In many parts of the country property values have tumbled in recent months. Western Massachusetts, however, seems to be holding its own. Buyers who have been waiting patiently, hoping for prices to drop more, may be disappointed. Recent reductions in mortgage interest rates mark the start of the spring real estate season and will be welcomed by many potential home buyers. With prices remaining stable, how can buyers s-t-r-e-t-c-h their buying power further? Here are a few helpful ideas:
- Cast a wider net. Rather than looking for a home in a specific city or town, think about looking within a radius of your work. Pinpoint your place of employment on a map and draw a radius that represents a reasonable commuting distance you are willing to consider. You may be surprised that your area includes additional living opportunities. You can even search for real estate online using a radius option. Often you will find a lower cost community. If schools are a major reason for choosing a community, you may want to weigh other educational opportunities available in Massachusetts - including public, private, regional or charter schools. Many communities participate in school choice, where students in one district may attend school in another district if space is available.
- Make it pay. Consider purchasing a two-family home, letting your tenant help pay your mortgage. In the future you can keep the home as a rental property or sell it in favor of purchasing a single family residence. Be sure to consult with your attorney and/or CPA about the pros and cons of becoming a Massachusetts landlord.
- Under-size. Just how big a home do you really need right now? There are advantages to looking at smaller homes with good "add on" potential. Look at neighborhoods where ranches are becoming two-story homes, etc. If you haven't had a chance to read Sarah Susanka's "The Not So Big House", try to do so. It may change the way you think about what a house needs to be in order to be "home".
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