Boston Condos for Sale Search
Boston condos: Tips on buying a Boston condo for sale if you’re about to retire
As more and more baby boomers enter retirement age, the question of whether they should sell their single-family home for a Charles River Park condo and move has become a hot topic. In today’s Boston condo market, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
1. Boston Condo Affordability
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a Boston high rise condo building with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
2. Boston Condo Home Equity
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your Beacon Hill condo with little to no mortgage. Homeowners in the US gained an average of over $9,700 in equity last year.
3. Boston Condo Less Maintenance
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a Boston condo with a condo fee be worth the added peace of mind of not having to do the maintenance work yourself?
4. Boston Condo Security
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security is helpful. An extra set of eyes looking out for you always adds to peace of mind.
5. Boston Condos & Pets
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Consider all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
6. Mobility
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
7. Boston Condo Convenience
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
Boston condo for sale and the Bottom Line
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
Boston Condos for Sale Search
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Considering that it’s so desirable to live downtown Boston, it’s not a big surprise that this is reflected in the value of Boston condos for sale
If you’re shopping for a Back Bay or Beacon Hill home, there’s a good chance you’re interested in finding the best bang for your buck. How can you find the best possible property for your allotted budget?
Whether you are looking at homes for families, couples, or you’re shopping on your own, let’s take a look at what you should know about getting the most value for your money in the downtown Boston real estate market.
Look for a Boston condo with good bones
When Boston condo retirees or investors are looking at properties, they are usually looking at the bones of the house/condo and the location rather than the current aesthetic or superficial state of the home. They understand that walls can be knocked down, porches can be built, and walls can be repainted.
However, it’s very easy for people who are shopping for their own personal residence to get tied up in how the home looks. In a competitive real estate market such as the one in Boston people who are able to see past superficial or minor flaws will be able to get a better value than those who want a pristinely turn-key property.
You will want to be honest about how much work you are willing to do to a home. For some people, there is a thrill in taking on a big DIY project in exchange for increased home value and an opportunity to truly make it their own. Others might find that they’d rather pay extra for a home with good bones that also excels in the aesthetic and they can start enjoying it right away.
The other reason to look at the fundamental structure of the house in order to maximize your value is that a house with good bones will cause you less trouble over the years and be a better investment in the long run. If you buy a house with a foundation problem, you are going to have to shell out the cash to fix the foundation problem. If you choose not to make the repair, then you are faced with the reality of selling a home with a foundation problem somewhere down the line.
At the end of the day, you can renovate your home in any way your heart fancies (so long as it is allowed by your condo association, state building codes, etc.) but you are relying on the bones of the house to be solid.
Think about your future real estate needs
When you are comparing Boston condos for sale prices, it’s important to keep the future and the big picture in mind. If you are looking to get the most value for your dollar when purchasing real estate, you might consider buying your home in a neighborhood that you believe is up and coming.
What this means is that you are essentially making an investment based on the belief that the entire neighborhood will become more desirable over a certain number of years. You will want to make sure that you believe that this process of improvement will occur during the time you plan on living there, of course.
The outcome of this is that you might find that you are living in a neighborhood that you feel is slightly less than ideal right now. However, you believe in its future potential to grow into a more ideal neighborhood for you. Additionally, you believe in the potential for home values to rise in the neighborhood, leaving you in a position to profit when you choose to sell it down the road.
Some of the signs that a neighborhood is up and coming include:
- The city is beginning to allocate more money towards improving the roads in a neighborhood
- Landlords are starting to renovate and refurbish older homes
- Specialty shops and coffee shops are starting to open in the neighborhood
- There is an influx of cultural activity, such as art galleries opening
- You notice a mix of more expensive cars and less expensive cars on the streets
If you are choosing to move to a neighborhood that you believe will improve in the future, you will want to research the safety of the neighborhood as well. While it can be great to buy in early before property values rise, it’s not worth risking the safety of your family for.
You’ll also want to look into potential changes in the neighborhood that could detract from the value of the property in the future. Learn about future development plans in the area and consider whether or not that will impact home value.
Remember you can change the condominium but not the location
If you’re moving into downtown Boston and comparing home prices trying to find the best bang for your buck, focusing on the location is key. There is the neighborhood that the home is in, as we’ve discussed above. However, there are also the particularities of the property that make it more or less desirable to you.
Are you interested in the Boston Seaport condos with a view? If that’s the case, you might look for homes that need a little TLC but are ideally located for an expansive view. You can always renovate your home, but there’s nothing you can do to change its location.
Similarly, what if you find your dream home but it’s located across the street from a gas station? If the noise of commerce and people coming and going is going to negatively impact your quality of life and your home’s value, it might be better to look for a home that is more ideally located even if it is less perfect as a structure.
Don’t let your emotions get the best of you when selecting a condo for sale
When you’re traveling around looking at homes with a real estate agent, it’s easy to just outright fall in love with a property. Even though buying a house is a big financial investment for people, it’s a mistake to think that they naturally approach the decision from a purely practical standpoint. Emotions play a big part in how people respond to homes, which is exactly why home-staging, curb appeal, and professional photographs are such a big part of real estate marketing.
Boston condos for sale and the Bottom Line
It’s a good idea, to be honest with yourself about what it is you actually want and need from your new home. Try to avoid being swayed by things you can easily change like the wall colors or the bathroom vanity. Be self-aware when you are responding emotionally to a home rather than focusing on getting the best value for what you’re looking for.
