This Condo in Framingham, MA recently sold for $145,000.
This is a Garden/Low-Rise style home and features 3 total rooms, 1 full bath, 1 bedroom, and was sold by
Kathy Kelley – Berkshire Hathaway Home Services Town and Country Real Estate
Condos have been gaining in popularity for a number of years for people across many segments of the population. From couples who are just starting out together to retirees, and everyone in between, condos are a smart choice that offer many advantages. In order to determine if they are the right choice for you, read on below.
Ownership of Your Home
Unlike renting a home, or apartment, a condo is a true investment in your future. You will have the deed to your own home so you know that all the money you pay into it will result in you actually having something to show for it.
You Can Sell, or Rent, Later
In spite of your condo being attached to others in the complex, it is still yours to sell if you want to. This means that you still have the freedom to move wherever and whenever you want. Conversely, you can rent out your condo if you need to move and it suits your needs better. Really, since the condo is yours, the choice is yours as well.
Your Responsibilities End at Your Front Door
One of the most attractive things about owning a condo is the fact that your responsibilities end literally at your front door. While you are responsible for repairs to your appliances, and the like, that you have in your home, your condo association is responsible for the lawn maintenance, snow removal and other routine outdoor tasks. This allows you to fully concentrate on your own home.
Of course, this is not a free service, though. Your monthly condo association fees pay for this service. The condo association decides which service provider to use by a vote of the board. Being on the board gives you the opportunity to make a real difference in how your community is run.
Close Knit Community
Having a condo in a planned community that caters to a specific portion of the population such as retirees or young families allows you to have neighbors that are in the same life stage as yourself. This gives you plenty of opportunities to make lifelong friendships as well as building a support network. This type of support is something that many people often miss due to their life circumstances, so it is a particularly positive aspect of condo ownership.
A condo can offer you an array of benefits that could be suited to your circumstances. As always, take the time to research your options thoroughly before making a decision.
First, a mortgage is a loan from a lender to a borrower to buy a piece of real property (a fancy way to say house, land, etc). The interest on the mortgage is the percentage of money the borrower agrees to pay the lender each year, in return for lending the money.
Here is where it gets complicated, the lender wants to loan to be affordable for the borrower so they spread the interest out over time. This is called amortization. Amortization is the amount of money that goes toward principal (the amount of the loan) and interest. This amount changes over time because the interest owed is spread over time.
There is a booklet put out by the U.S. Department of Housing and Urban Development that explains the mortgage and interest process. You can find the booklet here.
Now often your payment is more than just the principal and interest. A monthly mortgage payment is often called a PITI payment. No, not pity even though you might need pity when looking at your loan statement. PITI stands for:
Principal – the loan balance
Interest – interest owed on that balance
Real estate Taxes – taxes assessed by different government agencies to pay for school construction, fire department service, etc.
Property Insurance – insurance coverage against theft, fire, hurricanes and other disasters
There may also be other fees depending on the kind of mortgage you have. Your monthly payment may also include private mortgage insurance (PMI).
Remember there is a lot to know about mortgages beyond the rate so be sure to talk to a mortgage professional to make sure you fully understand your payment options.
Spacious, move-in-ready four bedroom home! Sunny white and granite kitchen with 48″ SubZero and double wall ovens is open to the fireplaced family room. The master suite is massive with fabulous closets. The three additional family bedrooms are all good size. Fully finished 978 sq ft additional space in walk out lower level with exercise room or 5th bdrm. Two-car attached garage. Newly replaced central AC for fresh and full air flow! Hardwood floors. Plush new wall to wall carpet (bedrooms, playroom) replaced less than two years ago. Best of all– location!! Sited on quiet and tucked-away cul de sac near popular Perrin Park. Ready for you to unpack and move in!
Wellesley Listing AlertsWellesley, MA - $4,150,000
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32 Mills Rd - Single-Family - Tudor - Rooms:10 - Beds:3 - Baths:2/1Needham, MA - $859,000
50 Grasmere Rd - Single-Family - Split Entry - Rooms:9 - Beds:3 - Baths:2/1
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