Boston Condos for sale Sale


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Boston real estate: First time home buyers Boston condos for sale may be the right choice

When you’re ready to buy your first home, it can be easy to get carried away by the excitement and forget about not only your budget but also your short-term and long-term needs. As you make the transition from Beacon Hill apartment rental

r to Boston real estate owner, a condo can be a perfect way to own your own piece of Boston real estate and still have most of the upkeep and maintenance handled for you. Here’s why a condominium works so well for many first-time buyers.

Condos Are Low-Maintenance

When you’ve never owned your own home, it can be difficult to anticipate just how much upkeep goes into owning a house. With a single-family home, you’re responsible for not only everything that breaks down and needs to be repaired—from the siding and roof to the plumbing, air conditioning, and flooring—but also the landscaping. This level of maintenance can eat up your weekends and your budget. With a Beacon Hill condo, you can rest easy knowing the landscaping and exterior maintenance are all handled for you.

Condos Offer Affordable Living

It’s true that Back Bay condo buildings come with fees, but these fees cover a wide range of services, including building maintenance, landscaping, and amenities you can appreciate. As a first-time buyer, you can benefit from a lower asking price and reduced mortgage expenses (including a lower down payment and closing costs). With less space, you can expect lower utility bills that are probably more in line with what you pay now for apartment rent as well as lower costs to furnish and decorate your new home.

Condos Include Unique Amenities

If you’re ready for a change in lifestyle, a Midtown condo building can deliver it without the work that goes into maintaining a home. Your condo fees don’t just cover maintenance, either. They also cover the cost of shared amenities, which may include a fitness center, swimming pool and more. You may also rest easier at night with controlled access to the building for better security. If you like all of these extras but can’t afford them if you buy a house, a downtown Boston condominium may be exactly what you’re looking for.

Condo Buildings Offer a Sense of Community

Maybe you’re moving out of your parents’ house or buying your first home after living with roommates. Moving into a single-family home can be a big change if you’re used to living near or with other people. North End condo buildings have a built-in sense of community that can be hard to achieve with a house, even if you’re the outgoing type. Condo buildings tend to have active social environments, as you’ll meet your neighbors while hitting the nearby bars and restaurants. If you love high-energy city life and you’re looking for Boston real estate, downtown offers convenient urban living close to all the hot spots.

A Condo Can Be a Smart Investment

As a general rule, condos don’t appreciate in value quite like single-family homes, but this isn’t always true. According to Trulia, the median condo value climbed more than 38 percent between 2012 and 2017, compared to just under 28 percent for single-family homes during the same time. Even when houses appreciate faster than condos, you can still enjoy a good return on your home when it’s time to eventually sell or move up to a larger home.

If you’re a first-time homebuyer looking for Boston real estate, downtown offers a huge variety of choices, including condos of every size and type. The experienced agents from Ford Realty Inc., can help you find the condo that fits your budget and lifestyle perfectly. To get started on the search for your new dream home, give us a call today at 617-595-3712.

Boston Condos for sale Sale


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The tight supply of homes on the market has pushed prices higher. In August, the median price of an existing home was $356,700, a 14.9% increase from August 2020, according to the National Association of Realtors.

 
 
August existing home sales numbers down two percent from July
 

That’s left many first-time homebuyers on the sidelines. In August, they were responsible for just 29% of all sales. Historically, they make up 40% of all buyers.

In order to get into a home, some buyers are blowing their budget. In 2021, 28% purchased homes above their initial estimate, according to Zillow.

 

Yet creating a budget is very important before you decide to buy a home. Here’s what you need to know.

Your down payment for a Boston Condo

A down payment of 20% of the home’s cost may get you a more favorable interest rate and help you avoid paying for primary mortgage insurance or PMI.

Typically, PMI premiums range from $30 to $70 per month for every $100,000 borrowed, according to Zillow.

That said, you don’t need to come up with such a large amount of money for a down payment.

Typical first-time homebuyers put down 7%, according to the National Association of Realtors. Some loans allow you to go down to 3% or 3.5%. You don’t have to put anything down, or pay PMI, if you get a loan through the Department of Veterans Affairs.

There is also assistance available to those who qualify, including grants and forgivable loans. Check with your state and lender to see what is available in your area.

Figure out your monthly payments for Your Boston Condo

Just because you get approved for a certain mortgage amount doesn’t mean you should spend that much.

First, look at your monthly expenses, such as car loans, phones and daycare. Then, figure out what you can afford to spend each month on a mortgage payment, and make a decision from there, said financial advisor Jacqueline Cooper, founder, president and CEO of Financial Education Associates in Dorchester, Massachusetts.

Boston Condos for sale Sale


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