If you plan on investing in the Boston housing market, 2015 seems like the perfect year to do so. You probably know this if you read our report on the top 25 housing market predictions for 2015. Boston (and the greater Massachusetts real estate market) are poised for greatness in terms of real estate investment this year. It’s really no wonder. With relatively low crime rates (1.34 percent) and a median value for occupied homes of more than $190k, it’s probably time you hit the Craigslist Boston apartments page before all the good deals are snagged by eager investors. After all, median sales prices for homes are on the up and up, with a 12.9 percent year-on-year boost. So, get to it before the area’s affordability runs out and interest rates escalate again.
To this end, today’s post will teach you all the basics about investing in property in different neighborhoods in Boston and its surrounding cities. We’ll be taking a look at the top Boston neighborhoods and metro areas. This involves teaching you to invest regarding property value, price, safety, school district, etc. Finally, we’ll give you a primer on how to use the Craigslist Boston apartments page to scoop up a hot property at a great price.
The Top 3 Investment Areas for Boston Housing
Roslindale MA
Roslindale MA is a rather expensive area to invest in, but the quality of life there is definitely worth the current average listing price of $516,333. The area, located in Suffolk County, boasts a low crime rate of only 1.21 percent (actually lower than the one in Boston), plus a well-reviewed school system, with highly-rated institutions. Affordability has been going up in Roslindale since the beginning of this year, with the average listing price going down and the number of listings on the increase.
Medford MA
The average listing price for Medford MA currently stands at $457k. This figure has gone up slightly from the week before. The median sales price, currently poised at $382.5k, has seen a significant 23.4 percent increase on a year-on-year basis. There are 43 foreclosures on the market right now, violent crime rates are .13 percent and the school district includes 9 institutions, most of which seem to be popular with parents.
Somerville MA
In Somerville MA, the average price per square foot now stands at $464. This figure went up by 22.4 percent since the same time last year. Current median home sales prices are poised at $510k, up by 13.3 percent since February 2014. Of the 31 homes for sale on the market, 21 are bank-owned, pre-foreclosure, or about to be auctioned off. There are 11 public schools in Somerville, while the violent crime rate in the area is 0.43 percent. This is higher than the 0.14 percent average for Middlesex County, but still completely acceptable.
CLICK HERE TO CHECK OUT OUR FORECASTS FOR THE 2015 MASSACHUSETTS REAL ESTATE MARKET
Invest with the Craigslist Boston Apartments and Homes Page
Assuming you already know the general rules of investing in property, let’s take a look at how Craigslist can help you. Some rules to consider are income, ROI, cash flow, the 2 percent rule for rentals, the 50 percent income-to-expenses rule, and the 70 percent maximum price after repairs rule. Now that you’ve decided the criteria that the property has to meet before you consider investing in it, head on down to the popular ad listings directory.
As you may already know, Craigslist is one of the most popular websites in the world. It is ranked as #51 of all websites as of the writing of this article). Billions of people visit it and there are millions of freely placed classifieds there right now. Now, for real estate brokers, using Craigslist to scoop up property sales leads is run-of-the-mill. You, too, can use the same approach – and there even exist automated tools that will help you expedite this process. For instance, the IFTTT website will help you select several types of property that you might be interested in buying for investment. Of course, you can also do this manually via the Craigslist search function itself. This, however, will require a bit more time, since you’re going to have to manually search for specific areas or filter out the types of apartments or homes you’re not interested in.
If you’ve been playing at the property investment game for a while now, you could even decide to place a buyer’s ad on Craigslist. Make sure you do this right, though. Don’t put up your email, as you might get bombarded with spam – a phone number and/or website will do. Attach a picture with an optimized file name, since no one will want to check out an ad without a picture. And finally, make sure the text of your ad is optimized by properly filling in the city or county name and even adding keywords that you believe might attract the specific type of apartment seller in Boston you’re looking for (e.g. foreclosures, apartments by owners, etc.).
Things You Need to Know Before You Move to Boston: Consider These Tips as You Browse the Craiglist Boston Apartments Page
Are you thinking about Boston? In addition to using the Craigslist Boston apartments page, don’t pass up these things you should know before you search for Boston lofts.
Generalizations aside, there are endless things you can find out about the city and its history. Fortunately for you, you are in the ideal spot! Read on to learn more about Beantown!
There are Frequent Rent Increases
We hate to be the bearers of bad news, but Boston is well known for its frequent rent increases. When moving to Boston, don’t be astonished by unexpected and soak lease increments in specific neighborhoods. While it is unlawful for proprietors to raise your rent during your lease time, nothing is preventing the landowner from knocking up the lease when your lease ends and drive you out with a price tag that you can’t afford. Make sure to make a long-haul plan and budget wisely.
You Will Need to Take The Stairs a Lot
For many people living in Boston, every day feels like there is a long commute. Not only can traffic get pretty backed up but more often than not, getting up to your apartment can feel like a long haul trek if you live on a higher floor. In the event that you need to be in a loft with a lift, it will cost you a pretty penny. Managing the every day climb all over stairs from your loft is something you’ll need to remember when apartment hunting.
The stairs should be one of the most important factors on move-in day. Get ready for some cardio. You’ll need to maintain a strategic distance from over pressing and pressing huge cumbersome things like enormous couches and other furnishings.
Boston Apartments Are Hot Commodities
That cheesy saying ‘the early bird gets the worm’ is true here. Boston Apartments don’t remain empty for long. If you take a couple of days to consider a move, you could miss out on getting the apartment entirely. In the event that you have your eye on a loft, get it when you can. We recommend submitting an application for multiple places at once and taking a couple of points credit hit. It’s unlawful in Massachusetts to charge an expense for an application or a credit check. When you settled on a choice on which spot is for you, you can generally pull back your application before putting down your security deposit.
Keep a Spare Change Jar
You will be hard-pressed to discover any Boston apartment with their very own washer/dryer unit included. Keep a change jar handy and hang onto those quarters. It’s safe to say that washing and drying one load of laundry can cost you around $10. You can also get a roll of quarters from your local bank branch.
You Should Consider Having Roomies
This all relies upon your spending limit, however, be prepared to acknowledge the way that you may require a flatmate or two so as to manage the cost of your new apartment. Regardless of whether having flatmates isn’t a need for you, it is still worth thinking about. Your wallet will thank you and you will probably set cash aside – or spend it at any of the bars or cafés. If you are searching for a pet friendly place, it is also helpful to have someone to share the pet deposit and monthly pet rent with.
The T Marks the Spot
Living close to Boston’s T line is excessively advantageous. The T line will take you anyplace you have to. Living in an apartment by the line would be magnificent! Here’s the issue, everybody needs to live close to the T line. Furthermore, every proprietor knows it. Finding an apartment close to the T is troublesome since they are much more costly than other Boston units. You may need to share a studio condo with an outsider just to get a spot close to the rail line. On the off chance that you have your heart set on a spot close to the T, be prepared to have your heart broken.
There are Neighborhoods on Neighborhoods
There is Allston, Back Bay, Beacon Hill, Brighton, Charlestown, Fenway, Financial District, Jamaica Plain, Kenmore Square, Leather District, Mission Hill, North End, Seaport District, South Boston, South End, Waterfront, West End. On the off chance that that is a touch of overpowering, here’s a convenient dandy Buzzfeed test to enable you to choose what neighborhood you should live in. Truly, with Boston offering such a large number of neighborhoods all unique in relation to each other and all with their own upsides and downsides, you’ll need to get your work done before moving. A few neighborhoods will be out of your financial limit, some will be underneath, and some won’t be just as you would prefer. However, with 17 unique neighborhoods (and excluding towns simply outside the city) you are ensured to discover something that will make you feel comfortable!
Take Me Out to the Ballgame
Like any huge city on the planet, Boston has a fabulous time and dynamic nightlife, ideal for youthful experts hoping to let free on the ends of the week. Be that as it may, when searching for Boston apartments, numerous individuals ignore the way that Boston is a standout amongst the best games urban communities in America. This might be immense in addition to for certain individuals, however, how does that influence your regular living decision, you inquire? Gameday traffic. The Boston Red Sox, Celtics, and Penguins all play in the city of Boston and there will be all year games that will bring individuals from away into the core of the city. When the recreations the roads and tram framework will be packed so you’ll need to design your drive in like manner numerous days of the week.
Craiglist Boston Apartments Page: A Detailed Guide to Renting in Boston, MA
Boston is a fun and dynamic city to live in, and it encounters each of the four seasons and has a lot of open air space in addition to certain greats bars and nightlife. Investigate our tenant’s manual to become familiar with leasing in this city, where the normal lease is $2,955.
Boston has a portion of the United States’ best sports groups, in addition to there are consistently occasions going on in this energetic city. It is home to numerous esteemed colleges, and it’s a startup center too. Because of these great qualities and the way that such huge numbers of people flock to live here, finding a reasonable rent price in Boston is no simple feat.
Neighborhoods and Suburbs
Cambridge
Cambridge is a wonderful neighborhood to live in, with numerous T-available regions; there are transport lines for territories that are definitely not. On the off chance that entrance to the T is at the highest priority on your rundown, expect to live off the Red Line close Central Square, Harvard Square, Davis Square, Porter, or Kendall/MIT. On the Green Line, Lechmere is an extraordinary Cambridge stop.
This neighborhood has a scope of costs for those hoping to lease. Like anyplace, it relies upon the loft’s vicinity to the T just as the number of roommates and the overall apartment quality. Cambridge is a fun area with a lot of young people. There are a lot of bars, clubs, incredible cafés, and music settings to visit. You’re likewise not very a long way from downtown Boston. Have a go at watching somewhat more distant, around David Square, and move in with two or three flatmates to set aside cash.
Somerville
Somerville is another incredible neighborhood in which to live. It is available by the Orange and Red Lines, and there are additionally a few bars and cafés adjacent, contingent upon where you live. The lease here is frequently somewhat less expensive than Cambridge, and numerous youngsters and families live here. Somerville is normally a decent spot to live whether you have a vehicle on the grounds that not all regions are T-available, yet road leaving is simpler to discover. Live around the Assembly Square territory for marvelous access to outlet shopping, bars, eateries, and a cinema.
Coolidge Corner
Coolidge Corner is situated in Brookline, off the Green Line, and is a problem area for tenants. There are a lot of young people living around here too, which has a lot of bars and fun cafés, making for an agreeable night out. Notwithstanding, finding a spot to lease here can be precarious in light of the fact that request is high. Watch out for all posting sheets, and plan ahead to move here. If you’re a book nerd, make certain to look at Brookline Booksmith on the central avenue.
Downtown
Downtown Boston is topping off with extravagance condos and new improvements. Be that as it may, the old neighborhoods of Beacon Hill and the North End still hold their equivalent character and have not capitulated to the cutting edge style of new structures. Downtown is an extraordinary spot to be on the grounds that you have simple access to everything, and there is in every case bounty to do.
Live in the North End for extraordinary Italian food. Apartments can be expensive, yet there are some hidden gems here. Look around, and be prepared for small living quarters. The same goes for Beacon Hill, which is overflowing with affluent families. Get a roommate or two, and call promptly on the off chance that you see a posting you like. The best apartments go within the blink of an eye.
South Boston and the Seaport
Near the water, South Boston is a fun spot to live, and it has an extraordinary feeling of network and a lot of neighborhood bars. Be that as it may, it doesn’t have the best access to the T, so you’ll likely be off a transport line, which is fine in the event that you have a vehicle. Arrangements can be found in South Boston, as well. It’s so near downtown, yet you can spare a great deal contrasted with the North End or Beacon Hill.
Then again, is the Seaport neighborhood. This dynamic spot is astonishing in the mid-year. Directly along the water and wharfs, there are incredible restaurants and harborside bars. In the winter, it can get breezy and cold. Known as the Innovation District, it’s developing rapidly with new structures going up each year and considerably more being developed.
A considerable lot of the condos around here are in extravagance loft structures that are delightful and offer incredible comforts. On the off chance that that is not in your spending limit, you can even now glance around for periodic arrangements. A ton of apartment communities are putting out one month of a free lease, or two, as motivating forces for new leaseholders.
Things to Consider When Looking for Boston Rentals
Renters and rentees both have points they are looking for in an apartment and tenant. Since you are seeking a home in one of the most popular urban cities in the U.S., we figured it helps to have a guide. What qualities should you be looking for in your potential home as you browse the Craigslist Boston apartments page? To make your experience easier, we wrote down some of the most important things to consider.
1. How Much Should You Pay?
There are plenty of renters who request fees and security deposits before you move in, alongside your lease. While you’ll clearly need to realize the amount you’ll be paying every month, you ought to likewise ask the amount you can expect to put down before you can move into the property.
By law, you can be charged for:
- A security store of one month’s rent
- The first month’s rent
- Most recent month’s lease
- Establishment of new bolts
They can’t charge you for:
- Holding the house or apartment
- The application
- Charges for credit checks
2. What are the Terms of the Lease?
Your tenant contract could be a year or longer or it could be from month-to-month. Be that as it may, an apartment community will typically lock you into a property for at least six months to one year You’ll have to check how long your rental agreement is, so you can make certain you can submit for that timeframe.
The conditions of the rent will likewise incorporate how much notice you have to give before you move out. This is regularly 30-60 days. On the off chance that you don’t give enough notice, you could wind up losing your security deposit. You’ll additionally need to know how you should pay your lease. Frequently, this should be possible electronically. Or on the other hand, you can compose a check to your renting office or proprietor. You may likewise need to inquire as to whether you miss an installment or pay late.
You may not own your home or apartment. However, that doesn’t mean that the apartment management and maintenance can enter at whatever point they like. Ensure the examination approach is incorporated into your rent.
3. Are Utilities Included in the Price of Rent?
You may believe that a loft is an ideal cost — just to discover that utilities are excluded. Utilities can have a huge effect on the sum you’re paying every month. Make sure to inquire as to whether your lease incorporates web, link, vitality, or water. Some apartment structures will likewise charge extra for capacity, courtesy use, or stopping. Try not to expect that any of these things are free — make sure to ask first. Pro-rated usage is one of the worst ways to pay utilities. Basically, you are not paying for your personal unit’s usage. You are paying for the average cost of your entire apartment’s communal usage. Avoid this if you can. You don’t want to be paying for someone else’s irresponsible use of water and power.
4. Are Pets Allowed?
While some Boston rentals will totally restrict pooches and felines, others will permit them on a case-by-case premise. For example, a little canine might be permitted, yet not a huge German Shepherd.
Check your rent for any fine print, and talk with the landowner on the off chance that anything appears to be vague. You’ll likely need to pay a pet security store to ensure against any harm.
5. Shouldn’t Something be Said about Visitors and Airbnb?
A few rentals may constrain the number of visitors you’re permitted to need to remain every month. On the off chance that you like to have individuals remain, this may not be the best circumstance for you.
In case you’re intending to make a little side salary with Airbnb, you’ll have to check whether this is permitted too. There are various legalities to consider with Airbnb also. Ensure this is secured before you sign your rent.
6. Do I Need a Co-Signer?
Most landowners will expect you to pass a credit check. You’ll likewise need to fulfill a salary guideline. In spots like Boston, numerous landowners necessitate that you’re earning a minimum of 40% of monthly rent every year. That implies that on the off chance that you discover a $2000 apartment, you’ll need to make an annual salary of around $80,000. Since rent is closer to $3,000 a month in Boston, your annual salary (or combined annual income with that of your roommates) needs to be around $90,000 or higher.
Therefore, it very well may be useful to have a co-signer. Frequently, this will be a parent, who are essentially agreeing that they will be responsible for the lease in the event that you cannot pay it.
7. Would I Be Able to Decorate?
When you move into another house or apartment, it’s normal to need to beautify it to make it feel like home. That implies designing. In any case, before you include work of art, you’ll have to check in case you’re permitted to paint or hang things on the walls.
Most apartments include this information in the rental agreement. They more often than not stipulate that the house should be kept in the condition you found it in. A few landowners will even incorporate a statement expressing that you have to acquire authorization before improving or painting. If you ignore these written agreements, you are risking forfeiting your security deposit and potentially paying damage fees too.
8. Do I Need Renters Insurance?
In a nutshell, yes. In case you’re searching for Boston rentals, tenant’s protection is a smart thought. It covers your property in case of flood, flames, and here and there even burglary. Some leaseholder’s protection may even cover you for any mishaps or wounds that happen inside the loft. It’s frequently a little cost so it tends to be well worth acquiring it. Be that as it may, a few landowners or property the board firms will really expect you to have tenant’s protection, so you ought to ask this at an opportune time all the while.
9. Ignore Superfluous Information; Follow One Steady Source
The Internet is teeming with rental postings, from hot spots to rental tips and plenty of units to look through. This leaves overwhelmed renters with a huge amount of data to swim through. A good idea is to make an initial list of properties that caught your attention and have what you’re looking for.
10. Use the Famous 36 Rule
One of the most significant parameters when looking for a apartment is making sure that you can afford it. In all honesty, a few people spend somewhat more than they can bear the cost of when leasing a unit in Boston. To keep your hunt engaged and productive, pursue the 36 rule.
Boston spends around one-third of their compensation on lease. That is the unwritten number that proprietors use. Divide your post-tax annual salary by 36. More than likely, that is the highest monthly rental cost that you can afford.
11. Consider the Possibility that the 36 Standard Doesn’t Work for You
It’s incredible to have an operator do the legwork of finding a decent rental match, yet consider the possibility that you don’t qualify during the application procedure. Maybe you’re an understudy, late retiree, independently employed business person, or outsider moving to Boston just because. You may not meet all requirements to sign a rent because of no U.S. FICO rating, no business, or salary limitations. U.S. guardians with great FICO ratings and funds set up can help now and again, however in numerous occurrences that may not work. An institutional underwriter can support you.
There is a charge when you utilize an administration, for example, Insurent, an installment that can run somewhere in the range of 65 to 100% of a month’s lease for U.S. residents, and 110% for internationals without U.S. credit.
12. Match your Apartment to Your Way of Life (aka Don’t Overspend)
You adore your daily vanilla latte. However, does your new neighborhood café offer it on their menu? From yoga and party time to pooch parks and drug store visits, consider your standard of living now while settling on the choice of where you will live later on.
“I advise tenants to record things they do in their life consistently for seven days,” said Kiep. ” Before you go out with your specialist this will give them more understanding into the area you’re chasing.”
When you lock into certain spots to look at, attempt and be adaptable your criteria without yielding major needs. In the event that you can be adaptable with a rental start date, that is a great spot to begin. At that point choose what other places you can be flexible with, regardless of whether it’s choices like floor level, clothing, and stopping.
“A few people are so stuck on things,” said Frank Carroll, a dealer and operator under Boston Realty Net, who has been demonstrating investment properties in Boston for a long time. “Don’t pre-judge and pre-select to such an extent. Furthermore, it’s in every case better to take a gander at things at that point preclude it in light of depiction. I’ve seen customers see it in-person and adore it. What’s more, that can likewise go the other way.”
13. Efficiency is Key
There’s an adage in the rental hunt advertisements: The more you talk, the less you walk. You should be proficient when looking for the correct rental space in Boston, so plan to talk with your rental specialist, at any rate, multiple times on the off chance that you can, so you’re prepared to move immediately when an extraordinary open door presents itself.
Craiglist Boston Apartment Page: How to Find a Boston Rental
Renting in Boston is very difficult. Numerous specialists recommend that the high rental costs will go down inevitably in light of the fact that the “bubble” will pop – for example, the lease can’t continue rising this much until the end of time. For the time being, pursue these tips:
Most rents in Boston will have a high agent’s charge, which is normally the expense of a whole month’s lease. Be prepared for this. In the event that it’s a unit you truly love, and you’ll be there a couple of years, it might be justified, despite all the trouble. Be that as it may, on the off chance that you are just remaining there for one year, consider going legitimately through a loft building or search for postings without merchants as it tends to be an extraordinary method to get around that cost and set aside some cash.
September first is the busiest rent cycle in Boston. Moving around this time can be insane, and great spots go quick. At times it’s ideal (as a tenant) to not look during this bustling month. Finding a spot won’t be so focused, and you may locate a superior arrangement.
Move in with roommates. Having someone to split rent with can spare you a great deal of cash, contingent upon the area. Consider this when you’re setting out on your initial apartment search. Make certain that your apartment is reviewed, safe, and up to code. Ensure you have a decent landowner you can trust, and watch that the alarms are all working. Remember, you have rights as a tenant, and they ought to be met. Skip a great deal of the stress with the Craiglist Boston apartments page. Zillow is another well-known rental search website.