Should you buy a condo or a home? It depend on your personal preference. You can get a 20 or 30 year old home in a good neighborhood on an acre of land in Medway for the same amount of money. You are lord of your castle and donâ€™t have to answer to an association, but do you want to take on the work an older home might require? With a condo, you share the costs of maintenance with the other owners but condo regulations might or might not interfere with your personal preferences for things like home colors, allowing pets, etc. There are pros and cons to each.
Will the unit appreciate? Thatâ€™s the hope of any of us who own real estate. Have we reached the bottom of the market? Some national experts believe we have, but appreciation from here on will be slow. Probably not double digit figures like we used to see years ago. I agree the tax rate in Medway is relatively high at $17 per thousand of assessed value. Property tax rates rarely go down, so you can expect that will stay constant. However, keep in mind once you buy the property, your assessment will likely be lower than what you actually pay for the property. For instance, there is a similar unit nearby that sold a few months ago for $439,000 but it is only assessed for $413,000 and thatâ€™s the number they use to calculate the taxes. But as your home appreciates (hopefully) you taxes will also rise.
I strongly urge you to get buyerâ€™s representative to help you navigate these and many more questions you will have as you continue to search for the perfect home.
Sandy Balzer Tobin, ABR
Accredited Buyer Representative
International Diamond Society