Before purchasing downtown Boston real estate as a financial tool to bring in revenue for your family. View these major factors:
Market Conditions
In 2018, Forbes listed Boston as one of the most efficient rental market in the United States, thanks to an annual increase greater than 5 percent. The tenant segment that has grown the most is composed of both young professional and senor citizens who are attracted to the many conveniences of living in downtown Boston real estate, but the real money can be found in the new condominium towers, particularly those that offer boutique amenities, which is what more affluent renters are willing to pay for.
Maintenance
Maintenance is a factor that will always present an investment advantage when compared to single-family homes. The Boston condo fees you must pay to the association take care of maintaining common areas, grounds and amenities, which is a great relief not only for you as a landlord but also for your tenants, and these fees are often considerably lower than those at gated communities.
Property Value Appreciation
If you’ve heard about single-family residences appreciating at a faster rate than condos, you haven’t been misguided. However, this assertion is mostly based on national and regional assumptions. Once you get into micro market conditions, downtown Boston real estate is a more enticing proposition because quality of life is higher. Nonetheless, one thing to keep in mind is that condo markets tend to be more sensitive to severe real estate downturns.
Rental Restrictions
This is when you and your real estate agent must sit down and carefully evaluate the potential of a condo unit as a rental property. The condo association bylaws will tell you everything you need to know about rental restrictions, and you need to think about everything. For example, if condo rules don’t allow pets, this could narrow your pool of prospective tenants.
If you’re searching for real estate in downtown Boston you’d like to turn into a rental property, enlist the help of a local agent who knows the downtown Boston real estate market and we can help you find the perfect property to buy. Contact us at 617-595-3712 to find out about the latest listings.
