In some downtown neighborhoods, renting an apartment can be just as costly as making monthly mortgage payments. Unfortunately, however, apartment dwelling does not provide any lasting returns on the money that tenants spend. If you’re tired of renting but aren’t ready to commit to the purchase of a large, single-family home in the ‘burbs, buying a condo for sale in Downtown Boston could be the best move for you. Following are several reasons why.
Enjoy the Tax Benefits of Ownership While Building Equity
In areas in which rent and mortgage payments are fairly comparable, it is vital to consider the short- and long-term gains that you’ll make by transitioning to Boston downtown condo owner. Closing costs and loan interest payments can all be written off. Best of all, a good condo investment will continue to grow in value each year, allowing you to build greater equity with each mortgage payment you remit. A few, modest investments in sweat equity will further the value of your unit. In time, you’ll have enough condo value to borrow against for financing other purchases or helping you get out of a pinch.
You Won’t Have to Maintain Outdoor Areas
When you buy a Midtown Boston condo, one of the largest, recurring expenses that you’ll be taking on is property maintenance. This includes features outside of the home as well as in. Boston condo dwellers, however, can enjoy the benefits of perfectly manicured common areas and a number of high-end shared property features, without having to physically maintain these things themselves. Common area maintenance is accounted for in the condo dues and if you shop around carefully, you can find an attractive unit with modest monthly HOA fees.
Limit Your Utility Costs
Buying a high rise condo in Midtown Boston is a great way to get a stylish unit that has more than adequate space for you, your loved ones and all your things, without having to pay a fortune on utilities. Much like apartments, these units are relatively compact and thus, there is less square footage to power up and heat. Investing in a condo as opposed to a single-family home will prevent you from seeing any notable changes in your utilities.
Gain Access to the Neighborhoods You Really Want to Live In
If you want to live in a high-interest area, opting to buy a condo rather than a house will increase your ability to do so. This is especially true in areas like Boston Midtown and Downtown Boston, where single-family homes simply don’t exist. Choosing a unit that’s close to your place of business, if possible, will also limit the costs of your daily commute and give you more time to focus on yourself, your social relationships, and your hobbies.
Need helping narrowing down your search? Maybe you’re torn between a nice condo in the Midtown area. An experienced agent can help you prioritize your must-haves and stay focused on your long-term financial goals. For more information on Downtown Boston properties for sale, call us to schedule an appointment.
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