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House oversight report highlights that “ III. CERTAIN CORPORATIONS’ STATEMENTS DEMONSTRATE THEIR INTENTION TO RAISE PRICES AS HIGH AS CONSUMERS WILL ALLOW AND KEEP THEM HIGH”
*insert shocked pikachu meme here*
https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2022.11.04%20ECP%20Staff%20Report%20re%20Excess%20Corporate%20Profits.pdf
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Reading, Stoneham, Wakefield, Andover, Bedford...
Bring your patience. Several friends have put in multiple offers only to get outbid by all cash, no contingency offers that were $100k over asking
School district should be an absolute priority even if you want to send kids to private school as they help preserve house value. Western suburbs - Westwood, Newton, Needham, Weston. If you want to go slightly far off - you will get larger house for same $$
This is a super broad question, a few clarifications to help:
What is the total home budget? I ask because without knowing your expenses it’s hard to estimate.
Is school district a factor or are you sending your kids to private school?
Is geography a factor beyond proximity to Logan?
You said you’re starting a family - do you still want to be either in or close proximity to the city? Or are you ok with being in a true suburb?
I’m sure you know that the market is pretty crazy out there and you’re going to need a 10% earnest deposit in cash on top of your down payment and be prepared to go over asking.
Check out Malden/Somerville just to have someplace to start. Take a look at a mortgage calculator online to see what your estimated buying power is; you may have $575k - but whatever it tells you factor in the first year - between closing, moving, fixing, buying, etc etc that first year is expensive. I would caution against using your bonus $ for overhead. That’s an awesome cushion, savings, future fund to have.
Ah my bad. Thought I had shared some data to make this question less broad. That said, I’m not sure what my budget should be. I used a buying power calculator, as recommended by someone here. I can do 600k easily it seems. My only fixed expenses per month are 2700 rent, 200 subscriptions/utilities, 400 car/parking. I think I can go up till 3500 mortgage payments easily since I have a 2-3k surplus right now every month. That would increase my budget to 800-900k I think.
I’ll look into the school districts angle too. I’m ok being in a suburb but again don’t want to too far from the airport.
And consider HOA fees
I recently moved from Seaport to South Boston, specifically the City Point neighborhood and I'm absolutely loving it. Great neighborhood just not a lot of parking with lots of parks and an easy walk to the beach. Public libraries right there and a few churches and lots of tree canopy.
Bought my place for 520k with 10% down.