for your new home.
23 Old Farm Way, Chelmsford, MA 01824