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Jane Neilson's Blog

By Jane Neilson | Agent in 02482

Real Estate Broker Jane Neilson Offers Advice to Prospective Trade-Up Buyer

Recently a concerned father called me about his daughter who lives in the outlying western suburbs of Boston. She purchased a "starter home"in 2006, tract housing that has actually lost value since then. She and her husband are expecting their first child and want to trade up to a town with better schools such as Wellesley or Needham.

To complicate matters, the couple bought with no money down, a popular (risky!) type of loan that has virtually disappeared with the current global economic downturn.

After considering her options, I recommended some tough fatherly advice. First of all, the baby isn't going to know if s/he is in Poughkeepsie or Paris. Also, kindergarten is a few years away. Since the couple skipped the step of saving for a down payment, I suggested they do it now and try to build some equity in their current home by staying put. I also recommended consulting with a mortgage broker to make sure they were in the best mortgage for their situation. Of course a loan from Dad wouldn't hurt either!

For assistance with buying or selling a home in the western suburbs, call Jane Neilson at Pinnacle Residential Properties at 781-223-7338.

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