The Cape Ann, MA real estate market has experienced tremendous ups and downs over the past few decades. Many home prices sky-rocketed to unprecedented levels and inadvertently forced home buyers to sign mortgages they couldn’t afford. Those that were lucky enough to purchase a home witnessed a sudden decline in their property’s value and soon became underwater.
The Massachusetts home marketplace is currently attracting investors from as far away as China many of which simply purchase property to rent to others. The sudden influx of investors and the high number of properties that are available has created a buyer’s market. If you plan it correctly, you can purchase a home today for a lot less than a few years ago, and if you want to rent a property, you have a lot of options and amenities available for free.
The following tips will help you find a home you can afford as long as you enjoy some sort of income. Apartment rentals should never cost more than 1/3 of your income. For example, if you earn $1,000 a month, you should not pay more than $333 for rent. Many professional leasing companies will not rent an apartment to an individual unless it is exactly 1/3 of their income for the reason they have to protect the investors from losing money or having to go to court to evict a tenant for non-payment.
The second tip is to choose the right location. You have probably heard the old saying that the most important thing in real estate is, “Location, location, location”. They say that because it’s true. Location is one of the primary factors that determine the value of a home so you want to make sure you are choosing a location that you can afford.
Whether you want to live near a busy area that’s close to malls, restaurants and schools, or an area that’s very quiet, always make sure to choose a location you will enjoy living in and that you can afford. If you are an automobile mechanic for example, it will be a waste of time for you to search for homes that cost a million dollars, so try to find an area you can afford before you begin searching for homes.
The third tip is to choose the right size home for your family. You don’t want to purchase a five bedroom home if you are ready to retire alone. However, if you have a family, you’ll definitely need a home that has several bedrooms. It’s not uncommon to find homebuyers that purchase a three bedroom home only to rent one of the rooms to create a source of income.
List your goals clearly. Who will live in the home? Will you be willing to rent an extra bedroom to help pay the mortgage? How close is the home to shopping and entertainment venues?
Finally, use a professional real estate agent to help you find Cape Ann, MA real estate for sale. Cape Ann real estate agents are passionate about their work and they enjoy helping people find a place to live in their beloved city.