Homebuying 101: An Affordable Challenge Essay -- Journalism Essays

Homebuying 101: An Affordable Challenge For the past four weeks, Natalie Delsoin and 24 other Boston residents have been spending their Tuesday nights learning the ins and outs of affordable housing. Delsoin recently moved to Dorcester after a military stint in Germany, and she hopes to someday own a home. She plans on that day coming sooner rather than later. Delsoin’s biggest concern is her 2 year-old daughter. â€Å"I need a single family home that is safe†¦ and safe for my child,† she said. The class’ instructor, Tanya Townshend, teaches 30 to 60 people in each of her homebuyers classes. Townshend works as an assistant property manager for Maloney Properties, a New England real estate chain that sponsors a number of sessions for homebuyers. Townshend said â€Å"about 10% (of class attendants) seem to be ready to buy† after her four week seminar. The rest attend more classes or work on improving their credit rating before bidding on a home. Boston is one of the tightest housing markets in the country. Many first-time homebuyers are looking for any advantage they can get in finding their first home. For many homebuyers, affordable housing is the only realistic option. However, affordable housing is limited and there are a number of obstacles for families seeking to go that route. To help with the process, the city of Boston and a handful of community development groups sponsor first-time homeowner courses and support programs for people interested in affordable housing. According to a August 2000 U.S. Department of Housing and Urban Development (HUD) low income housing study, â€Å"the overall vacancy rate for rental units in the Boston was 4.1% in 1998 compared to 6.7% for the Northeast region and 7.9% for the country.† The h... ... at the assessment shows this duplex has no remodeling work done, the exterior and interior structures are poor, and the interior finish is graded as substandard. For a two-family home, it offers a decent accommodation – each residence has three bedrooms and one and a half bathrooms, as well as over 1,700 feet of living space. Significant depreciation in property value indicates the place is extremely run down. For prospective first-time homeowners, a tight housing market and constantly changing neighborhoods make finding the right home a difficult choice. The market is full of wrong choices. Potential buyers like Natalie Delsoin and James Creed hold out hope when their lottery number is picked, there are still affordable housing options waiting for them. Creed says that regardless of when that time comes, the classes â€Å"make you go in with your eyes more wide open.†