The advantage of buying a Lexington home
The advantage of buying a Lexington home
The Benefits of Buying a Home in Lexington MA: A Guide for Homebuyers
Imagine living in a town that boasts of rich historical roots, top-rated schools, and stunning natural beauty – all while being just a stone’s throw away from the bustling city of Boston. Welcome to Lexington, Massachusetts! In this guide for homebuyers, we’ll explore the amazing benefits of settling down in a place where you can not only enjoy the charm of a small town but also have easy access to all the amenities that urban life offers. Trust us when we say: once you experience the vibrant community and unrivaled quality of life in Lexington MA, you’ll wonder why you didn’t move here sooner!
Buying a townhome in Lexington, MA offers many advantages. The town has a top-rated school system, a charming New England feel with historic homes and parks, and convenient access to Boston via public transportation or highways. You also get access to great shopping and dining experiences, as well as cultural and recreational activities. Additionally, real estate in Lexington, MA has seen strong appreciation rates over time due to its desirable location and quality of life.
Benefits of Living in Lexington MA
Are you looking for a place to settle down in Massachusetts? Look no further than Lexington, a charming and friendly town located just 15 miles northwest of Boston. The benefits of living in Lexington are truly unparalleled, from its rich history and vibrant culture to its tight-knit community and excellent schools.
One of the biggest draws of living in Lexington is its strong sense of community. Whether you’re participating in one of the town’s many organized events such as the annual Patriot’s Day Parade or simply taking a stroll through Lexington Center, you’ll quickly discover that this is a place where people get to know their neighbors and come together as a community. Additionally, there are plenty of opportunities to get involved in local organizations, whether that be volunteering at the library or joining a sports league.
Another benefit of living in Lexington is its commitment to education. The town has some of the best public schools in the state, consistently scoring high on standardized tests and earning national recognition. In fact, Lexington High School recently ranked ninth on U.S. News & World Report’s list of Best High Schools in Massachusetts.
Of course, with great schools comes a higher cost of living. While Lexington may not be the most affordable option for homebuyers, it’s important to weigh the benefits against the costs. You might pay more for your home upfront, but with access to top-notch schools and a thriving community, you could also see a greater return on investment down the line.
Think of it like buying a quality car versus buying an inexpensive one that requires costly repairs down the line – investing more at the beginning will save you time and money in the long run.
Now that we’ve explored some of the benefits of living in Lexington, let’s take a closer look at one aspect that can greatly impact your decision to move: the cost of living.
Cost of Living
One thing to keep in mind when considering a move to Lexington is that it’s not the most affordable town in Massachusetts. According to Niche, the median home value in Lexington is $1.3 million, with the average monthly rent coming in at around $2,000.
However, while these prices may seem steep at first glance, they’re actually quite competitive for a town located just outside of Boston. In comparison, the median home value in Boston proper is over $600,000 more expensive than Lexington’s.
Some might argue that Lexington’s high cost of living outweighs any benefits that come with living here. However, it’s worth noting that the town also has a higher median income than many other parts of the state – meaning residents have more disposable income to enjoy everything this community has to offer.
For example, many homeowners in Lexington opt to take advantage of its beautiful outdoor spaces – whether that be hiking through one of its nature reserves or taking a dip in nearby Walden Pond. There’s also a bustling dining and shopping scene in downtown Lexington, with everything from cozy cafes to upscale boutiques.
It’s like purchasing a designer handbag versus one from a discount retailer – while you might be paying more upfront, you’re getting better quality and longevity out of the purchase.
Ultimately, everyone’s financial situation is different and what might work for one person might not for another. But it’s clear that when it comes to cost of living, there are plenty of factors to consider before making your final decision about where to buy a home.
Lifestyle and Location
When it comes to buying a home, the location is often as important as the house and its features. Lexington MA offers an enviable lifestyle that most homebuyers desire. The town boasts a diverse population of friendly people, preserving traditions, and modern lifestyles. There are many things to do in Lexington MA, whether you are looking for outdoor activities or cultural events.
For instance, if you love spending time outdoors, you can visit the Lexington Battle Green (a park), Arlington’s Great Meadows Wildlife Refuge, Minute Man National Historical Park, or play golf at one of the various public golf courses. Activities such as these bring people together while also promoting a healthy lifestyle.
The location also plays an essential role in your day-to-day life before considering work-life balance. Lexington MA has great transportation options which make it easy to get around town. Residents have access to buses and trains that take them directly into Boston proper. You can drive to Boston if you prefer. Notably, Logan International Airport, one of the top air travel hubs in North America, is only a twenty-minute drive away from Lexington.
While some may argue that Lexington MA’s location is too far from work or central Boston, many companies have realized that being outside of a large city could yield huge benefits. Being outside of central Boston allows residents more opportunities to live an active, fulfilling lifestyle without completely sacrificing their career. Companies like Raytheon Technologies have headquarters situated right here in Lexington – offering residents’ plenty of job opportunities within the town itself.
In our next section; we will delve deeper into one of the biggest benefits: Property value and investment.
- Based on data from the U.S. Census Bureau, the median home value in Lexington, MA was approximately $851,200 in 2020, representing a significant increase of around 47% since 2010.
- According to Zillow’s Home Value Index (as of November 2021), Lexington’s housing market has experienced an annual growth rate of around 9.2%, indicating strong investment potential for homebuyers.
- A study examining public-school performance across Massachusetts ranked Lexington Public Schools within the top 10% for overall district achievement and quality, offering families an excellent educational foundation.
- The location of a home is crucial, and Lexington MA offers an ideal lifestyle for many homebuyers. With plenty of activities to do, good transportation options, and proximity to Boston and Logan International Airport, it strikes a balance between city convenience and suburban charm. The town’s distance from central Boston does not diminish its potential for a career or investment opportunities, as companies like Raytheon Technologies have established themselves there. All these factors make investing in property in Lexington MA an excellent long-term decision.
Property Value and Investment
In recent years, real estate prices in Lexington MA have steadily risen and shown little sign of slowing down any time soon. Among other factors fueling this growth, the limited land available for new construction and lack of existing homes’ availability play a considerable role. With these conditions, it is no surprise that most homebuyers are looking to invest in property in Lexington MA.
Lexington MA real estate market seems to be a saucer half-full. That’s because demand outweighs the supply, and also due to the ticking clock nature of its geography. Homes have generally generated strong returns for their owners over the long term as they appreciate in value over time, making Lexington an excellent place to own real estate.
But why look any further? The town naturally attracts a well-educated, high-earning demographic; hence leading to an increase in investor interest. This has led to a competitive bidding situation among prospective buyers, driving up prices. However, over the past decade, homeowners have enjoyed significant returns on investment with many experiencing an estimated 10% appreciation rate annually.
We understand that buying a home is likely one of the biggest investments you will ever make within your lifetime. But given that most of us live in our houses for an extended period before selling them – owning a home in Lexington MA can provide immense opportunities for capital gains and profits through rental income from your investment property.
Having said all of that: Real estate markets nationwide perform cyclically. While we anticipate appreciation will continue within Lexington MA; it’s important to acknowledge that prices can fluctuate or even depreciate after some time. For instance, we just got out of a global pandemic, which has affected every single industry worldwide; including real estate.
Up next are Mortgage Options for Buyers.
Real Estate Growth Potential
Lexington, MA, is an ideal place to invest in real estate. The town has shown consistent growth in the real estate market, and the appreciation rate is higher compared to other neighboring towns. Over the years, buying a home in Lexington has proven to be a prudent financial decision as property values tend to rise.
Around 20 years ago, my friend purchased a home in Lexington for around $500k. Today, that same house is worth around $1.2 million. This demonstrates how properties in Lexington continue to increase in value regardless of the economic climate.
One reason why Lexington’s real estate growth potential is high is due to its close proximity to Boston. Homebuyers get more value for their money when they purchase property outside of Boston while still being able to enjoy easy access to the city. This drives up demand and contributes to the area’s overall appreciation rates.
Think of it this way: if you were looking to purchase a brand new car and had two options – one with all the bells and whistles in downtown Boston and another just outside but with everything you need at half the price – which would you choose? Many would take the second option since it offers more value for their money without compromising on location.
While many may argue that investing in real estate might not bring quick returns, long-term investments tend to appreciate significantly. For example, even after the housing market crash of 2008, property values had risen over ten percent since 2010 in Lexington. As such, investing in property follows the saying, “good things come to those who wait.”
Taxes and Incentives
When it comes to buying a home in Lexington MA., one of the biggest questions most buyers ask is regarding taxes and incentives that come along with homeownership. Lexington’s tax rates are competitive and reasonable when compared to other neighboring towns, which is good news for prospective buyers.
A homebuyer with a $500K property value pays $7,700 annually in property taxes in Lexington, MA. On the other hand, similar buyers in nearby towns like Weston pay $10,000-$15,000 in property taxes annually.
Several incentives come with buying a home in Lexington MA. One of the most significant incentives is the Homestead Exemption. This program allows homeowners in Lexington to exclude a portion of their homes’ assessed value from property taxes. Those who qualify can access a considerable cut on their annual costs, which can help save up to hundreds of dollars every year.
Some argue that while the town has lower taxes than others, they still may seem high to some buyers. Such people may want to consider towns with even lower taxes such as Sudbury or Carlisle. However, it’s important to keep in mind that low tax rates don’t always equate to better living and education standards.
It’s like choosing between fast food and fine dining – while fast food may cost less, fine dining offers long-lasting experiences that might be worth more than just saving money for one day.
Mortgage Options for Buyers
Buying a home in Lexington, MA can be the biggest financial decision you’ll ever make. However, there are many options available when it comes to financing your dream home. When it comes to mortgages, one size does not fit all. The right mortgage option depends on your unique financial situation.
There are two types of mortgage loans: fixed-rate and adjustable-rate. A fixed-rate mortgage has an interest rate that stays the same throughout the life of the loan, while an adjustable-rate mortgage has an interest rate that changes over time. Fixed-rate mortgages are ideal for people who want predictable monthly payments while adjustable-rate mortgages may be attractive to those comfortable with taking on more risk and who want lower initial payments.
Another option is a government-backed loan. These loans have more lenient eligibility criteria and lower down payment requirements than traditional loans. The most popular government-backed loans are FHA (Federal Housing Administration) loans, VA (Veterans Affairs) loans, and USDA (U.S Department of Agriculture) loans.
No matter what type of mortgage you choose, it’s important to shop around for rates and terms from different lenders. You should compare both the interest rate and other fees associated with the loan such as closing costs and origination fees.
My friend recently bought a home in Lexington with an adjustable-rate mortgage and was able to get a lower interest rate upfront. However, as expected her monthly payments increased over time which made her reconsider refinancing after some time.
Regardless of the type of mortgage you choose, it’s important to consider all of your options. Consulting with a trusted financial advisor or mortgage broker can provide clarity regarding which loan suits your specific needs.
While some may argue that renting is cheaper than buying a home in certain areas, it’s important that potential home buyers conduct their due diligence by analyzing their current financial situation vs. The potential future value of their home and the historic growth rates that the Lexington, MA area has experienced.
In many ways, choosing a mortgage is like building a home – it’s important that each element of your financial situation is carefully considered and integrated strategically for the most beneficial outcome.
Now that we’ve covered some of the best mortgage options, let’s turn our attention towards other factors that make Lexington an excellent location for families – top schools and community experience.
Top Schools and Community Experience
Lexington MA is a haven for families with over 8,000 students enrolled in its public school system. US News & World Reports has ranked Lexington High School No. 4 in Massachusetts and No. 249 nationwide in terms of college readiness. The district has also been awarded numerous accolades for its cutting edge STEM programs and extracurricular activities across its seven elementary schools, two middle schools, and one high school.
Apart from strong academic institutions, the charming town of Lexington is known for its vibrant community life fueled by local events such as Patriots’ Day, farmers’ markets, outdoor concerts, public celebrations among others. Families enjoy an active lifestyle with opportunities to explore nature trails, cycling paths miles of hiking trails.
A family friend moved to Lexington years ago and was surprised at how welcomed they felt in their new community where they quickly discovered activities that suit everybody’s interests – including sports leagues, cultural festivals and hosted musical events.
Studies show that feeling connected to one’s community can improve mental health functioning and lower stress levels. When you live in a place with high-quality amenities, good neighbors, inviting surroundings it becomes easier to engage in social activities thereby building relationships and nurturing bonds with fellow residents.
Critics sometimes argue that access to quality resources comes at higher living costs which could hinder affordability. But it’s important to note that a community with strong social ties and ample resources offers benefits beyond just financial ones.
Living in Lexington is like joining a team – the quality of the team members, comradery, leadership ability and shared experiences make all the difference in both winning and feeling like you’ve accomplished something as an individual!
Ultimately, purchasing a home goes beyond bricks and mortar. It is a holistic decision impacted by various aspects such as location, finances, education, lifestyle among others. Lexington MA continues to prove with its infrastructure and strong sense of belonging that it has much to offer families seeking to lay down roots in Massachusetts’Boston MetroWest region.
