The decision depends on what you can afford. Will you be paying 100% cash or will you need a mortgage. If you need financing, the lender will verify your finances and determine how much of a mortgage they will commit to. Then you will need to find a home within your budget.... more
My father owned four duplexes on a street here in San Diego that was built as a street full of duplexes next to a neighborhood of houses. Over the past 50 years I have seen numerous conversions. They all started out as 2 bedroom 1 bath units approximately 806 sq. ft. each side with one water meter, two gas and two electric meters.
I have seen three bedroom, one bath and one bedroom one bath. Single mom with three kids split her duplex and rented out the single side to a single male. Several 1600 sq.ft. 4 bedroom 2 kitchens, two baths where all they did was cut the wall connecting the joint units, this one my father bought and just put up new dry wall, taped and painted separated them back into two units. and another duplex where the person tor down the center divide wall and put a huge fireplace in the middle between the two units, too much work. So my suggestion is to make sure it will be a simple conversion, single wall, have a carpenter throw up the two x 4's drywall it and paint it. But if there was massive changes to support walls, it might turn into an expensive project that justify the outcome.... more
Lisa, I see you are either looking or selling in Cambridge. Depends on location within Cambridge, size of the home, whether it can be converted to multi units, parking, etc. I suggest you contact an agent or two to get their sense on what you can expect. If it is Priced it to sell it will get multi offers well above that price until it reaches an equilibrium. .... more
Not that important. An assessment is the value placed on a property by the town by the Assessor's Office for the purpose of determining the property tax due. Recent sales are a much much better indication of value. I have seen assessment be off by $100,000 plus either way.... more
That will be very difficult. Rents in this part of Cambridge are quite a bit higher than that, and are going up because of new office buildings creating even more demand for high-end apartments. You may be able to find a studio in the $1300 to $1500 range "near MIT" and the farther away you go the easier it will be. If you find something in Boston on the Number 1 bus line, that bus goes right to MIT. Somerville is only a few minutes away by car, but it can be awkward to get back and forth from MIT to Somerville by bus.... more
Wow, Cambridgeport would be such a nice place to live, especially having a condo out there! If you're looking for ways to have green energy to not use as much energy on a daily basis, it can mostly be due to cool or hot air seeping through your windows and doors. Just having those small cracks that aren't sealed right, or having windows that don't retain the temperature of the inside air can really take a tole on your energy bill. I'd suggest to get new windows and ask for energy efficient windows to keep the good temperature in and the bad ones outside. Once you get the windows installed, another way to save on energy is to use drapery and shades to block the window as well. Those two things will attribute to a green energy solution!
It sounds like you have two different projects going on. You should talk to a waterproofing company first to see what can be done with your basement. If you're having constant leakage, there must be something wrong. Make sure the waterproofing will solve the whole problem, not just the effects. http://www.foundationmasters.com/waterproofing-and-drainage-problems/... more
When it comes to any safety/crime related issues, it's always best to contact the local authorities with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
This is a question which comes up frequently. Most interest rates are credit driven and sometimes another alternative is to pay down your existing debt to make better ratios and improve a credit score.
Have you spoken with a trusted mortgage officer. They should be able to give you different scenarios based upon what you and your husband bring to the table. There are lenders who provide a 80% 15% with 5% down, you always need to check with a licensed mortgage officer for details and specifics but with this program I am told you have the majority of the loan - the 80% at a most attractive rate and the 15% is at a slightly higher rate - which can be addressed to goal to payoff in the future and NO PMI!
That is my favorite program, if you need a name and number of my trusted lender for that program just let me know. My most favorite loan program in Massachusetts is the no PMI MASSHOUSING loan - attractive rates, no PMI, added benefits of assistance for a period of time should you be unemployed. All benefits you can find on the MassHousing website https://www.masshousing.com/portal/server.pt/community/home_buyer_loans/226/masshousing_mortgage_w__no_mi this is the webpage for the NO PMI loan program.
I would be most happy to assist you with your goals if needed my office is 781-826-9300 and my email is MaryBeth@TradeWindsRealtyGroup.com and I assist Buyers and Sellers and Rental Clients in all of Eastern Massachusetts so If I can help just reach out. Good luck achieving your goals, I commend you for your self discipline in saving the 15% already, great job!... more
I lived on that corner about 5 years ago and felt safe, though I was a little sketched out by the park on Columbia closer to Mass Ave (minor drug dealings, mostly at night). You can get crime stats on the city of cambridge's website.... more