If you are planning on buying your own Boston condo, you should consider looking at condos for sale in Beacon Hill. Beacon Hill condo buildings provide many unique benefits that make them a very pleasant place to live, and unlike renting an apartment, buying a Beacon Hill condo allows you to put your money towards a property that appreciates in value.
Yes, Beacon Hill condo Spring market has arrived. So why would we encourage you to buy a Beacon Hill condo for sale at this particular moment? Well, for one thing, your search for a home may take a while. And you deserve that time to find what’s right for you.
So the best thing you can do to ensure you find the right Beacon Hill property for you is to start looking as soon as you feel the itch. Today we’ll be looking at reasons to buy a condominium in Beacon Hill in 2021, as well as how to do so. We’ll lay out why buying a home in Boston real estate for sale is a good choice, considering rationales both monetary and emotional. Because what is more a combination of reason and emotion than buying a home?
1. Interest Rates Are at Record Low but are Starting to Rise
It’s not news that interest rates are low; this has been the case for a while now. But signs may be pointing to them rising. In fact, they already have with the change of administration. So now may be the perfect time to lock in a rate that could save you thousands over the course of your mortgage.
According to NerdWallet, the current average interest rate for a mortgage in the downtown Boston area sits at just over 3%, which is higher than the historic lows we saw in 2020. However, when looking at the big picture, it’s still a very low rate. Last year we thought 3.29% was a huge drop, so you’re still looking at a very friendly number. Capitalizing by locking in that rate is a smart move.
2. Owning a Home Comes with Tax Benefits and Incentives
There are no two ways about it – purchasing a home comes with tax incentives. First-time homebuyers in particular have opportunities to make the most of financial programs that incentivize buying a home. But all homeowners will see tax breaks. You can deduct the interest you’ve paid on your mortgage from your income taxes. On top of that, the property taxes are also deductible. So while the fears of hidden costs of homeownership are legitimate, in the long run, the tax system has it in your best interest to buy. And having an experienced agent on your side reduces your risk of hidden costs in other areas.
Yes, it’s true that Beacon Hill apartments for rent costs seem to be on the decline since the pandemic. It’s likely that simply fewer people are moving right now. But when you compare the numbers, it just doesn’t make sense to keep paying rent once you’re ready to take the step of buying a home.
As painful as it can be to put so much money into interest, what you’re doing is putting your funds towards ownership. Which is a far cry from throwing money into Beacon Hill apartment rent indefinitely, and getting nothing back from it other than a bed to crash in. Home equity can also open doors that you’d never get while renting.
4. Beacon Hill Condo & Amenities
Many Beacon Hill condos have luxurious amenities that can make living in the building much more enjoyable. Roof decks and/or garden patios that can provide entertainment,
5. Beacon Hill Real Estate is a Great Value
Typically, Beacon Hill condos maintain a steady price, so they are not as affected by real estate inflation as other types of properties. Condos often tend to require a lower down payment than other types of buildings, making them more affordable for people with a limited budget.
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Buying a Beacon Hill condo for sale
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Click to view The Most Recent Beacon Hill Condo Sales Data Reports
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Our office is located in the heart of Beacon Hill at 137 Charles Street. View Beacon Hill condos for sale with photos and recent sales data for the last 30 days.
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