Some folks love the winter and some folks wish the season didn’t come along at all. The official start of winter is Dec 21st, and instead of staying indoors why not get out there and look at homes. Home ownership is a reality for anyone who wants it. Buying a home in the winter is a great way to save and best of all you might have fewer folks to compete with. As I said homeownership is available to anyone who wants it, and although coming up with the down payment is often the hardest part if there is a will there is often a way and talking to a real estate agent and mortgage broker is often the best ways to tackle that concern. Here are some homes under 600,000 and break down what you could be paying and build equity at the same time.
15 Park Street in Charlestown MA on market for $599,900 GSIR
Enjoy Single Family Living on 2 Floors! Deeded Parking! This Amazing Sundrenched Penthouse Duplex boasts over 1800SF! Enjoy Large Formal Sized Rooms and a very Flexible Floor plan for total Enjoyment! Oversized Formal Livingroom with Bay Windows! Formal Dining room with Built-ins! Cook to your Heart’s desire in the Expansive EIK with Long Granite Breakfast Bar! Stainless Steel Appliances, abundant cabinetry & large Chef’s shelved Pantry! Rarely Available with 4+ Generous Bedrooms & 2 Full Baths will satisfy every buyer’s wish list! Bonus Office/Den! Gleaming Hardwood Floors! Windows & Sunshine are Everywhere! Full sized Laundry in unit! Extra Storage & Central Air! Easy Access to Sullivan Square T & Buses, the new Assembly Square Shops & Restaurants, and all major highway routes!
If you didn’t negotiate on price your down payment would be
5% 29,995
10%59,990
20% 119,980
30 year Fixed Mortgage at interest rate 4.096
Monthly payment would be 5% down $2752
Monthly Payment would be 10% down $2,608
Monthly Payments Would be 20% Down $2,318
If you’re renting in Charlestown right now 2300-2900 your most likely renting a 1 bed or 2 bedrooms and to move in you most likely had to pay 1st, last, security and broker fee and lets say monthly rent was $2800 which is $8,400 and if you managed to save up that amount of money to put down on an apartment if you kept saving that same amount for a little over 3 years you would have close to your down payment you need, and keep in mind that is if you didn’t negotiate the price down.
1971-1977 Dorchester Ave – Unit 6007 Dorchester MA on market for $429,000 GSIR
Top floor 2 bedrooms! Introducing Trademark – Boston’s latest TOD on the site of the former Ashmont Tire! Now taking reservations for the newest addition to the evolving landscape of Peabody Square! These condos offer the best of city living, in an ideal location across the street from the Ashmont T Station and a variety of area local shops and eateries. Developed by Trinity Financial, these efficient units feature a variety of layouts and the cutting-edge stylings of local resident and HGTV designer Taniya Nayak. Completion is slated for summer of 2017. Garage parking, a common roof deck, and maintenance free urban living.
If you didn’t negotiate on price your down payment would be
5% $21,450
10% $42,900
20% $85,800
30 year Fixed Mortgage at interest rate 4.096
Monthly payment would be 5% down $1,968
Monthly Payment would be 10% down $1,865
Monthly Payments Would be 20% Down $1,658
Again if you are renting your most likely renting a 1 or 2 bedrooms 1600-2000 a month and if you paid 1st, last, Security, and broker fee if you saved up the same amount for a little over 3 years then you would have the money for your down payment, and remember that is without dropping the price.
258-258R Varnum Ave Lowell, MA $274,900 GSIR
Large colonial home with 4+ bedrooms and 2 bathrooms in desirable Pawtucketville. Recent updates include new utilities, newer windows, and a fire alarm system.
If you didn’t negotiate on price your down payment would be
5% $ 13,745
10% $27,490
20% $54,980
30 year Fixed Mortgage at interest rate 4.096
Monthly payment would be 5% down $1,261
Monthly Payment would be 10% down $1,195
Monthly Payments Would be 20% Down $1,062
If you were renting in Lowell you are most likely renting a two bedroom or a very nice 1 bedroom and granted you would need to stay in your rental for almost 4 years but if you saved up 4 months each year you would have the down payment to own a home in Lowell vs rent.
14 Emerald Street Newton MA $550,000 GSIR
Colonial located on a tree lined the street and lovingly maintained by the same family for 2 generations! This 4 bedroom colonial sits in the heart of Nonantum, a wonderful neighborhood with sidewalks and easy accessibility to Wholefoods, public transportation, and the Mass Pike. An efficient layout with ample size rooms and storage. First-floor bedroom could be perfect for guests or a home office. Enjoy the comforts of central air conditioning during the summer and the warmth from a brand new furnace installed December 2016 in the winter. Quaint backyard with room for entertaining.
If you didn’t negotiate on price your down payment would be
5% $ 27,500
10% $55,000
20% $110,000
30 year Fixed Mortgage at interest rate 4.096
Monthly payment would be 5% down $2,524
Monthly Payment would be 10% down $2,391
Monthly Payments Would be 20% Down $2,125
If you’re paying a monthly rent 2100-2600 a month your most likely renting a two bedroom or three bedrooms and if you were and saved 4 months of rent for four years then you would have money for down payment and again price hasn’t been negotiated so these monthly payments could be lower and that would change your down payment.
If you would like more information about any of these Gibson Sotheby’s Properties or thinking about buying a home in 2017 and need help developing your team from mortgage broker to home inspector to agent then contact me. This blog is really just the tip of the iceberg there are tax benefits and so much more to homeownership than just the numbers I mentioned in this blog.
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