Tuesday, August 26, 2014

5 Ways Owning a Home in Boston Beats Renting

Today's real estate market has seen a boost in homebuyer motivation, given the rising costs of renting in Boston. Aside from the simple payment aspect of owning a home in Boston (one that goes toward your own mortgage and not your landlord's), there are numerous ways homeownership takes the cake.

For instance, net worth. A homeowner's net worth is over 30 times that of a renter. If you've been on the fence about buying a home in Boston, now might be the time for you to make it happen.

You can make it your own
When you choose homeownership over renting in Boston, you have the opportunity to truly make the spaces your own. The home is yours and you can choose to do with it what you will! There is no need to worry about losing your security deposit simply because you want to renovate the bathroom.

You are investing your money
Think of all of the money you've spent on rent over the years and how you could have applied that to a home in the Boston Metro Area. Each month you are paying a mortgage and through "forced savings" you are investing it in your home instead of spending it on other purchases. Then when the time comes to sell the home and your mortgage is paid off, you will more than likely walk away with a profit!

There are no landlords
When you own a home, there are no landlords to deal with— no landlords to prod about fixing that leaky faucet or one who might raise your rent next year. Owning a home means you are in charge of the home and you don't have to put up with landlords ever again.

You have tax deductions
Owning a home in Boston comes with a few perks, including certain tax deductions. As a homeowner, you have the ability to deduct mortgage interest payments and also eligible expenses like energy-efficient improvements. 

You'll buy less furniture
Did you know that homeowners generally spend less on furniture than renters? Renters tend to think of their homes as temporary and purchase furniture that will simply "fit the space." When you buy a home and settle in for years to come, you purchase pieces that you can see growing with you and those you'll want around for the long haul.

Ready to buy a home in Boston? I'm ready to help! Contact me today to see what's available in your desired neighborhood and how you can start your journey toward homeownership. 

Ken Snyder
Keller Williams Realty Boston-Metro
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