Buying your first home here on Cape Cod. There is no place like your own home.
The news is not always good about owning a home here on Cape Cod as a permanent resident. Second home buyers have the advantage of rental income to help pay the mortgage but when you live here that might not be an option. Well the good news is there are homes here on the Cape and there are mortgages and grants to help buyers afford their first time home. Yes there are restrictions for the mortgages but most make good sense and should not hinder a buyer from buying a house. You have to have income under $120K but if there is a couple and both work they would consider using only one income on the mortgage application. You have to be credit worthy and you have to have a job that you have been in for 2 years or more. You can be in same field but different company but not a whole change of career. You really need little to no money down and in many cases you would pay about the same mortgage payment as if you were renting. Best part is you could purchase an income property and that would be considered income as well.
So most people would say even if there was a mortgage for me there are no properties. Well my search in the multiple listing service tells me there are 324 plus or minus properties currently active between 150K and 350K. This number includes condo’s but I searched only year round properties. Remember if you choose a condo you have to pay association fees monthly and that might lower your buying power but a condo can be cheaper to insure and not require as much maintenance as a single family home. Just for an example you could get a $200,000.00 mortgage on a home and the principle and interest would be about $1,267.00 per month. You still have to include insurance and taxes but still close to what a rental would cost.
So you are thinking about what $200,000.00 would buy?
I found a property right in downtown Orleans- 2 BR condo with one bath. You do have association fees with this condo but it is walk to everything.
Another property in Hyannis is a single family with 2 BR and 1 B. Taxes approx. 1450.00
One more property in Mashpee was listed for $189 and it was a single family. There are choices.
Bottom line is if you do not try you will never know. Keep your expectations low as far as your new home and remember you can build equity with some elbow grease or in some cases just buying in the right place at the right time. I am happy to put you in touch with some of the best mortgage professionals that can get a product that works for your situation. I can also help you identify a home you would want to call your own. Yes it takes hard work and diligence but in the long run there is no place like home.
Denise Kopasz, Broker
Licensed MA & NY
William Raveis Real Estate