A recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home.

The study cites that many Boston condo owners were able to refinance and “locked in a very low mortgage rate in recent years. That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month… so they are going for it.”

This logic makes sense in some cases. Boston condo market is a great investment right now.

However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

Before renting your Boston condominium, you should answer the following questions to make sure this is the right course of action for you.

 Questions to ask before renting your Boston condo:

  1. How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often after holiday seasonand the credit card bills come in)
  2. Have you interviewed experienced Boston eviction attorneys in case a challenge does arise?
  3. Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied condo?
  4. Will you allow pets? Cats? Dogs? How big a dog?
  5. How will you actually collect the rent? By mail? In person?
  6. Repairs are part of being a landlord. Who will take tenant calls when necessary repairs come up?
  7. Do you have a list of craftspeople readily available to handle these repairs?
  8. How often will you do a physical inspection of the property?
  9. Will you alert your current neighbors that you are renting the house?
  10. Does your building condo assocation allow renters? Do they allow short-term rentals?

Don’t get me wrong, renting out your Boston condo historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the condominium because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

If you’re thinking of renting or selling your Boston condo contact Ford Realty at 617-720-5454.

Boston Condo Statistics for Thursday, January 11th

Total Listings:528
Average Price:$1,607,443
Highest Listing Price Boston condo:$13,500,000
Lowest Listing Boston condo$115,000

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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