The value of a garage would depend on condition and location. The cost of new construction is one of the methods an appraiser will utilize to establish value and of course the value of the land varies greatly!... more
Probably not and you can't assume you may build a deck on a condo as you don't own the outside of the building. This is a project that will need the HOA's approval. In general I would suggest you are likely to recover between 65-75% of the actual cost. If you plan on living there 3-4 years or more and would enjoy hanging out on a deck then it's worth you're doing, but as an investment to increase resale value, probably not.... more
There's multiple situations to consider in a unit like this. Regarding the 20% down, yes, it's because it's Non-Warrantable and most FNMA lenders and brokers will not finance a unit if the concentration is below 50% owner occupied. It's not impossible to finance the unit, however, you just have to know what banks to speak with. Mt. Washington Bank, a division East Boston Savings Bank, are extremely familiar with these loans, and typically will portfolio such a loan, if it makes sense. By portfolio, I mean they will hold onto and service the note, and not sell it off, like a broker or traditional FNMA lender.
What's most likely happened in the building is that as rents have skyrocketed in town, unit owners have realized they can earn a significant cash flow by renting their units instead of selling them. This, coupled with low interest rates, have created that crushing demand of late, because there's no inventory in South Boston. And if there is, it's crushed with 7 offers the day of the open house, all over asking.
If you'd like the contact at Mt. Washington, feel free to email me: Andrew@Capresidential.com, or come by and see me if you're in town at 611 E Broadway. Best of luck.
Hi Amy, Thomas park is a awesome area to live. It is one of the locations I specialize in so if you would like to talk with a local expert please give me a call at 617-259-0235 or check out my web reference below for listings near Thomas Park!... more