Boston condo buyers often have grandiose visions for their new residence, with very little room for compromise. The realities of the local Downtown Boston real estate market and your available budget, however, could make flexibility an essential addition to your overall purchasing plan. When it comes to matching your ideal condo to your budget, being flexible in what you’re willing to consider will open the door to a number of amazing investment opportunities.
Prioritize Needs Over Wants
Make a list of features that you absolutely need your new Downtown/Midtown Boston condo to have. For instance, access to affordable parking, sufficient storage space, and additional room for any expected growth in the near future are some of the things that condo buyers often need. An extra room for working out, an on-site fitness center, or luxury condo amenities are definitely worth pursuing, if you can afford them, but they are not likely to be essential. This list will help you identify the areas that you are willing to compromise in as well as the features you absolutely need to have.
Location is Everything
Try to look beyond the unit features that are within your power to change. While you might have a list of amenities that you desperately want to have in your new condo, it is important to prioritize features that are impossible to change. The location of your unit is and forever will be static. You can improve upon your unit and radically alter interior aesthetics as your budget allows. You can’t buy a Boston Midtown high rise condo for the same price as a Dorchester Boston condo. Keep this in mind when deciding which units are best in line with your purchasing goals.
Identify Short and Long Term Goals
Take some time to consider how long you intend to live in your new condo. Most condos are turned over in about five years due to increases in family sizes, changes in occupations, and other lifestyle alterations that create the need for bigger units or living environments that lie outside the inner city. This means that most people are investing in these units based upon their short-term plans, rather than their long-term living or investment goals. When you have a basic idea of where you want to be five to ten years from now, it will be much easier to look for properties that are suitable for your current wants and needs.
Never Underestimate the Value of Sweat Equity
While you might have your heart set on a brand new condo that has never been lived in by anyone else, you may be able to get far more for your money by considering units that are previously owned. Not only will this lower the cost-per-square-foot of this purchase, but it will also give you the chance to invest in sweat equity that could significantly enhance your returns on this investment. Everything that you do to personalize and enhance a previously owned condo will boost the value of your unit and the related returns.
Need help finding the right property for you budget? Call us today. We know the Downtown/Midtown Boston real estate market forwards and backwards and don’t rest until our clients are happily moved into the condo, loft, or penthouse of their dreams.
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