Are you still sitting on the fence about buying a Boston condo? Thinking of finally settling in a place of your own, but fearing the commitment? If you find yourself browsing Boston condos for sale, hesitating to really start a search for a place to call home, this article could help you reach a decision.

You’ll be your own boss

As a renter, you may have a tolerant, understanding and considerate landlord or you may not. Your landlord may be difficult to get a hold of, reluctant to make any concessions, and slow to make necessary repairs. Dealing with people can be tough. But when you buy your own Bostotn condo or house, you’re the king. Paint the room orange-yellow, change the flooring or redecorate the bathroom.

When there’s a repair issue, you’re in charge of it. Yes, this entails being financially responsible for the repairs, but at least you don’t have to wait for the landlord to evaluate the need for the repair, nor do you have to accept the vendors your landlord chooses.

It’s a long-term investment

Let’s say you have a nest-egg and now you are in two minds about making a down payment for a home or investing in the stock market. In the end, however, a home would accrue more profit and faster than stocks. If and when your home appreciates (after you’ve repaid the mortgage), it will accrue interest on the whole house value, not just the down payment.

Tax deductions reduce the housing cost

When you rent, your monthly housing cost can, and very often will, rise year over year. It’s slightly better if you rent in an area with rent control, but it’s tough luck for this if you live in Boston. B

Buying a primary residence gives you the chance to use tax deductions on mortgage interest and property taxes, which can make the monthly cost of ownership the same or lower than renting.

You could lock in on fixed-rate mortgage rates

If you make a 20% down payment, you could get a fixed-rate mortgage. This would give you a stability in planning your budget on the monthly and yearly plans. As we have already mentioned, renting is unpredictable. Landlords can raise the rent when they see fit or they can quit your lease if they decide to sell. When you take into account the whole life of the loan and the tax benefits, it’s probably cheaper and more stable to buy a home.

You are forced to save

This is a well-known argument for buying. When you are making monthly mortgage payments, you are forced to save and invest in your home, increasing your equity in the home with every payment you make. When you rent, all the money goes to the landlord.

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