Homebuyers Confident About Boston Real Estate Investment

As we head into the busy summer season, many Boston residents may consider making a move to a new home in the area. With rising rates and Boston housing housing prices, it is still a great time to buy a home and it seems more and more are recognizing the investment of Boston real estate  According to a new Gallup poll, most Americans see real estate as the best investment by far— even over stocks!

The Costs
Many reasons factor into real estate as the best investment, one of those being the costs of renting. If you live in Boston, you may be considering buying a home for that exact reason. Renting costs are rising as well and many see owning a home as the better use of their money. Another housing study from Harvard found that over half of all participants agree that owning a home makes better financial sense than renting.

The Benefits
Owning a home has many benefits, including those associated with finances and building long-term wealth. The Harvard study also found that of current homeowners, 71 percent stated that buying and owning a home was a positive experience for them— while just 34 percent found renting to be a positive experience. If buying a home in Boston is on your to-do list this summer, you might like to get started to beat the busy buying season and snag your dream home to start enjoying the homeowner benefits.

The Demand
Now that housing is being recognized as the best investment for many Americans, the local real estate market is about to get busy! In fact, HousingWire found that 90 percent of current renters have the desire to buy a home and will soon begin the process to make that a reality. You won't want to delay as the summer months heat up— chances are so will the competition in the Boston real estate market!

Ready to make a move to a new home in Boston or make your first purchase to switch from renting to owning? Contact me today and we can get started on finding you a Boston property that fits your wants and needs. As your local real estate expert, I am happy to answer any questions you have about the market or what it takes to get into that home you've always dreamed of. I look forward to hearing from you!

Ken Snyder

Keller Williams Realty Boston-Metro

Visit My Website

See Homes for Sale in Boston

Connect with Me: Facebook | Twitter | Linkedin

Contact Me

Understanding the True Costs of Homeownership

When you’re considering buying a home in Boston, it’s important to take a close look at your finances. As you may already know, it’s recommended that you make a 20 percent down payment at the time of purchase. The difference between the cash you put down and the sale price is covered by a loan with payments made to your lender each month. Beyond paying down the principle and interest on your mortgage, there are several other fixed and varying costs associated with homeownership. To make sure you’re prepared for the financial responsibility that comes along with owning a piece of the Boston real estate market, I’ve summarized some of the expenses you can expect on an ongoing and intermittent basis.

Fixed

Property Taxes

Once you buy a home in Boston, the amount of property tax you’ll pay will depend on the value of your home. The more expensive the property, the more you’ll pay in taxes. You can use a property tax calculator to get a rough idea of what you should budget.

Homeowners Insurance

As a homeowner, it’s highly recommended to protect your largest asset with homeowners insurance. In the event of damage or destruction, you want to be sure you, your loved ones, and your valuables are covered.

Homeowner Association Fees

If you buy a condo or townhouse, or choose to buy a home in Boston that is within the jurisdiction of a homeowner association, you will have to pay a monthly HOA fee. Costs covered under this fee can include everything from landscaping, to maintenance, to garbage and snow removal.

Intermittent

Repairs & Maintenance

Unless you live in a condo or townhouse and pay a monthly HOA fee, buying a home in Boston means paying for your own home repairs and maintenance. You’ll be on the line for everything from minor touchups to major projects, so it’s advised you have an emergency fund to dip into.

Exterior Upkeep

Even if you go the do-it-yourself route, costs associated with landscaping, snow removal, and driveway and sidewalk upkeep can add up. Be sure you factor in these expenses when setting a budget for your new life as a homeowner.

Remodeling Projects

One of the most liberating things about homeownership is having the ability to make your space your own. However, remodeling every room in your home comes at a price. Redoing your hardwood floors and modernizing your kitchen or bath can be very costly, so prioritize what needs to get done first and spread the projects out over an extended period of time.

I hope this summary has given you a clearer picture of the financial commitments of homeownership! Though there are a variety of costs involved, the pride in owning a home and the equity you’ll build over time are well worth the ongoing and intermittent expenses. If you’ve set aside enough money for your down payment, closing costs, your first several mortgage payments and an emergency fund for repairs, you’re well on your way to buying a home in Boston. Please contact me when you’re ready to kick off your search!

Ken Snyder
Keller Williams Realty Boston-Metro
Visit My Website
See Homes for Sale in Boston
Connect with Me: Facebook | Twitter | Linkedin
Contact Me