Home Buying in Newton>Question Details

Alex, Home Buyer in Braintree, MA

SFH or 2/3 family?

Asked by Alex, Braintree, MA Fri May 1, 2009

I am a first time buyer and looking into Newton area SFH or condo. At the same time, one of my friends (with similar profile) is also looking into Newton, and we are thinking maybe we should buy a 2 family house and renovate it.

What are the pros and cons for the 2 approachs? Thanks.

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2
Tean Wong’s answer
What is the most of your concern? If you ask about 2-3 family, I sense that you want to make sure that you will be able to get some revenue from other unit. Am I right?

Here is my thought, there are some thing home owner should know about. Being a home owner and landlord is so different. Because, Massachusetts laws provide many guideline and regulation for rental properties. You should study what will be involve in being a landlord. Also, even you want to convert it to condo and sell it to make some profit, are you ready for it?

Feel free to call if you have any question about MA law and what will be involved. tean@teanwong.com
1 vote Thank Flag Link Fri Jan 15, 2010
Several years ago, I had clients who ended up buying a two family and converting it to 2 condos. Although it was complicated, it has worked out pretty well. However, times have changed, as you know, and so have the lending regulations. New condo conversions and small associations are particuarly challenging. I would highly recommend you consult with a well referred lender before moving ahead on such an undertaking. Then you can make an educated decision.

Please note that as of May 4, there are currently 234 single family homes listed in Newton. There are 27 multi-family listings. The laws of supply and demand would dictate where your negotiation strength would be. Have you thought about condo living? This is another good alternative to single family.
Web Reference: http://www.janetporcaro.net
0 votes Thank Flag Link Mon May 4, 2009
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