How Owning A Boston Condo Can Help My Future Boston Condos For Sale Ford Realty

Boston condos

Owning a Boston condo provides you with more than independence. It can also be a smart financial move that helps you save money and potentially make an impressive profit. Buying Boston real esate comes with these fantastic monetary benefits.

Build Equity

One of the biggest financial benefits of owning a Boston North End condo is that it lets you build equity. When you rent, you essentially provide your landlord a portion of your paycheck each month without any reward. Paying a mortgage is different because the money you spend goes toward your Boston real estate investment. In addition to providing you a place to live, you build valuable financial equity with each mortgage payment.

Add Property to Your Investment Portfolio

Boston real estate can also be a form of investment. Unlike other purchases, such as vehicles, it’s fairly common for the value of Boston condos to rise over time. If you buy a home in a market with a high growth forecast, you could end up making a hefty profit when you decide to sell. This is especially true for hot properties such as downtown Boston condos, but just about any property can increase in value if you hold on to it long enough.

Protect Yourself from Rising Costs

A common reason people buying a Beacon Hill condo is that one gets tired of their landlords increasing their rents every year. If you’re in an area with limited apartments for rent, you may find rental prices rising at a much faster pace than interest rates. Whether you choose an adjustable rate mortgage or a fixed rate mortgage at a low price, in a few years, you may find your mortgage payment is significantly lower than what your peers are paying to rent.

Supplement Your Income

Buying a Seaport condo comes with the advantage of finally being able to do what you want with your property instead of being bound by a strict lease that won’t let you do things such as having guests stay for a week. If you choose to, you may be able to make a little extra money by renting out a room or running a business from your home, which lets you supplement your income and offset the costs of home ownership.

Receive Tax Benefits

There are all sorts of tax deductions that Midtown condo property owners are eligible for. You can deduct the interest you pay on home equity lines of credit, and the tax code also lets you deduct mortgage interest from your taxes. In the first year of home ownership, tax deductions are particularly large, with the ability to deduct loan origination fees. Furthermore, any real estate property tax you pay can be deducted from your income tax.

Buying a Back Bay condo for sale can be one of the smartest financial moves you’ll ever make. It’s also a shrewd move to work with realtors who have years of experience with buying and selling downtown Boston real estate. Trust the experts at Ford Realty to help you find your dream downtown Boston condo, We’ll work with you throughout the home-buying process. Call one of our friendly agents today at 617-595-3712

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