Buy or rent in Beacon Hill
A renter living in Beacon Hill will always face an important decision: Is it better to Rent or Buy a Downtown Boston condo? In the above graph provided by the MA Association of Realtors, it is clear that most tenants think that buying is a better financial option in the long run. However, in the short term: Are there enough resources for a “down-payment” and the monthly mortgage costs? Rents in Beacon Hill have skyrocketed over the past couple of years, while the interest rates and Downtown Condo values have shown signs of stability and gradual appreciation. Before interest rates and Downtown Condo values rise enough to “price out” buyers…it is important for current tenants to explore the options of buying sooner rather than later.
Do the Math
I always refer tenants to the Rent Vs Buy Calculator on Realtor.com. This is a great resource to get to the “bottom line” of monthly costs. Often times when tenants or first time home buyers calculate the monthly costs, they forget to include monthly HOA’s and Property taxes. In the Advanced settings tab of the Realtor.com calculator, you are able to add in Property Taxes (calculated on a 12 month basis), and add in the cost of applicable monthly HOA fees (based of course on the complex being considered).
In either of the two scenarios above, the most important issue to consider are the options on both sides of the market. To find out what is available for sale, to View all of the current Beacon Hill Condos for Sale. To compare these opportunities against what is currently for rent in Downtown, Click Here to view all of the current Downtown Boston condos for rent.
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