As a full time buyers agent in the Arlington / Lexington MA area, I am so familiar and comfortable  with the types of homes we have here that it surprises me when some buyers exclaim how “old” the houses are here. Typically I hear this from people who have moved here from another city or country.

Arlington’s history goes back over 350 years, and some houses over 100 years old are still standing and serving their owners. In the early 1900′s various neighborhoods sprung up, from the multi-family homes in East Arlington and Arlington Heights, colonial revival homes in the very uniform Kelwyn Manor (between Spy Pond and Lake Street) to the Victorians and Colonials in Jason Heights and the farm houses and colonial homes near Mt Gilboa.

If you are considering buying one if our older models, (some 100+ years old!) there are three important things to consider:
1) Age alone does not determine condition
Explore how time (and previous owners) have treated your subject property. Two houses built side by side 75 years ago may present completely differently today. One may be in tear-down condition, while the other could be structurally sound, fully updated and highly efficient. I have seen houses just 20 years old that were made so poorly and with such inexpensive materials that they now have more maintenance requirements than well built classic capes and colonials built in the 1920′ and ’30′s.

2) Basements Tell Stories
When you observe the condition of a home, pay particular attention to the basement. Appearances can be deceiving, but even a novice can tell if there are unpleasant odors, or if it feels damp and unhealthy to spend time there.  If you are not familiar with the structural, electrical and plumbing workings of a house, an unfinished basement can look like a wild puzzle, since different owners over the decades may have changed or replaced original materials, and modified or abandoned previous systems such as knob and tube wiring , plumbing, etc.   I believe the health of a house (and it’s occupants) is affected by the basement. Unless you are a home inspector, it is hard to know whether you’ve got a gem or a disaster on your hands.

Finished Basements
If a basement is finished, you cannot see the condition of the foundation, so even though it may look nice (or even ugly!) the walls hide what an inspector would be looking for: moisture, settling, insect damage, water penetration, crumbling foundation and more. Semi-finished basements offer partial viewing of the “patient” but only an unfinished basement allows you to truly keep an eye on things. Should a leak develop behind a wall, it could be years before the scope of the problem comes to light. And it’s not a pretty sight when it does!  Even though an inspector cannot see behind walls, they can test for moisture on the walls, which could be masking unpleasant surprises on the other side.

Which leads me to point # 3:

3) Inspection Inspection Inspection!
Thankfully it is considered routine for home buyers in the Arlington, Lexington and surrounding towns to have a home inspection as part of the buying process. As a buyers agent, in order to protect my buyers, I write a contingency into your Offer allowing you to back out of the deal if you are not satisfied with the results of your home inspection. This gives you an opportunity to learn about any defects, and about home maintenance, before going too far into the transaction.

Licensed home inspectors = peace of mind
When you buy a used car you take it to a mechanic for a checkup, and to be sure youre not buying a lemon! Normally you dont expect it to look and operate as if new. Likewise, a 50 year old house will not thrill you like a new construction home might. For a few hundred dollars, get peace of mind by learning the nuts and bolts of your new home. The inspection will reveal any deficiencies, and you will get a report outlining these areas. You may try to negotiate some issues with the sellers. If you move forward with your purchase and become the proud owner of one of our fine older homes in Arlington Ma, you may make upgrades of your own, whether structural (reinforcing beams, rebuilding a porch etc), or cosmetic (re-tiling kitchen and  baths and replacing fixtures). You might want to refer to this NAR report, which identifies which types of home improvements are likely to give you a return on your money.

Buying a home in Arlington MA can be a wonderful experience, and whether by choice or due to your price point, you find yourself buying an “older home”, hopefully you will enjoy the charm and history it represents. Settled floors, gently worn wood and stairways,  wallpaper in closets, crayons drawings in the attic, an old workbench in the garage… these are the whispers of history, and part of the charm of living in or around Arlington MA. You can take a piece of history and make it yours. Take the plunge, it is an adventure -but look around and you’ll see you are not alone: the neighbors are doing it too.

If you have lived in an older home, you probably have a story or two about why you loved or hated it. I appreciate your comments so please feel free to share your stories!

Resources:
Find an ASHI Home Inspector
Arlington Historical Commission
NAR home projects that pay off 
This Old House

For new home buyers looking to buy a home around Lexington or Arlington MA, an early step you will take is to speak to a lender and obtain a pre-approval letter. You might be surprised to learn that many people are “less than truthful” with lenders when discussing their financing options. I always ponder the reasoning behind this “less than truthful” approach! When you think about it, what’s the point? Just as a doctor or accountant cannot give you accurate advice without your truthful participation, neither can a lender. If you pick and choose who who you share your truths with, there is ONE place you should be totally straight up, and that’s with your lending officer.

1) Professional Advice – When you are speaking to a lender and looking to secure a loan, you will be asked for certain information required for a lending institution to loan you perhaps hundreds of thousands of dollars. To be less than truthful is not only illegal on an application, your lender will be unable to give you the useful information you truly need to make good decisions for yourself and your family. Lenders know the ever-changing guidelines, and they will let you know not only what you can afford, but if you do have extenuating circumstances, they can help you work through them legally. To not avail yourself to their advice, and to deceive a bank of full disclosure, is double folly. Lying on stated income loan application is fraud, and can result in penalties or foreclosure.

2) What’s your time worth? –  Sometimes people don’t provide all the right details to their lender because they don’t want to take the time to gather all their financial information, but if the truth comes out while your loan is trying to pass through operations you may have to start over or go through additional procedures to set things right. If your purchase involves relocation, selling of existing home, etc. this delay could blow up to giant proportions and affect many people in the process.

3) Better service – Even if it is slightly embarrassing, be willing to share your obstacles. Regardless of the circumstances, whether it is it immigration status, several personally owned businesses, poor credit rating, income that is not documented, an ex-spouse that has you financially entangled (just an example), you MUST tell your loan officer of these noteworthy circumstances so he or she can work around (and through) them. Waiting until your documentation is in operations for approval is not the time to suddenly be completely truthful. Last minute surprises lead to underwriting complications and delays, possibly causing you to miss critical deadlines – a costly problem you want to avoid!

4) Lower interest rate – We have found that clients who do a full pre-approval well in advance of writing an offer and applying for a loan, who leave nothing out, supply all materials requested by their lender, and have no “surprise” information appear later, have the smoothest experience getting a loan, at the best rate. They will always try to save you money if your circumstances allow. Even though it feels unnatural to share much of your private information with a stranger, it is the only way to get excellent and true advice when making one of life’s biggest investments.

I have heard of people “doctoring” pay stubs, providing statements with intentionally missing pages, lied about marriages, divorce in progress, sources of funds intended for deposits, and even who have receive suspiciously large sums of money right before closing. In many cases a good lender can work around the challenge once it’s identified, but “surprises” of this nature normally ended up costing the client time, money and aggravation.

Don’t take it personally when you are asked for private information and documentation by a lending officer. They do not ask for personal information unless it is (a) required by law or (b) the policy of the institution. Since the person working on your mortgage cannot change the rules, it is in your best interest to take time to develop some trust, and if you put in an application, do it completely and honestly from the beginning. If you cannot be completely truthful, this may not be a good time for you to buy a home! Your lender has your best interest in mind, and you don’t want to tie their hands when they are the link between you and buying your Dream Home. Pick a reputable lender and you will not be disappointed.

So, when you start the pre-approval process, and you are asked for your personal and financial information, give it straight and you will get better service and save money and time.