The number of Beacon Hill condos for sale is increasing everyday, and they are still selling at a slower pace probably because of COVID-19
Some of Beacon condo sellers have given up for now and are renting their units, others try to rent them out while they are still on the market for sale. As a Boston real estate broker who has been through this more than a few times there are some pitfalls to having renters in the unit while it is on the market.
There is the messy renter, the place is never in good shape for showings.
There is never a good time to show the place. I understand this and I know I wouldn’t want to pay rent and then have to have people traipsing through the place and disturbing my day.
I won’t even explain that one, but sometimes renters get involved when there are people seeing the home and they say all sorts of things.
The up side to renting out a condo is that the seller has a way of making the mortgage payment and can move on and wait awhile to sell it.
Boston Real Estate and the Bottom Line
There is another issue with renting out Beacon Hill condo and that is that in some buildings and developments the percentage of owner occupied units is so low that units no longer qualify for FHA financing. This is becoming a big problem These days FHA financing is very popular for first time home buyers and units that can not be financed through FHA are hard to sell.
There are no easy answers and it is a vicious circle. Would be sellers end up renting because it takes so long to sell or they owe more on the unit than they can get for it, and can not afford to sell it. Rented units are harder to sell and your rental unit may be killing your neighbors chance of selling their unit to the growing number of buyers who are using FHA.