Ram Kc, Home Buyer in 22030

Hey, Currently I live & work in Virginia but I am planning to buy a house in Boston before moving there in May 2013. Please help.

Asked by Ram Kc, 22030 Sun Aug 5, 2012

I am planning to attend a school in Boston for 2 years from May 2013. I think that this home is going to be temporary residence for me since I plan to live there for 2-3 years only. I have never bought a home before and hence I don't know if I can buy a house out of state. My college will be close to Beacon St area (zip 02115). I would like a nice suburb more or less 30 minutes commute (Bus or train). Typically I would be scomfortable for purchase price of $200K or less, I am not quite sure if that will be true for Boston suburb. At the same time; I am also planning to sell the property after I finish my school in 2-3 years. What are my options, please? Thanks is advance.

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14
Kenzo Tatsuno, Agent, Waltham, MA
Sun Aug 12, 2012
Hi,

Hope you are well. I agree with others that a condo is probably your best bet. I'm assuming as you will be busy with school, renovation projects wouldn't be high on your list of Boston area activities. If looking in Brighton/Allston, probably looking at 1 bed condos with 20% down. Waltham 1 beds are generally less restrictive do to higher owner occupancy ratios and could find something for less than $200K.

Let me know if I can be of further help.

thanks,
Kenzo
Web Reference:  http://www.nemoves.com/kenzo
1 vote
Carey T. Han…, , Massachusetts
Thu Aug 9, 2012
Give me a call anytime. I would be more than happy to help you out. Thank you.

Carey T. Hansen
"Your Real Estate Agent today, tommorow and into the Next Generation"

NextGen Realty
1243 Commonwealth Ave.
Allston Ma 02134
Phone: 617-548-7236
Fax : 888-875-6973
chansen@nextgenrealty.com
Licensed Real Estate Professional
0 votes
Danielle Rie…, , Boston, MA
Tue Aug 7, 2012
In that price range, a condo may be your best bet. There are some really affordable ones near BC and BU as well as near other places. Most of the homes in that area are not single family or are not within that price range.

One great thing about condos is that the ones near schools are quite easy to rent out if you decide not to sell in a few years.

As far as the suggestions of other locations, many of the areas they suggested are more than your commute time. You may want to try Watertown or Waltham. Neither of those are on train routes, but they are on bus routes and the 86 bus does drop you off at the train that would be near your school.

It will be pretty easy to find a place near the train and bus routes as they are abundant. I would love to help you out with any questions.

Danielle Rieck
Ford Realty Midtown
0 votes
Thanks for your reply. My whole point on buying a property is to save on rent while I am in the shcool & this seems to be a good timing because of low APR. I wouldn't mind going for a nearby Condo at the moment but the only fear is about resale since they seem to decline in their value in a few years as opposed to the townhouses (Town houses better, may be!). Am I right?
I am planning to buy a house sometimes in March or so because of my school time which starts at the end of May. I am pretty much sure that I will get accepted in the program (99%) for which the finalization would be in early February. But I would like to start looking for house early so that I can plan accordingly. If there are any chances that I can rent out the place for 6 months or so I can buy the property right away!
As I am a first-time home buyer I haven't realized much of the processes but I wonder about getting approved for the loan too (out of state). Your suggestions are appreciated. Thanks for helping.
Flag Wed Aug 8, 2012
Territory.c…, Agent, MA,
Mon Aug 6, 2012
First, set your expectations, it will help you throughout the entire purchase process. Your criteria will limit you however with some patience and a good aggressive buyer broker you should be able to find something. Your best bet is West Roxbury in terms of price and location to The Fenway

Here is everything on the market for sale on a map:

http://territory.com/search?search_string=WEST+ROXBURY%3ABOS…

Other areas you can consider also on a map:

Dorchester
http://territory.com/search?search_string=DORCHESTER%3ABOSTO…

Jamaica Plain:
http://territory.com/search?search_string=JAMAICA+PLAIN%3ABO…

Allston:
http://territory.com/search?search_string=ALLSTON%3ABOSTON&a…

Brighton:
http://territory.com/search?search_string=BRIGHTON%3ABOSTON&…

East Boston:
http://territory.com/search?search_string=EAST+BOSTON%3ABOST…

That should get you started!

Territory.com
Boston's Premier Buyer Brokerage
Web Reference:  http://territory.com
0 votes
George Wood, , Brookline, MA
Mon Aug 6, 2012
Hello Ram,

What you propose is certainly realistic. If you know you are going to be somewhere for an extended period of time, and you have the resources, buying is going to set you up better over the long-term than renting an apartment will.

With a better understanding of your situation and needs I can give you a much more complete picture of your options. If you want to set aside 30 minutes or so to ask and answer some questions, let me know. I'll do the best I can to help you out.

George
0 votes
Really?
Flag Mon Aug 6, 2012
Mario Pavli, Agent, Boston, MA
Mon Aug 6, 2012
Hi Ram,

A house for 200K can be found around Everett, Dorchester, Quincy, Malden and some parts of Somerville. The house will probably be in ok condition but if you buy a condo it will be smaller but in a great condition. It all depends on you and how comfortable you are in buying house vs. condo.

Hope this helps.
0 votes
Stephen Bour…, Agent, Brookline, MA
Mon Aug 6, 2012
Hi, Ram ~

If owning is what you really want to do, there are a number of affordable options in Boston Suburbs like Allston/Brighton, East Boston & Dorchester that are in your price range and on the public transportation.. Is it a smart thing for you to buy a place with the intention of selling it in 2 to 3 years? maybe not. But then, who knows what life has in store 2 or 3 years down the road. The market may improve (hopefully) and you may be able to sell it for more than what you paid for it making it a worthwhile investment or you may stay here longer than you plan.

Feel free to contact me if you're serious about looking to buy something or to rent an apartment. There are a number of good properties on the market.

Best Regards,
Stephen
Executive Vice President
City Central Realty, LLC
0 votes
Richard Shap…, , Framingham, MA
Mon Aug 6, 2012
200k may not get you far in Brookline. You would be better off renting.
0 votes
Ruth Malkin, Agent, Brookline, MA
Mon Aug 6, 2012
Hi Ram,
You may be better off buying near your Uni, buy you'll have a couple of communities to look at. I believe it's a good time to buy a small condo for a short term hold.
I've specialized in finding such homes for students several years so feel free to contact me with questions.Ruth
0 votes
June Siple,…, , 02129
Sun Aug 5, 2012
Hello Ram, yes, you can purchase a home as long as you live in the home for at least one year for many loans. You will need an income and as a student that will be the problem. If you are attending school full-time it's unlikely you will be able to purchase unless you can pay cash. Student loans, fellowships, scholarships, etc are not considered as income since there is no guarantee that you will have that income from year to year. Also, it's difficult to find a property at or under $200K in the area of your school. There are options in other areas of Boston that you could consider including Dorchester, Roxbury, West Roxbury, Roslindale, East Boston to name a few.

You are welcome to contact me to discuss your specific situation at June.siple@nemoves.com.
0 votes
Fiorellireal…, , Boston, MA
Sun Aug 5, 2012
your options are a 1bed condo close to your school where buses and subways are walking distance to your future home, I have some options in mind for you

call me on my cell anytime 617 755 9485 or email me for further information

selma.covington@kw.com

http://www.kw.com

best

selma c.
0 votes
James Furlong, Agent, Brookline, MA
Sun Aug 5, 2012
This is not the time to buy if your plan is temporary. A purchase price of $200K is unrealistic. I don't think this is a wise choice for you.
0 votes
CH Naamad, Agent, Boston, MA
Sun Aug 5, 2012
Thank you for your question. Please keep in mind that there is no parking where your school is located.
Thus, a half hour commute will take you almost an hour by public transportation, each way.
Areas I would recommend: Brighton, Somerville, or Quincy.
Also, a condo would be a much more viable option here for you.
kind regards,
0 votes
Veronique Me…, Agent, Boston, MA
Sun Aug 5, 2012
Hi! Virginia is a beautiful state but you will enjoy Boston! Your best bet would be a condo!
I can certainly help you!
Email me at vmendelson@isellboston.com
Looking forward to hearing from you!
Veronique Mendelson, ABR
Century 21 Carole White
Relocation Director
0 votes
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