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Madelene Cheney
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| Madelene Cheney Broker/Owner Red Door Real Estate, LLC Quincy, MA 02169 Office: (617) 553-1880 www.RedDoor-RE.com |
Massachusetts Tips
From the bustling hub of Boston to the rural regions of the west, Massachusetts has more to offer its residents than a unique accent. Although people do talk differently here, Massachusetts embodies much of our nation’s heritage which remains apparent throughout the state. Massachusetts is known for having one of the best school systems in the nation and leads the country in higher education, health care and high technology. The largest population lives within the Boston Metropolitan area which is surrounded by a network of suburbs, each with an unmistakable uniqueness. When choosing a place to live in Massachusetts one should consider the overall cost of living and convenience of location.
City Living
Boston offers a unique mix of city living surrounded by old world charm. With narrow crooked streets carved out by historic footpaths and ox drawn carts, navigating Boston by car can be tricky. Dubbed as America’s Walking City, many residing in the city of Boston do not have cars and can get almost anywhere by foot or public transportation. Boston offers over a dozen diverse neighborhoods each with an individual flair. The city buzzes with Boston pride and its residents are known to be some of the most devoted sports fans. The completion of the infamous “Big Dig†restored the historic connection between down town and the waterfront, removing the elevated highway that ran through the center of the city. The changes to the city’s infrastructure added much needed green space and cleared visible traffic congestion by moving the highway underground. Someone moving to the area that is not familiar with the cost of city living may experience sticker shock; however there are a number of surrounding neighborhoods within city limits that offer more affordable options.
Back Bay & Beacon Hill
If you are looking for a prestigious address and are willing to pay the price this is the place for you. These two neighborhoods carry one of the highest costs per square foot in the state, with the average price of a condo for the area being $745,000. Positioned in the center of it all, both neighborhoods are a favorite for commuting professionals and empty nesters alike. Back Bay includes landmarks such as the Boston Public Library, Trinity Church and is known for some of the best shopping such as Newbury Street and the Prudential Center. Beacon Hill has a political vibe and is the home of the state house. The narrow Beacon Hill streets surrounding the Boston Common are flanked with row houses and are lit with gas powered street lamps. If you can afford it, buying in these areas is a good investment due to their continued demand.
Allston & Brighton
Both neighborhoods have become the center of college living. Boston is home to the largest concentration of universities and this is most apparent in Allston and Brighton. If you are looking to be in the center of the action this is the place for you. The atmosphere changes with each semester, making Labor Day weekend the busiest for moving into the area. Even if you are not going to be attending school it is important to keep this in mind while looking for a place since many leases or purchases occur on this date. Brighton abuts Allston but offers a quieter atmosphere while remaining in close proximity to the action. Overall, the area has an eclectic feel and is saturated with unique eateries, pool halls and the occasional thrift store. With much of the population being students the price ranges are slightly more affordable than downtown Boston.
Brookline, Cambridge, Newton & Somerville
Being part of Boston’s inner suburbs may be the only thing these neighborhoods have in common; or so their residents try to argue. These locations offer easy access to downtown while providing a more suburban lifestyle. Newton, being the most expensive of the group, has been a constant fixture on CNN Money’s Best Places to Live; taking 3rd place for 2010. Newton has one of the best school systems in the state. Although the property values in Brookline may still be high, it is a great option for those looking for the “family-style†neighborhood of Newton without the Newton price tag.
Cambridge and Somerville consist of numerous “squares†or centers. Cambridge is best known for Harvard Square and mimic’s the eclectic feel throughout. The neighborhood offers a network of parks and outdoor space bustling with scholars and local musical acts. Many of the homes are larger than those downtown and offer spacious backyards. Price tags remain high for the area, which is why many people migrated to the adjoining town of Somerville. Somerville, once a strictly blue-collar town, has gone through major gentrification and now has more of a small town feel. The average family size is smaller than that of Newton or Brookline and much of the Somerville population consist of graduate students of Tufts University or Harvard. Somerville is densely populated with triple decker buildings that were converted to condos; offering more affordable options for students and families alike.
Outer Suburbs
Surrounding Boston Metro is a number of beautiful suburban and coastal neighborhoods. As you venture into these areas the home values decrease and open up the opportunity for cul-de-sac style neighborhoods. New construction homes are scarce in the city but can be found throughout the outer suburbs. The expansion of the commuter rail has helped broaden the reach of commuters into the outer suburbs. The North Shore offers quintessential New England coastal living and consists of fishing communities like Gloucester, Ipswich and Marblehead. The North Shore has an artistic flair and is home to breathtaking museums. Much of the real estate in the area is close to the water, keeping property values close to those found in Boston.
The South Shore, on the other hand, offers a variety of suburban and rural towns. Although many towns do border the Atlantic Ocean and Boston Harbor, there is a network of inland towns as well. Property values run the gamut; however the South Shore is an excellent option for those looking for the uncommon deal.
Quincy & Weymouth
Less than 7 miles from downtown Boston, these towns are a great option for professional families. Quincy, the City of Presidents, is a historic town with modern flair. Future redevelopment of Quincy Center will offer residents increased green space surrounded by restaurants and big box shopping options. The style of homes in the area varies. Surrounded by granite quarries, many homes in the area were built on granite foundations. Quincy is one of the most accessible outer suburbs. Just a few short stops on the “T†and you can be downtown in no time. Quincy has a full inventory of solid homes with the median home price of $325,000; however more affordable options have become prevalent. Although Quincy has prestigious neighborhoods such Adams Street and Hospital Hill, the highest priced homes can be found in Marina Bay. Marina Bay, practically a town in itself, is a popular waterfront community of luxury condos and single family homes. Living here, it is not uncommon to rub elbows with athletes of the New England Patriots or Boston Red Sox.
Thanks to the recent expansion of the commuter rail, Weymouth popularity has exploded. Weymouth offers more land than the homes found in Quincy. Home prices are fairly comparable; however Weymouth has more fixer upper options. The planned redevelopment of the South Weymouth Naval Base makes this town a great investment since property values will only increase.
Style of Homes common to Massachusetts
Row House – A staple of urban living in Boston and surrounding areas. Commonly interchangeable with townhouse or brownstone, row house refers to a row of multi-level attached homes. Uniform in design, many row houses are often distinguished by the bay or bow windows protruding from the exterior of the property. The original design of a row house created a two floor living space for the owner with additional individual apartments on each floor above and below the owners unit. Row houses can be found throughout Boston, mostly in the South End, Beacon Hill and Back Bay neighborhoods. Many row houses are made of brick or even brownstone.
Cape – Designed after the cottage homes of Cape Cod, this center entrance home has a broad base with a steep pitched roof. Typically 1 ½ stories with pitched ceilings on the 2nd floor. Very common design of homes that were built in the 1930’s, 1940’s and 1950’s Homey feel with a fireplaced living rooms and symmetrical design.
Ranch – The ranch typically consisting of only one story living, offers versatility of additional living space in the raised ranch and split level ranch homes. With an extended look and feel ranch style homes have a low pitched gable roof. Raised and split ranches are typically constructed with the first level partially submerged below grade.
Colonial – Designed after the homes typical of European settlers, one of the most desirable style homes for the area is the classic New England Colonial. Consisting of 2 stories with a center entrance flanked by a living room and formal dining room. Colonial homes can be found with a variety of roof styles adding to its versatility. Colonials quickly spread to include colonial revival, with ornate pillars, dormers and portico entrances. The most modern twist of the colonial is the neocolonial, most commonly referred to as the neoeclectic style, which borrows a number of architectural features of the past. Ornate details include dental molding, Palladian windows and grand entrance foyers. The neoeclecitc home is popular in new construction as well as suburbs and rural area throughout Massachusetts.
Obtaining a mortgage
Many people looking to buy a home in Massachusetts are lucky to be able to purchase a home without a conventional mortgage. Buyers are offered loans through the FHA, which provide below market interest rates and low down payment requirements. Teachers in Massachusetts may even be eligible for the Massachusetts Extra Credit Teacher Home Purchase Program, which offers teachers down payment assistance. MassHousing is another excellent program that helps to stimulate home purchases in low income areas; while offering unique loan programs with low down payment requirements. Additionally, buyers are protected by anti-predatory lending laws that prohibit lenders from charging fees and loan points that exceed 6% of the total principal loan amount.
Ins and Outs of the closing transaction
Massachusetts is a title theory state, which means that the lending institution holds the title (or legal ownership) to a property in the name of the borrower. At the time of the home purchase the borrower will sign a promissory note, which legally obligates the borrower to pay back the loan used to purchase the loan. The owner/borrower is given a deed of trust but the title (or right to the property) belongs to the bank until the loan is paid. Due to this classification, the closing or settlement of the transaction must be completed by an attorney, which in most cases represents the bank or lending institution. Buyers do have the right to hire their own representation rather than limit their protection of the lender’s attorney. The closing attorney will coordinate the closing, working with the sellers and buyers council, if applicable.
Once the purchase process has begun, the closing attorney will order a municipal lien certificate, which verifies that there are no outstanding real estate taxes or other municipal charges such as water and sewer bills associated with the property. Finally a title exam is completed. The title examination searches back 50 years into the property’s ownership history to ensure there are no defects or unaddressed rights to the property. Before closing, a certificate of title is given to the new owner and is also recorded as public record. Obtaining lenders title insurance is a requirement; however it is recommended that buyers also purchase an owner’s policy because sometimes, despite the most accurate title search, a hidden defect may come back to prevent the future ownership transfer of the property.
Leading up to the closing day the closing attorney will work to prepare the necessary paperwork to close the transaction. The most important document prepared is the HUD-1 Settlement Statement. This statement is a balance sheet itemizing the source of and distribution of funds associated with the transaction. This includes loan closing costs, taxes, recording fees, title insurance etc. The HUD 1 outlines who pays what at the closing. The settlement statement will be explained in detail at the closing; however REPSA law states that home buyers must be given a copy of the HUD statement at least one day prior to the scheduled closing.
Overall the closing transaction should take about 1 hour. All parties associated with the purchase are typically present at the closing. Once the closing is complete the required paper work is recorded at the registry of deeds of the county in which the property is located. Once all of the paper work is recorded it becomes public record and is searchable by visiting the registry of deeds either in person or online.
Built in protection for Massachusetts homeowners
As of December 2010, Massachusetts enacted general law updates that will automatically protect homeowners through the new Homestead Act law, chapter 188. The Homestead Act protects the primary residence of a homeowner from unsecured creditors, lawsuits or forced sales levied to collect debts owned using the residence as collateral or payment of the debt. Being a title theory state, homes in Massachusetts can be foreclosed upon without any judicial proceedings. Up until now, a credit had the right to place a lien on the property and force foreclosure to ensure repayment of debt. The new law automatically protects up to $125,000 in home equity without the need to file any additional paper work during the closing transaction. Previously home owners had to elect this coverage and were not offered a homestead automatically. Additional coverage of up to $500,000 can be obtained by filing for homestead protection during the closing. The new law also allows both spouses to file for protection, where in the past only one spouse was protected. The protection does not apply to tax liens, or liens associated with the purchase of the home such as a mortgage.
Property Disclosures
When buying a home, it is imperative to get a home inspection to uncover defects that are unnoticeable during a casual inspection. Home inspections must be completed by a licensed home inspector. Massachusetts does not require home owners to provide a property disclosure to someone looking to purchase their home. For this reason, Massachusetts home buyers are given a 10 day period after an offer to purchase is accepted to complete a full inspection of the property. One disclosure that is required by Massachusetts and federal law is the Property Transfer Lead Paint Notification. This disclosure is required for the purchase of a home that is built before 1978. Lead based paints can be hazardous to children under the age of six and were outlawed in 1978. Both the buyer and seller must sign the disclosure stating whether there is any knowledge of or are any documents pertaining to the presence of lead paint hazards on the property. Lead paint inspections or fairly expensive and must be completed by a lead certified inspector. It is not the seller’s responsibility to test for lead or to remove lead from the property prior to selling; however they must disclose the presence of lead if it is known. A buyer is given the right to a 10 day lead inspection of the property, should they elect to conduct one.
A common negotiating point when purchasing a home revolves around the personal items within the property. While many appliances are considered permanent fixtures and automatically transfer to the new owner; a refrigerator or washer and dryer do not automatically transfer with the purchase. Imagine the surprise of a new home owner on move in day to find the refrigerator missing. It is a common custom in Massachusetts for these items to be negotiated and is commonly listed on the offer to purchase.
Buying a home in Massachusetts can be a detailed process but the reward of living in such a beautiful state is twofold.
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