Benefits of owning a Beacon Hill condo
June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.
The Emotional Benefits of Homeownership
Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.
Your Home Can Reflect Your Tastes and Personality
Investopedia puts it like this:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”
That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:
And that can create a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
The Financial Benefits of Homeownership
When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.
According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Boston condo for sale and the Bottom Line
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.
As we approach the end of the year, it is hard to believe that 2020 is here which with it brings an interesting year full of opportunity and challenges in the Boston Beacon Hill condo market. Ultimately, I think that buyers and sellers will look back at 2018 and be pleased with the results. Beacon Hill condo buyers who bought prior to the rate increases of late summer and fall will have interest rates in the mid to low 4 percent range. We may never see interest rate opportunities like this again. Sellers who sold their Boston Beacon Hill Real estate in 2020 were able to take advantage of lower inventory levels and double digit equity gain.
At the end of each year, it is common practice for most successful people to dream big and write up their goals for 2019. For any investors and buyers interested in a Downtown Boston condo, the suggestion is to put the goal of homeownership on the goal list. Here are several reasons to think about buying a Downtown Boston condo in 2020
Prices are going up:
It is a pleasure to finally report that the Downtown Real Estate market is gaining equity. In 2013 we saw 15% to 17% of equity gain in most markets. Over the course of 2014, many real estate analysts predict there will be more modest equity growth of 7% to 10%.
Interest Rates are going up?
Indications now is that interest rates will remain low. But at these historic rates they may not last long.
Tax Benefits of Homeownership:
As the economy continues to gain strength it will be more and more important to take advantage of every benefit in homeownership. The tax benefits for a homeowner are significant, and should not be overlooked.
Take advantage of the Urban Lifestyle:
Downtown Boston has so much to offer in terms of a great urban lifestyle. Everything from work, live, and play are literally within “footsteps” of your front door. One of the best aspects of living in Downtown Boston is walkability. It is possible to remove yourself from the “hustle and bustle” of the Boston freeways by parking your car and walking.
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Condos around the Midtown area to rent:
Back Bay area condos for rent
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Navy Yard Charlestown area condos for rent
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North End area condos for rent
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