Finance

Five Smart Buys for Newton, MA

Home Buying

What makes a house a good buy? At the end of this article, I have a list of houses that I have graded in terms of the sorts of features that make these houses good financial investments, as well as comfortable homes.

How will these houses remain good investments over the years? The value of real estate all across the country has been dropping. We see this in the news every day. So many jobs have left this country that people are having problems keeping up with their mortgage payments, and we are now seeing stories of people trying to get out from under mortgage payments that were based on the value of their house before the market went into flux.

Nevertheless, we are still buying and selling homes. So, what do we look for when we buy a house? One wit summed it up very clearly when he said, “There are three things you have to look at when you buy a house, and they are; location, location, and location.” That statement is so true! What is the town like, and what is the median income of the people who live there? What is the neighborhood like? Are the people who live there essentially secure in their jobs? If you have, or are planning to have children, will this neighborhood be comfortable for them?
If the world were ideal, you would never even look inside a house you were thinking of buying until you had answered these questions. Only then would you begin to assess how the rooms are laid out, and how much space there is, how many bedrooms and bathrooms there are, and how well the house is built.

Newton, Massachusetts, where I live and work, is a town about twenty minutes outside of Boston. The median income was $110,885 per household in 2007. The homes and the yards around them are generally well taken care of—people care about how they live and the neighborhoods they live in, and they have spent money to maintain these things. Whether you are in Newton or Kalamazoo, these are the sorts of things to assess when you are planning to buy a home.

Here are five homes that I evaluated here in Newton. The first one is at 316 River Street, selling for $509,900. The price on it has gone down by $20 thousand, so I give it four out of five points. It is a mid-price house, but the fact that it had been valued higher means that it is still a good value for your dollar. It has four bedrooms, good for a family with children. It may be possible to use one of those bedrooms as an office, and with more people working from their homes, this is a consideration. However, with all those bedrooms, it only has one bath, so I give it two points. This house was built in 1902. Many people appreciate older homes. These houses can be charming, and they are often very well built. However, you must be careful to have the plumbing and the wiring checked to make sure they meet code, before you sign on the dotted line. Plus, you must also take into consideration that when an older house needs to be repaired, those repairs can be expensive. Contact: David Walsh, RE/MAX First Realty 617-803-6434 dwalsh2000@comcast.net.

The second house is at 17 Parmenter Terrace, and it is selling for $569 thousand. Its price was reduced by $20 thousand. It has four bedrooms and three bathrooms—an excellent ratio. It offers 2,310 sq-ft of living space, and was built in 1940. It should have many years of excellent life in it. It has been on the market for 157 days, so I gave that a score of two. Though, part of the reason it is still on the market is that the buyer would need a high down payment. Contact: Janet Edsall RE/MAX First Realty, Phone: 617-244-4499; jedsall@bostonwesthomes.com

House number three, at 35 Cherry Street has two bedrooms and two baths and is selling for $399 thousand. It also has a room that was specifically built to be an office, and was built in 1950. It is a good, solid house for a professional family. Contact: Newenglandmoves.com
617-969-2447, Debra.Weiss@NEMoves.com

947 Boylston Street, here in Newton is selling for $569,950. It has six bedrooms and two baths, and 2,216 sq-ft of living space and was built in 1900. This home is close to the major highways, making it easier for people who must commute to work. Contact: Stephen Cucinotta, century21.com, (617) 926-5280

And house number five, 1124 Boylston Street was built in 2005. It is a handsome four bedroom house with three baths and 2,200 sq-ft of living space. It is selling for $579 thousand. I would consider this to be an excellent buy for the money, though you would need to pay a large balance in order to meet the seller’s demand. Zivthan Dubrovsky, Your Choice Properties in North Andover, mailto:zivthan@gmail.com