A Beacon Hill or Back Bay home is where you feel warm and cozy. It’s where you go to retreat from the world, spend time alone or with family and friends. It’s, therefore, unsurprising that homeownership is every American’s dream.

However, working closely with property managers for years, Upkeep Media marketing agency warns that homeownership is not all unicorns and rainbows. Sometimes, it can feel nothing but a leech on your finances. Pipes burst, termites eat your structure, wiring fails, foundations crack – the list is never-ending.

Maintaining a Beacon Hill home requires a lot of money; there is no question about that. However, if homeownership was nothing but a money-sucking black-hole of finances, no one would own one. It just wouldn’t make any sense.

Homeownership does indeed have a myriad of financial benefits. Whether the benefits dwarf the accompanying expenses is something that only the individual homeowner can decide.

In today’s Boston Real Estate blog, you are going to learn about the seven financial benefits of owning a home can bring you.

BENEFIT #1: YOU CAN MAKE ENERGY-EFFICIENT CHOICES

Aging and inefficient appliances can quickly rack up your monthly utility bills. This is especially true for older dishwashers, washing machines, water heaters, and toilets. These use way much water than is needed and can take a significant toll on your utility bills.

For a Beacon Hill apartment renter, the only choice they have is to make a request to their landlord. If the landlord agrees to pay for the upgrades, then great. However, if not, then the renter must decide to either continue paying the huge utility bills or move out.

When you are a Boston Midtown condo homeowner, however, the buck stops with you. You get to decide what kind of appliances to use. You won’t be at the mercy of somebody to make cost-saving choices.

BENEFIT #2. OWNING A HOME ACTS AS AN INVESTMENT

Every mortgage payment is principal paydown. With every payment, you own just a bit more of your home. Beacon Hill apartment renters, on the other hand, will not expect to see any return on rents paid.

That said, it’s important to make the right choices when it comes to purchasing your Back Bay home. This will help ensure that your home becomes an investment and not a money drain.

BENEFIT #3. FIXED MORTGAGE PAYMENTS CAN HELP STABILIZE YOUR BUDGET

Financial stability helps to achieve better control in life especially in the future. This is something not afforded to all Beacon Hill apartment renters. This is because renters can face unexpected increases in housing costs.

Homeowners, on the other hand, can enjoy financial stability offered by fixed-rate mortgages. This can help you stabilize your budget knowing that you won’t be facing increases in your housing costs.

BENEFIT #4. OWNING A HOME CAN BOOST YOUR CREDIT-WORTHINESS

Provided that you make every mortgage payment on time, your credit score will gradually increase. In other words, your payment history is the single most important factor influencing your credit rating.

As it improves, you could even consider refinancing your Boston Midtown condos. This could help you lower your mortgage payments or even shorten your loan terms.

BENEFIT #5: HOMEOWNERSHIP CAN BECOME A SOURCE OF PASSIVE INCOME

As a downtown Boston real estate owner, you may be able to turn your home into a cash cow. The following are some ideas. You could:

  • Let people store their items in your home. You can earn as much as $1.44 per square feet doing this.
  • Sell parking spaces. According to CurbFlip, you can earn as much as $375 renting out an empty reserved parking lot.
  • List your home on Airbnb. With a rental listing site like Airbnb, you can make a decent extra income renting spare rooms.
  • Rent out your lot to tiny house dwellers. More and more people are looking to downsize their lifestyles. Many counties, however, forbid tiny houses unless they share a lot with a traditional house. If you have extra space, you can make some money renting it out.

BENEFIT #6: YOU CAN ENJOY TAX BREAKS

There are many great tax benefits tied with homeownership. And, you’ll enjoy them from the time you buy your home to when you decide to sell. Up to $100,000 of interest incurred, for example, on home improvement loans are tax-deductible.

Home improvement changes centered on energy efficiencies, like storm doors and new windows, can also give you a decent tax credit.

State and local taxes, including property taxes, can also be deducted up to $10,000. This is per the Republican tax bill that was signed into law by President Trump on December 2017.

BENEFIT #7: OWNING A HOME CAN HELP LOWER YOUR INSURANCE PREMIUMS

You may enjoy discounted car Insurance premiums by virtue of being a homeowner. Insurance companies give homeowners lower rates because they exude stability. While this isn’t a reason to own a home, it’s certainly a good financial perk to have.

There you have it. 7 financial benefits of owning downtown Boston real estate. Remember, though, while owning a home can be a great investment, there is a lot more responsibility in terms of upkeep.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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