How Buying at Starter Home in Metro-West Massachusetts is Easier Than You Think

There has been much ado about the lack of starter homes available to millennials and other first-time buyers due to the lack of affordable inventory in communities close to Boston. Young professionals in their early thirties who want to move from the rental market into the homeownership one do have less options than their parents did, but that doesn’t mean they are completely out of luck.

Those looking to settle down in the suburbs often want what everyone wants – a move-in-ready home that’s close to amenities with good schools and a vibrant community. It may sound like impossibility to those who are house-hunting, but it is possible for them to make a home in their desired community by being slightly flexible, and understanding the long-term benefits sought after neighborhoods provide. Consider these tips if you’re in the market for a new home.

Buy on a busy street, near the highway or commercial developments.

When it comes to real estate – it’s “location, location, location.” A good spot is always a good investment. Sometimes it’s more important to have a property in a less desirable area of an “on the rise” town, than in a different zip code altogether. A smaller home that’s on a main street or near a commercial development in a “hot” community will still build equity, and likely have higher resale value over time. Boston is one of the most popular cities to live in; so nearby suburbs will see a much better increase than other communities in Massachusetts.

Buying a house in need of renovation simply for the location

If you can leave room in your budget for a moderate or substantial renovation, or be patient about how quickly you can get to the remodeling, buy a “fixer upper” in an affluent community. Do the work over time and try to do some of it yourself to save a few dollars. It’s a great way to see a healthy return on your investment when you sell some day and upgrade to your “dream home” someday. Even a few thousand dollars set aside for remodeling goes along way.

Consider the property cost as an overall life expense rather than just a house

The price of your home goes far beyond the wood and nails. You’re joining a community where your family will reside for years to come, so consider other living costs that will be included in the price of the home. Do you work in the city? Add up the transportation costs that living closer to the city will save over time – and don’t forget the hassle of an hour commute every day for years. Are your children going to public school? Many of the more expensive suburbs often have some of the best school systems, so consider the cost private schooling adds to the overall cost of owning a home in particular community.

Will you be staying in your home long enough to see the return real estate investing brings?

Very few people stay in their homes long enough to really cash in, but history shows that most communities in MetroWest do increase in value at a pretty consistent rate. By living in your home for 10 to 30+ years, you gain an asset appreciating in that growing market. A majority of first-time homebuyers purchase a property well within their budget and just want to get out of it within a few years when they’re able to afford more, and have built decent equity. If you are lucky enough to find the ideal home your first time out, but wish it was bigger and had more bells and whistles, stretch for that first home where you ultimately want to live. You can always remodel it or put on a large addition years from now when you can afford to make those changes, so don’t lose sight of the possibilities. A veteran real estate broker can help you visualize them – and put you on the right path towards your ultimate dream home.

Buying a home is a major life move, and one of the most important steps you’ll take to set up your future. Consider what’s most important and how to best capitalize on your property purchase, so it becomes the place you and your family are proud to call home.