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Saturday, February 23, 2008

should you rent or buy in Boston

In Boston there is everything from the rooming house to the condo and home owner, with enough interest each type of property to make each a hot commodity in today’s market. Each has it positives and negatives for which must be dealt with in their own time.

Deciding what is best for oneself or ones family is based on a number of factors which include the amount of space required, the costs involved, desired location, and how involved in the maintaining of the property.

In certain parts of Boston especially in parts that are in the process of gentrification (or as I would like to say it “Yuppification” since it is the Yuppies that are the ones fueling the gentrification in Boston) both the rental market and the housing market are neck and neck in the way of the overall costs regardless of how many different costs there are.

If you are in need of a three bedroom unit where you would prefer to live has everything to do with whether you should rent or buy since the location of the rental unit could be the same as or above what you would pay for a mortgage. If money is at the heart of whether you rent or buy it would be wise to sit down and sort out your finances to see in what parts of the city you would be capable of doing either based on your individual needs and what you can afford to pay for a rent or mortgage.

When deciding to rent or to buy you will also need to determine how much money you need to allocate for your savings if you are trying to save money so that way you can determine what to do especially since owning means that you may end up having to use the money that you are trying to save on the property to maintain it if you choose to buy making a rental unit more attractive as long as the location you choose to live in has what you feel to be a reasonable rent.

If saving is not a top priority, if you qualify for a mortgage you may be better served if you buy a home or a condo especially if the upfront costs with signing a mortgage are somewhat close to what you would pay upon signing a lease agreement, which is in most cases first, last and security deposit for an apartment if you don’t go through a management company or realty company for an apartment.

Depending on the type of and how much of a commute you are willing to accept you both options may appeal to you. I know people on both sides on the issue of commuting when it comes to deciding whether to rent or buy, and for the most part the reasoning behind commuting one way versus another way is pretty much the same. When it comes to people who choose to drive everyone I know regardless of renting or owning say they don’t want to be on someone else’s schedule for commuting, when it comes to public transportation they say it is to save money depending on the length of their commute.

Commuting in general most people have to do it for work, it is just a matter of how far you are willing to accept or may be forced to accept given your individual needs, how much you are looking to save, how much you can afford and how much work you want to do in regards to dealing with the maintenance of the property. However the only real difference with maintaining the property is that if you are renting, general wear and tear causing breakage of something for property related, the owner of the property has to fix it but if you intentionally break something it is like a store you break it you bought it.

1 comment:

Boston Condo said...

If you are looking downtown Boston...BUY BUY BUY!

Market is insulated and is a very conservative owner occupied marketplace (little investors).

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