4 reasons to dive into the Boston Seaport condo market
Customize Your Boston Seaport Condo
One of the biggest benefits to owning your own Boston Seaport condo is being free to do whatever you like with it. If you want to knock down a wall to expand your master bedroom, go for it.
When you own a Boston Seaport condo, you have complete control over all the decisions. You can add your own personal touches to make your condo feel like a home, without the fear of eviction. While renting a downtown condo or apartment, some of the simplest things like mounting a TV, installing shelves, or hanging pictures may not be allowed causing you to lose your security deposit.
Tax Benefits Owning a Boston Seaport condo
Another thing to love about owning your own Boston Seaport condo is the tax benefits that come along with it. Although you may have a few more forms to fill out come tax season, this bit of extra effort will certainly pay off. The chief tax benefits are the ability to write off your homeowner’s insurance, mortgage, and property taxes that you make payments on all year. As a homeowner, you can also deduct eligible expenses, like some energy-efficient home improvements.
Investment & Savings
There is no doubt about it, owning a Boston condo is one of the best ways to increase your personal wealth. Little by little, as you pay off the principal on your loan you will begin to build equity. Equity is the difference between the market value of your home and what value your house builds over time. As a renter, all those monthly payments are essentially going out the window, you will never see that money again. Purchasing a home is not only an investment in yourself, it’s also an investment in your future.
When comparing the cost of a mortgage versus the cost of paying rent, you can see that over time a mortgage is more cost efficient, especially if you opted for a fixed mortgage. Whereas over time, rent will go up with the cost of living. Even when you account for the cost of the loan, insurance, taxes, and regular maintenance, you’ll find that you will be better off with a mortgage as long as you plan on living in that house for a few years. And if you ever choose to sell your home, you will have the potential to make a profit off of it.
Stability
Owning a Boston Seaport condo will provide you with a sense of stability in quite a few different ways. One of the most important ways home-ownership provides stability is through fixed costs. If you opted for a fixed mortgage, you don’t need to worry about being hit with payment increases. Even when the cost of living, gas prices, and food are on the rise, you won’t have to worry about your mortgage rates.
Buying a home can also help you establish roots and a sense of belonging within a community. You can start getting to know your neighbors, join community activities, and might build long term friendships doing so! Unlike home-ownership, renting comes with a factor of uncertainty. Is my landlord going to allow me to renew my lease or will he rent it to someone else? If I do renew my lease, will the rent increase?
