Maynard Real Estate - Rental Condo SOLD!

 

Last October a homeowner that I connected with on LinkedIn asked me to sell her condominium at Stonebridge Narrows, 10 Mill Street in Maynard. After reviewing recent sale prices she decided that it made more sense for her to rent the condo instead. She listed it for rent mid-November and within a couple of days someone who was planning to relocate to the Maynard area agreed to rent it site unseen. She sent her application and paid for a credit and background check. Everything was fine and the next step was to prepare the lease. And then she changed her mind! I am always a bit suspect when someone agrees to rent (or buy) home they haven't visited, so it wasn't really a big surprise.

Market activity dropped off toward Thanksgiving and into December and the owner lowered the rent which stimulated activity again. Unfortunately, a lot of potential tenants were either looking for short-term rentals, had pets, needed additional parking, had poor credit, or else they wanted everything brand-new and completely updated

One day a woman who had sold her house called and asked me if the owner would
be willing to sell the unit instead of renting. She really wanted to buy in Maynard but there were so few condos for sale in town that she just wasn't finding anything in her price-range. She really liked the location of the building and especially the river views. She was a cash buyer and offered a very quick closing and was very persistent! After negotiating the price and all of the details (buying a condo is different than buying a single-family house), the parties finally agreed on a price and in approximately three weeks, the sale closed. Seller and buyer were both very happy with the outcome!

The number of condominiums and houses for sale in the Maynard area is extremely low. While it is frustrating for people who want to buy a home - as in this case, they are even calling on rentals, it's a great time to be a seller! If you're thinking about moving, this is the time to get your home on the market. Waiting for spring will only bring more competition for you. Click here request a home evaluation report.

 

Buy or Rent? Must Ask Questions To Help You Decide

Whether you should buy or rent a home depends on your wants, needs, priorities, short and long term goals. Given the option, most people still prefer to own, especially these days when rents have gone up and mortgage rates have gone down. The decision is not only financial, but in fact, most people buy for quality of life reasons.

Here are some must ask questions to answer before you decide:

1)      What are your short and long term plans?

2)      What type of house do you want?

3)      What community do you want to live in?

4)      What is the upfront cost?  Down payment that goes toward the purchase price vs. security deposit, first and last month rent, rental agent fee.

5)      What is the actual after tax cost?

6)      How often do you want to move? A landlord can decide to sell the property at the end of your lease term end do you want to move after a year? What if you have children in school and there aren’t any rentals in that school district?

7)      Do you have a pet(s)? Many landlords do not allow any pets.

8)      How important is control over your living space?

9)      Do you like to decorate? You can’t change a rental; and why would you want to spend money on someone else’ property?

10)   How do you feel about paying your landlord’s mortgage/expenses, building some else’ wealth?

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