Bo Lee - Berkshire Hathaway HomeServices Commonwealth Real Estate



Posted by Bo Lee on 3/7/2019


24 Oxbow Road, Framingham, MA 01701

Condo

$595,000
Price

7
Rooms
2
Beds
3/1
Full/Half Baths
Welcome to this Family Friendly neighborhood comprised of single family homes in a condo-style community. SOPHISTICATED WOODWORK, WAINSCOTING & BUILT-INS add warmth + character to this lovely home. LARGE WINDOWS shine plenty of natural light + brightness to the well designed spaces. RICH WOOD FLRS ON BOTH the 1st & 2nd living levels add to the inviting atmosphere. HIGH CEILINGS & an OPEN FLOOR PLAN between the Great Rm, Dining Area & Kitchen allows for Great Entertaining! In the warmer months, entertaining may be extended to an OUTDOOR PATIO. Convenience of a Half Bath + 2Car Garage finishes this main level. Step into another gathering place in the LOFT AREA that connects to A Full Bath, spacious 2nd Bedrm, Laundry Rm & Master Bedrm Suite. THE FINISHED BASEMENT includes a comfortable PlayRm + 3RD FULL BATH! LOCATION is key! Convenient to many restaurants + shopping in Framingham, Wayland & Natick. A short ride to the Mass Pike + Rt.9 makes this home an all around perfect place to be!
Open House
Saturday
March 09 at 12:00 PM to 2:00 PM
1ST OPEN HOUSE ON SATURDAY! Can't wait til your Buyers see this beautiful home! If you can't joint them- just have them sign you in!
More Open Houses
Cannot make the Open Houses?
Location: 24 Oxbow Road, Framingham, MA 01701    Get Directions

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Categories: Open House  


Posted by Bo Lee on 3/3/2019

There are so many factors that go into finding and securing the financing to buy a home.   While lenders require quite a bit of information for you to get a loan, you still need to be aware of your own financial picture. Even if you’re pre-approved for a certain amount of money to buy a home, you still need to dig into your finances a bit deeper than a lender would. The bottom line is that you can't rely solely on a lender to tell you how much you can afford for a monthly payment on a home. Even if you’re approved to borrow the maximum amount of money for your finances to buy a home, it doesn’t mean that you actually should use that amount. There are so many other real world things that you need to consider outside of the basic numbers that are plugged into a mortgage formula.   


Run Your Own Numbers


It’s important to sit down and do your own budget when you’re getting ready to buy a home. You have plenty of monthly expenses including student loan debt, car payments, utility bills, and more. Don’t forget that you need to eat too! Think about what your lifestyle is like. How much do you spend on food? Do you go out to the movies often or spend a regular amount of cash on clothing? Even if you plan to make adjustments to these habits when buying a home, you’ll want to think honestly about all of your needs and spending habits before signing on to buy a home. 


Now, you’ll know what your true monthly costs are. Be sure to include things like home insurance, property taxes, monthly utilities, and any other personal monthly expenses in this budget. If you plan to put down a lower amount on the home, you’ll also need to include additional insurance costs like private mortgage insurance (PMI).


The magic number that you should remember when it comes to housing costs is 30%. This is the percentage of your monthly income that you should plan to spend on housing. Realistically, this could make your budget tight so this is often thought of as a maximum percentage. By law, a lender can’t approve a mortgage that would take up more than 35% of your monthly income. Some lenders have even stricter requirements such as not allowing a borrower to have a mortgage that would be more than 28% of monthly income. This is where the debt-to-income ratio comes into play.


As you can see, it’s important to take an earnest look at your finances to avoid larger money issues when you buy a home.  





Categories: Buying a Home   budgeting  


Posted by Bo Lee on 2/24/2019

You found the perfect home. It has everything you want from location to bedrooms to that art studio in the back, AND the mortgage payment will be lower than or the same as your current rent. You got qualified for the loan and the agent has all the paperwork ready to go. So that’s it, right? Time to buy!

In all the excitement of finding that new home, it’s easy to ignore the warning signs of “overspending” and forget that there are more costs than just the mortgage payment. This can be a dangerous game because once those papers are signed, you are stuck with your purchase. 

Additional Monthly Costs
For the best home-buying experience, calculate ALL your monthly costs and try to budget that into your life before you make any final decisions. Determine what you are willing to give up in order to get that extra bedroom or live in that perfect neighborhood. Some additional monthly charges include:

  • PMI “Private Mortgage Insurance”: Pay attention to the mortgage you qualify for and make sure to calculate for PMI in your new monthly budget if it applies. PMI exists to protect your lender in case you default on your mortgage loan. It’s usually included when you have a lower credit score or a smaller down payment and can range from $75 to $300 per month or more.
  • Homeowners Insurance: You’ve been paying renters insurance for a while now probably, but homeowners’ insurance is a completely different ball game. Your insurance cost will be based on the estimated cost to fix or rebuild your home after a catastrophic event, NOT its market value. That means any special features with historic value, specialty windows, etc. will increase the price. Also check out if the home is in a weather damage area, somewhere prone to tornadoes, flooding, hail, etc. It also covers everything inside your home from furnishings to clothes and electronics. The more stuff you have, the greater the cost to insure it.
  • Property Tax: Unlike tenants, owners pay taxes to local governments for schools, roads, city governments, etc. These vary greatly from area to area, so be sure to find a good local property tax calculator to help estimate what those charges will be. If you’re buying a home in a new neighborhood or a gentrifying one, there may be additional taxes to cover the cost of roads, streetlights, parks, and other new area features.
  • Association Fees/Dues: Nearly all condos belong to Home Owners Associations (HOAs). Depending on the neighborhood you choose, your single-family home may belong to one as well. HOAs handle neighborhood maintenance including streetlights, pool upkeep, exterior maintenance, parks, and even security. HOA dues can range from $50ish per month up into the hundreds of dollars or even more.
  • Services: You know all those utilities and local services currently included in your rent? As an owner, you must pay for all of them separately. That means water, power, trash, sewage, recycling, internet, cable, and phone bills all get added on top of your monthly payments as well. Some cities such as Austin, Texas, also have local monthly fees separate from property taxes, usually to cover extra city features like parks.

Other Costs
The most difficult costs to calculate or plan for are maintenance costs. If your landlord currently covers bug treatments, light bulbs, paint, carpeting, landscaping and generally all other maintenance, you will need to try and estimate how much of that you’ll need to pay for in your new home. There is no one else to pitch in, so this can end up being a huge additional cost.

So, How Do I Buy a Home Safely?
First, find yourself a good agent. A well-qualified agent who is familiar with your area and property needs can help you figure most of these costs. All you must do is ask. If your agent is unable or unwilling to help you plan for these, find yourself a new agent.

Ask your agent today if they can help you put together a true cost budget for each of the homes you’re interested in, that way you can make the best-informed decision. 





Posted by Bo Lee on 2/21/2019


1 Applegate Road, Medway, MA 02053

Single-Family

$739,000
Price

10
Rooms
4
Beds
2/1
Full/Half Baths
MOVE INTO this Wonderful NEW CONSTRUCTION home situated in the Beautiful APPLEGATE FARM Neighborhood.This Lovely 4 Bedrm, 2.5 Bath Colonial home has 3000+ sq. ft. of living area that includes HARDWOOD FLOORS THROUGHOUT the Main & Upper levels! This home offers a Bright FIRST FLOOR OFFICE, nicely appointed Living & Dining Rooms surrounded w/ smartly crafted WAINSCOTING. ENTERTAIN in the SPACIOUS KITCHEN surrounded by plenty of WHITE CABINETRY, a Large GRANITE ISLAND, S/S Appliances, an Open Dining Area & a Large WALK-IN PANTRY! An OPEN Floor Plan to the Cathedral FAMILY RM w/a Great GAS FIREPLACE! The 2nd Flr includes a Unique Spacious Master Bedrm w/a large WALK-IN CLOSET & a 4 piece Full Bath. CONVENIENT LAUNDRY RM, another Full Bathrm w/ Double Sinks & 3 more Spacious Bedrooms finish off this upper level. A nice open Basement is a walk-out w/ a Slider & Full Size Windows. PUBLIC WATER & SEWER AND GAS FORCED AIR HEATING! ***Note that LR,DR,FR+Master Bdrm are Virtually Staged**
Open House
Saturday
February 23 at 12:00 PM to 1:30 PM
This truly is a great home in a lovely neighborhood! Come with your buyers or send them along (have them sign you in)!
Cannot make the Open Houses?
Location: 1 Applegate Road, Medway, MA 02053    Get Directions






Categories: Open House  


Posted by Bo Lee on 2/17/2019

If you’ve spent any time watching popular fixer-upper or remodeling shows lately, you've experienced the drama of suddenly discovering that the most critical aspect of your open floor plan is actually a load-bearing wall.

Stop the cameras! Hold everything! Call the engineer!

The engineer? Why do you need to call an engineer?

To you, and most homeowners (and potential homeowners) removing a wall that's in the way seems like a simple thing. In fact, it appears so prevalent in most on-screen renovations that it's an expected and accepted part of most designs. Then, you remember those instances where demolition began with tearing out cabinets and kicking in the drywall only to hear that "Uh-oh! Houston, we have a problem! Call the engineers!”

Leave the drama for your Momma!

All homes have load-bearing walls. Load-bearing means that it carries and distributes the weight of what is above it and resting on it. The home's designers should have engineered these walls to carry the load safely. So, if you have a roof, the walls holding up the roof are load-bearing. If you have a second floor, a stairwell, a basement … you have extra load-bearing walls. While it seems as if they are always surprised on those television shows, most of that is for dramatic effect. After all, television is entertainment, not real life.

When it comes to your home, learn how to identify load-bearing walls before you take the sledgehammer to them. You don’t want that house to come tumbling down around your ears (or on top of your head), or the roof to cave in. If you follow these pointers and you’re still uncertain if your wall is structurally necessary, call a structural engineer for advice.

  • Understand that most exterior walls are load-bearing. Even if they don't hold anything else up, they hold the roof up. If your home was remodeled in the past so that an outside wall became an inside wall, it remains a load-bearing wall.
  • Look at ground level and determine the lowest point. If you have a basement, the lowest point is in the basement. If you have a slab, the lowest point is the slab. If you have a raised foundation, the lowest point will be any pillars under the house. Once you’ve found the lowest point, look for any walls whose beams attach directly into the foundation. Assume these carry a load. Do not remove them without advice from an engineer on alternatives to carry the weight.
  • Look for beams or joists. These may be wood or metal and run the length or width of your home. You will find them under the floor and above the highest ceiling (in the attic). They are also in-between floors, but more difficult to see. If beams or joists span across a wall, that wall is bearing the load of the beam or joist. Do not remove it. Unless the room is unfinished, drywall or other wallboard or paneling covers most interior load-bearing walls making it difficult to find them.
  • If beams or joists are perpendicular to a wall, that means they use the walls to transfer the weight of the floor above (a second floor or attic, for example).

The walls you may safely remove are non-load-bearing. Often, referred to as “curtain walls,” their purpose is to divide rooms and create the floorplan around the load-bearing ones.

If you are unable to see the beams or joists, refer to structural plans filed with your municipality's building department. If those aren't available ... call the engineer!







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