Home Buying in Massachusetts>Question Details

Bokkforsale, Home Buyer in Medway, MA

Town home or Single family home in he midlesex county area?

Asked by Bokkforsale, Medway, MA Thu Feb 17, 2011

i found a townhome (2 units in 1 building) in Medway , MA which is a new construction and its a 4 bed 3 full bath and loft with 2800sqft. (master and guest bedroom are on the ground floor) and 2 ned rooms and loft upstairs. the asking price is in 435K range and is it worth it? the prperty taxes in Medway are high too. i would like to know the resale prospective of this town home if I want to sell it within 6-8 years. Is it a good idea to go for a town home rather than a single family? Will it be difficult to sell a town home?

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The condos I believe you are talking about in Medway are on the upper end of units sold in that town. A few have sold in the $440,000 to $445,000 range in the last year. Those were even smaller than the unit I believe you are considering, so it seems like a fair price. But I would encourage you to negotiate.

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 don’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? That’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 that’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 buyer’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
Coldwell Banker
Sandy.Tobin@nemoves.com
Web Reference: http://www.SandyTobin.com
0 votes Thank Flag Link Fri Feb 18, 2011
No one has a crystal ball, so we can't say what the market is going to be like in 6-8 years. (Hopefully it's only going to go up!). My concern about buying new construction is whether they will still be building in 6-8 years (and you might be competing with brand new units).
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Thu Feb 17, 2011
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