Many people buy a Boston downtown real estate thinking that ownership, rather than rental, is a good investment. They can sell their Boston Midtown condo for a higher price in the future or even rent out their condominium while they purchase a second home. When Boston downtown real estate is approached as an investment in the proper manner, it can be beneficial. However, home ownership in itself is not always a solid investment.
Boston Beacon Hill homes need repairs, sometimes as soon as they are bought. If you are buying a Beacon Hill home, you need to have some money set aside for emergency repairOne of the main differences between home ownership and renting is that if the toilet clogs up, homeowners may have to replace the toilet, if it can’t be fixed at their own expense, whereas a landlord rather than a renter would pay to have it fixed in a rental home.
Even new Boston condos for sale will eventually depreciate in value. It takes upkeep and sometimes even major renovations to ensure that a home becomes a good investment. Even if a home is kept in top shape, there is no guarantee of a profit when the owner decides to sell it. Depending on the Boston downtown real estate market, a homeowner could end up settling at a bargain price or barely breaking even.
Buying Boston condos for sale is a serious decision. Make sure that you are truly ready before moving forward.
If you or a loved one is looking to purchase/sell Boston condos or have downtown Boston real estate question, please contact my team at 617-595-3712.