Are you tired of paying rent every month? Does your landlord increase rent dues at will regardless of your earning ability? Most people get tired of the monthly routine before realizing they cannot grow financially as long as they continue paying rent. Boston apartments have become just as high in some neighborhoods as a mortgage payment somewhere just outside of town, and with interest rates low you may be considering take that big step and buying a home.
Most mid-income earners prefer buying a small home in Boston as their initial investment. As income improves, one can later move to a bigger house to suit their changing needs. Here are some factors to consider before you sign another lease:
- Locality
Where do you want to live? What amenities do you like to access? Some of the primary services to look for are the neighborhood, social and educational amenities in the area of choice. Proximity to shopping malls, libraries, parks, schools, transport, medical facilities is crucial to factor in your decision-making process. You may need to spend some time in the desired area to get a feel of the locality.
- Value for your money
Research the ranging value for the property market in the neighborhood. Engage experts such as property valuers and seasoned and upcoming real estate professionals. The findings will help you buy an apartment at a reasonable rate. The findings will also help you decide how feasible disposing of the house will be in the future.
Visit many places to confirm the criteria for buying and selling an apartment in your locality. Property market trend adapts a general trend in a given economic region. Therefore, research to determine the suitability of investing in an apartment.
- Duration of stay
Is this your first home? How long do you wish to stay in an apartment before moving out? Duration of stay is a question that most people overlook when buying an apartment. Typically, how long you stay should make investment sense in regard renting.
Typically, according to housing experts, it takes four to seven years before breaking even after buying an apartment. Hire an expert to prospect the value of your apartment when you want to sell it out in the future. In a nutshell, buying an apartment to sell it in two years is unlikely to be profitable. However, renting for the meanwhile as you plan to buy one may be a better option.
- Initial down payment
How much do you need to pay before occupying the apartment the initial down payment remains an obstacle for most buyers today. If you’re newly employed, raising down payment may require you to take a loan.
Housing regulations in your area may restrict the amount one must raise before owning buying an apartment. The amount is a commitment fee to show willingness and ability to pay the rest of the amount. Usually, one must pay the complete purchasing amount in two years. The longer the instalment, the more expensive the apartment becomes.
- Economy indicators
The prevailing local market or economic indicators is a factor you need to consider. Your preferred locality may not have the kind of apartments you want. On the other hand, the prevailing market prices may be unfavorable to you. Additionally, some market trends may dictate whether buying or renting is a viable option.
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