Unfair_Isopod534

Unfair_Isopod534 t1_je9c5am wrote

Funny that you asked. I just got 30 fixed. My parents told me me that in 2013 they got ARM at 3%. Thankfully they were able to payoff the house before it. Out of curiosity i looked up the difference between 3% and 6% on my mortgage. It's over $1000. Whether you are comfortable with huge rise in monthly payment, it's up to you. Obviously after some years you would have paid of some of the loan so the jump wouldn't be as drastic. What was much more interesting is searching ARM on r/personalfinance. 2-3 year ago, we got lots of comments how the rates will never go up.

I don't know what the common wisdom is. I know that if i were to go with ARM, I would run some more math. Personally, i don't believe when people say "you can always refinance". I was told that by many. What i do wonder is what can I refinance to? When will i look to refinance? Will i look to refinance when rates are going up? Will i look to refinance when the market is in a "gully"?

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Unfair_Isopod534 t1_je0a601 wrote

I don't have the numbers and i am definitely not an expert. I do wonder if the line would reduce traffic coming from Western Mass which could help reduce traffic within Boston itself. Plus it could open western MA as housing market. I am not disagreeing with you, just seeing positives of that connection.

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Unfair_Isopod534 t1_jdy5cjg wrote

Not surprised at all. Each house gets at least 10 offers, gets sold within a week. Forget about any contingencies. I was at an open house with a line of people. If you are 5 min early to open house, you gotta look for parking. If you think you got money, there is someone else with more money. It's just sad.

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Unfair_Isopod534 t1_jdqu2fp wrote

I think you a barking up the wrong tree here. You could try to force out the workshop or you could use the noise to get lower rent or break ur lease early. If not, your option is to move out. It is not your property so you are fighting against landlord and workshop owner.

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Unfair_Isopod534 t1_jacvfhi wrote

They probably would if the state told them they cannot rent the property due to health code violation and if they currently have a tenant they have to pay for at least equal accomodations and tenant isn't obligated to pay rent for the time when the property is not up to code.

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Unfair_Isopod534 t1_j7z0itq wrote

My parents build their house in like 2014 in CT and my brother did in 2019 in CT as well, so not exactly MA. I am shopping for a house right now. For them they lived there for a while and had zero major maintenance issues. Their roofs,and utilities are brand new, their heating and cooling is ridiculously efficient. I am comparing it to shopping for used house, where often you find bunch of things that need to be replaced. Also, all the layout and cosmetics changes are up to their standards. My parents have extended raise ranch and it's great. My brother has some colonial with multiple walk-in bathroom and bunch of cool build in gadgets. One issue that my parents had was a tiny leak in the roof which was promptly fixed by contractor who build their house. Since then zero issues.

On the other side, their starting price was whatever the contractor wanted which is already higher than used homes. With their additions and changes, the price went up even more.

From my personal perspective, it is worth it but not as your first home. I am looking to buy my first home. I am learning about homes and i will learn about maintenance. I am also going to learn about my actual needs.

One thing of note, be super involved in the process. If you don't check on the building status the contractor can screw you over. You can find your own contractors but they would need to adhere to the schedule.

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