Boston Magazine released an article today highlighting the steep price of living in Boston. That’s probably not news to a lot of people, at least if you’ve done any house hunting in the area. The high ranked schools, world-class hospitals, and plethora of jobs draw people from all around the world, and drive up prices along with it.
So what are you supposed to do if you’ve chosen to relocate to Boston but are fearing high taxes and a mega mortgage payment?
Not to fear! Here are a few tips:
House hunt outside the city. There are a wealth of suburbs that are within commuting distance of Boston where you can get more for your money. And bonus: Many of them have among the top ranked public school systems in the state! Typically, the further outside the city you go, the more reasonable the prices. Feel free to touch base with a wish list of what you’re looking for in your new home and community and your desired budget, and we’d be glad to share some ideas.
Look beyond new homes. Many people relocating to Boston are accustomed to living in newly constructed homes, and are surprised to find that we have so much older housing stock. Although there is new construction in and outside of Boston, you’ll also find a lot of older homes that have been partially or completely remodeled, and many of them are worth a look. As most home inspectors will tell you, some homes built decades ago are equally if not more sturdy than some new construction, as long as they’ve been well maintained. As with any home, you’d want to inquire about the age of key elements, such as the roof and furnace.
Work with a reputable lender. They can help you find the best mortgage rate and also let you know about special programs in the region that may enable you to lower your mortgage payment. We’d be glad to connect you with lenders in our area who our clients have used and highly recommended.
Check out property tax rates. The tax rates vary quite a bit from town to town. For example, an $800,000 home in Sherborn would have annual property taxes of $16,368, while the same home in Dover would have annual property taxes of $10,440.