(no subject)

[msmemory_archive]

So we found this house.... it's pretty, it's very large, it's in move-in shape (though it could stand a few fiddly things like water-seal on the deck, and we would need to make sure the house inspector isn't seeing things we're missing). The catch is, it's in Framingham.

jducoeur posted in his journal that we are dithering. Unfortunately, it seems that most of the comments seem to be non-supportive of our moving out there. Waaaah!

I readily admit, we would already have earnest money on this house if it were closer in. No question, if it were in Waltham, or Watertown, we'd be all over it. (Though in Waltham, I think it would be in the upper 7s or low 8s in price.) Would our friends really not come to Framingham? Don't they already not visit us, and if so, does it matter if they still don't? We want to entertain - will we be refused?

More dither.

Comments

[dsrtao]

Natick/Framingham have excellent movie theatres, not to mention Mall-Land.

Here's my thought. If this was the perfect place for you, you wouldn't be asking anyone else's opinion. So this isn't perfect; what is? The question becomes, is this good enough? Does it make you happy?

You may have to give up one of your goals: either "house perfectly configured for the parties" or "house central enough that friends will come even when there's no party scheduled". What's most important?

[goldsquare.livejournal.com]

It may be perfect for them.

If I correctly recall their original discussion of what they wanted in a home, one of the things they dislike about their current situation is how it sucks for parties and entertaining. That makes any new abode subject to at least a little bit of public polling.

No one just drops by their house - they are busy people and I wouldn't expect them to be home at any random time.

I don't think there is much concern, frankly. But it isn't my life or lifestyle up for grabs.

I would be more concerned with purchasing large real estate on the edge of the greater metroplex at a time when we know we are at the top of the RE bubble and when gas and heating prices are volatile and rising. I remember when you guys couldn't refi the Waltham home. I don't expect that interest rates will drop again, but you may find yourself in a situation where the house is worth less on the resale market than your mortgage, at least for the next 3-4 years. (Recent articles I have seen show a 50/50 percentage that the RE market in Boston will bubble-burst as opposed to glide down. Either way, the property resale value might not be so high.)

If this is a 10 year purchase and you feel confident in your dual incomes, none of my blathering matters. If I were forced to sell my home at this time, I'd not purchase new property right away - I'd rent for a few years. It would mean, for me, liquidating or storing many of my "treasures", and probably far more so for you and Mark.

[msmemory.livejournal.com]

This is at least a 10-year, if not a 25-year purchase for us. We feel that if the market dips it will rebound over time, and as long as we do not need to sell during the dip phase, we'll be fine.

We have considered, off and on, the possibility of selling now, renting, and buying later. However, we do not wish to move two or more times in the short term, and we do not wish to give any MORE money to the companies who store one's personal effects (we will close out those arrangements as we move this time).

[herooftheage.livejournal.com]

Hmm. If you were serious about renting now and buying later I'd seriously consider figuring out how the two of you could live here. While it looks impossible on the face of it, it could be done with A LOT of organization.

a) We have a pretty completely unused basement. I am pretty sure that could get turned into a video/audio/books library - it isn't damp at all. It has flooded once in the time I've been here - but everything up on shelves would be completely safe.

b) We have a garage with a lot of ill-used space in it. Heck, maybe someone else could keep the Carolingian Boat for a while.

c) Our porch area could be turned into much better usable space.

d) I already use Sue Hammond for a gardener and Davey Snyder for a personal assistant. Between the two of them, I think we could keep the house organized enough that everything would fit without assaulting us.

I admit it would take work, but it would be possible.

For the record, I'd come visit, wherever you end up. I think the only reason I haven't in the last few years is that you haven't asked.

[jducoeur]

For the record, I'd come visit, wherever you end up. I think the only reason I haven't in the last few years is that you haven't asked.

Thanks. Having a house that we're not ashamed of should do a lot to change that situation...

[corwyn-ap.livejournal.com]

Renting for more than a year and a half (or so) has tax implications. Check that out before deciding on renting.

A house that makes you happy is worth 10 that don't.

[jducoeur]

As msmemory says, this is intended to be a quasi-permanent purchase. If my ship comes in and I suddenly find myself with a million bucks from stock options we might change our minds, but the mindset is that this is our house at least until retirement. That's why the comfort level with the house itself is critical: we're going to be spending a long time there.

We're not going to wind up underwater. Suffice it to say, I have other financial means available to me, and I don't really expect to be financing more than half this house. The bubble burst is a concern for selling the old house (which we will want to do as quickly as possible to avoid getting stuck holding the bag), but a lesser consideration for the value of the new one.

And yes, we seriously considered the rental option. But the pain in the meantime is just too considerable. We're already suffering from a *lot* of excess stress caused by a living arrangement that doesn't really work for us; renting in the medium term is likely to only make that worse, especially given the currently obscene level that rents are at...

[goldsquare.livejournal.com]

All good thoughts. Just for conversation: especially given the currently obscene level that rents are at...

Not so high. Figure the average rent per year, and compare to the mortgage rate for a home of comparable size. You end up with something like 15-20 years before break even... So, if you rented (and waited for the balloon to pop, presuming it does) - there is a very good chance that houses would lose MORE in that year or two in purchase cost than you would spend on rent.

In theory. Maybe. But it doesn't apply. Rents are high in comparison to the rest of the world. But not so high compared to housing prices.

[umbran.livejournal.com]

Natick/Framingham have excellent movie theatres, not to mention Mall-Land.

Movies are only one example of an overall class - "we want to go out with our friends to do something". The distance may be a damper not only on people visiting them, but of them joining their friends for shorter or improptu events, and that should not be ignored.

[jducoeur]

A good question, and really the heart of what we're mulling. The drops-in would probably suffer. OTOH, the drops-in are not, in practice, the heart of our social lives. And given that the house appears (pending inspection and all) to be nearly perfect in pretty much all other respects, that may well be a price we're willing to pay.