Benefits of owning a Beacon Hill condo
Boston Condos for Sale and Apartments for Rent
Benefits of owning a Beacon Hill condo
With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a Beacon Hill condo for sale. That’s only natural as you think about the dollars and cents of it all.
And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says:
“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.”
Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals.
A Sense of Satisfaction
Owning a home is often associated with better mental health and well-being. That’s probably because buying a home is a big milestone. And the sense of satisfaction and pride that comes with achieving that goal just feels good. A recent article from the Mortgage Reports says:
“By and large, homeownership brings more satisfaction than renting. . . Surveyees scored the overall happiness level of homeowners at 88% compared to 67% for renters.”
More Stability for Your Family
Another thing that may make homeowners feel more satisfied is that they’re finally able to put down roots. Think about it. If you’re used to moving each time your lease renews and your rent climbs, staying put for a while would be nice not just for you, but for any loved ones that live with you.
A home can provide more predictability and the chance to make long-term friends. That should reduce everyone’s stress too. As NAR explains:
“Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.”
A Stronger Feeling of Community
And if you’re also looking for a sense of belonging for yourself, homeownership can help with that too. As FinHabits says:
“Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . .”
It makes sense. Your home connects you to your neighborhood and, by extension, your broader community. That’s because owning a home gives you a stake in that community’s future. So, becoming more involved and wanting to do what you can to help improve the area while making long-term relationships with neighbors is only natural.
The Ability To Make the Space Your Own
And don’t forget, your home is a place that’s all yours. Unless you’ve got specific homeowner’s association requirements, you’re free to customize it however you see fit.
So, if renting has been cramping your style, it’s time to express yourself and jump on the latest trends (if you want to). Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. And as your tastes and lifestyle change, so can your home. Picture coming home each day to a place that feels like you. That’s a feeling like no other.
Boston Beacon Hill Condos and the Bottom Line
If you want to enjoy a sense of accomplishment and pride in where you’re living, let’s have a conversation to go over what you need to do now to make the story of owning a Beacon Hill condo happen for you.
Updated: Boston Real Estate Blog 2024
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Benefits of owning a Beacon Hill condo
June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.
The Emotional Benefits of Homeownership
Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.
Your Home Can Reflect Your Tastes and Personality
Investopedia puts it like this:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”
That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:
And that can create a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
The Financial Benefits of Homeownership
When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.
According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Boston condo for sale and the Bottom Line
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.
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Benefits of owning a Beacon Hill condo
As we approach the end of the year, it is hard to believe that 2020 is here which with it brings an interesting year full of opportunity and challenges in the Boston Beacon Hill condo market. Ultimately, I think that buyers and sellers will look back at 2018 and be pleased with the results. Beacon Hill condo buyers who bought prior to the rate increases of late summer and fall will have interest rates in the mid to low 4 percent range. We may never see interest rate opportunities like this again. Sellers who sold their Boston Beacon Hill Real estate in 2020 were able to take advantage of lower inventory levels and double digit equity gain.
At the end of each year, it is common practice for most successful people to dream big and write up their goals for 2019. For any investors and buyers interested in a Downtown Boston condo, the suggestion is to put the goal of homeownership on the goal list. Here are several reasons to think about buying a Downtown Boston condo in 2020
Prices are going up:
It is a pleasure to finally report that the Downtown Real Estate market is gaining equity. In 2013 we saw 15% to 17% of equity gain in most markets. Over the course of 2014, many real estate analysts predict there will be more modest equity growth of 7% to 10%.
Interest Rates are going up?
Indications now is that interest rates will remain low. But at these historic rates they may not last long.
Tax Benefits of Homeownership:
As the economy continues to gain strength it will be more and more important to take advantage of every benefit in homeownership. The tax benefits for a homeowner are significant, and should not be overlooked.
Take advantage of the Urban Lifestyle:
Downtown Boston has so much to offer in terms of a great urban lifestyle. Everything from work, live, and play are literally within “footsteps” of your front door. One of the best aspects of living in Downtown Boston is walkability. It is possible to remove yourself from the “hustle and bustle” of the Boston freeways by parking your car and walking.
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