Boston condos: Benefits of buying a condo when you’re young
Boston Condos for Sale and Apartments for Rent
Boston condos: Benefits of buying a condo when you’re young
Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where Boston condos come in.
For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.
And right now, Boston condos are one of the most buyer-friendly parts of the market.
Boston Condo Inventory Is Up, And That Means More Choice
According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):
Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.
You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective.
That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.
Prices Are Cooling, and Buyers Hold More Negotiating Power
And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:
“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”
Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year.
Data from Redfin shows what the recent dip in prices looks like (see graph below):
That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.
Boston Condos and the Bottom Line
Boston Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.
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Boston condos: Benefits of buying a condo when you’re young
Buying a Boston condo can be a daunting task, especially for those who are looking for their first home. One option is to look for a condo instead of a single-family house. There are seven main reasons buying a condo in downtown Boston may be a smart move for younger individuals who are more mobile and on the go.
1. Affordability
Boston Condos are often more affordable than single-family homes, making them great options for those who have a tighter budget to work with. Furthermore, those looking at condos may find the insurance rates are lower because they only have to insure the living space and not the outside of the building.
2. Easy Maintenance
Most Boston condos have very little to no maintenance. The owner of the building is responsible for keeping the grounds maintained, fixing the roof as needed, and even repairing furnaces or air conditioners. For those who have never owned a home before or don’t have the time for repairs, starting with a condo can remove this potential financial stress.
3. Added Security
Most Boston luxury condo buildings have a doorman, meaning the only people allowed to get past the lobby are those who live there and approved visitors or guests. For those who live alone or have security concerns, living in a condo complex can eliminate this fear. Neighbors and friends are close by and security personnel are just a phone call away. When residents want to go on vacation, they don’t even need to worry about leaving home for extended periods because their front door is inaccessible to outsiders.
4. Close Community
Boston Condos are full of people who are often around the same age. Younger individuals are being drawn to condos due to the reduced costs, so it can be easy to find new people to hang out with. Meeting up with friends for a late-night get-together may be as simple as going next door.
5. Turnkey Living
Some condos can be bought fully furnished with everything a person needs, which reduces the time spent having to go find furniture and figuring out how to get bulky items such as tables and couches into the unit. Other condos do not come with furniture, but they may come with essential appliances such as a refrigerator and dishwasher.
6. Additional Amenities
Depending on the building, residents may have access to a clubhouse, pool, or fitness room. These amenities are often included in the condo fees, making them less expensive than buying memberships to each type of amenity separately.
7. Location
Many Boston condos are located in desirable parts of town such as the downtown districts of San Diego, giving residents access to restaurants and clubs. Public transportation options are often more plentiful, and residents may not need their own vehicles to get to work or travel around town. These days, more and more young people are purchasing real estate. Downtown Boston is the perfect area for young homeowners interested in the urban lifestyle. To see the latest condos, lofts, and penthouses on the market, we can be reached at 617-595-3712.
Boston condos for sale
Back Bay area new condos for sale
Beacon Hill area new condos for sale
Charlestown area new condos for sale
Navy Yard Charlestown area new condos for sale
Dorchester area new condos for sale
Fenway area new condos for sale
Jamaica Plain new condos for sale
Leather District new condos for sale
Midtown area new condos for sale
Seaport District area new condos for sale
South Boston new condos for sale
South End new condos for sale
Waterfront new condos for sale
North End area new condos for sale
West End area new condos for sale
East Boston area new condos for sale
Condos around Boston to rent:
Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent
