In 2018, Boston condo buyers who get the keys to a downtown Boston condo unit should consider themselves fortunate. After all, this is one of the most desirable and promising housing markets in the United States. For this and other reasons, it would be difficult to think about new Boston condo buyers feeling regretful after moving into their Boston home, but this is not an uncommon situation.
Post-closing regrets are not quite the same as buyer’s remorse, a psychological sense of being dissatisfied with a purchase decision. The regrets first-time homeowners feel tend to be more nuanced. They are often associated with doubts about their financial strategies as well as with realizing things seem different from their initial perceptions.
The Neighborhood Isn’t Ideal
Even the most charming districts of downtown Boston can bring about regrets among some new condo owners. For example, Friday nights at the Midtown District can get busy, noisy, and gridlocked. Owners of lower-level units that face streets lined with bars and nightclubs are the most likely to regret their choices. Others may complain about being stuck in traffic as they try to reach their parking garages.
The Mortgage Does Not Match Financial Goals
Boston condo buyers who seek to build equity for future profits may feel their mortgages do not match their investment horizon. Those who plan on selling in the short term should look at interest-only mortgages with low down payment requirements. If for some reason they closed with a 30-year fixed loan, they may want to think about refinancing.
The Floor Plan Is Too Small
Being displeased with the floor plan is a common regret among condo and loft buyers, and it has more to do with the layout than with the square footage. They get fixated on the numbers presented on the multiple listing service. A two-bedroom loft with 1,200 square feet of living space may sound enticing, but not when a gourmet kitchen and panoramic balcony take up most of the space. Another issue is related to the staging done by real estate professionals who know how to arrange sparse designer furniture to make living spaces appear larger.
The Renovation Needs Are Extensive
Buying a fixer-upper condo may be a good financial strategy, but it can turn into a cumbersome situation for homebuyers who move in before completing the most urgent repair and improvement projects.
The Monthly Housing Costs Are Too Much
It’s crucial to discuss home affordability calculations with mortgage brokers and loan officers. The key is to always try to limit monthly housing expenses to about 40 percent of net income. Moving into a new condo without drafting a budget is not recommended because doing so has the potential to create financial concerns, and the same can be said about dipping into cash reserves soon after moving in.
If you’re interested in buying real estate for sale in downtown Boston, make sure to keep these and other considerations in mind. You also don’t want to regret working with the wrong real estate agent. Please feel free to contact us at 617-595-3712.
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