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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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