WHY INVESTING IN BOSTON CONDOS IS A GREAT INVESTMENT
As one of the world's most popular cities, Boston, Massachusetts has endless advantages and opportunities. With top notch colleges, highly popular sports teams, and exciting art and culture scenes, Boston truly offers something for everyone. Not only is it one of the oldest cities in the United States, but it is also one of the highest ranked in numerous categories – some of which include: economic power, employment opportunities, highly praised universities, and desirable housing and neighborhoods (cities/towns). Boston itself is surrounded by several small towns and cities, all of which make up a region referred to as "Greater Boston". And while these cities are all in close proximity, they each have their own characteristics.
One particular thing that varies from city to city is the real estate market. Boston is ranked among the most economically powerful cities in the world – and with that comes a slight shift in the realty in the area. Due to the economic power, the popularity of the city, and the number of students attending the area colleges – it may be difficult to find property in Boston. There are a few options when it comes to deciding on a place to live. This may include purchasing or renting a house, an apartment, or a condominium. Generally though, most people don't have available the amount of money it would take to purchase a home up front. While renting an apartment is an option, some people prefer to feel long-term stability in their living situation that may not be the case with an apartment. Also, renting an apartment can become even more expensive in the long run than other living arrangements – especially if it is used for an extended period of time.
Due to the sometimes extreme competition for rental property in or around the Boston area, it's no surprise that the price of rent continues to rise. The increase in Boston's average rent makes it that much more difficult for people to find a nice home at a price they can afford. In comparison to condominiums that are purchased (when the full cost of everything is added together and then broken down into monthly payments), rental homes are typically more costly on a monthly basis. And while a down payment would be required for a condo, it's likely that it would be less than that for an apartment. For qualified buyers – the down payment, taxes, and other fees on a condo (broken down into the first monthly payment) would very likely equal less than the deposit (of a month's rent, that most landlords require), first month's rent, and other fees associated with an apartment.
Each person or family that decides to purchase a condominium has their own specific reasons for doing so. While some people choose to live in a condo that they purchase, there are others that have alternate reasons to invest in Boston condominiums, as well. With some of the nation's best and most sought-after colleges that the Boston area is home to, parents sometimes choose to purchase a condo for their child to live in while they attend college, as opposed to living on campus. In addition to the fact that dorm rooms on campus may be limited, they may also be so expensive that a condo is actually a cheaper route. Parents of long-term students, especially the students who travel a great distance to attend college in Boston, can save a great deal of money by investing in a condo. While some may be hesitant to do this, if it is a safe bet that their child will be attending school in the Boston area, parents may purchase the condo – sometimes bought years before their child is even of college age – at a lower price and earn money back on it later. Typically, the space can be rented out until it nears the time for the student to move in. Then after the child graduates, the parents often sell the condo if it's no longer needed, often for much more than they originally paid for it.
On the other hand, there are people that are in the market to buy condominiums for the business aspect of it – the profit. Buying a condo in Boston would make a great investment in this situation (in addition to many others), as prices of property in the area are continually rising. This means that in the future, the condo would be worth a great deal more than the owner originally paid for it. With the added benefits of being able to live there for a period of time, perhaps making changes (reconstruction) to up the value, or renting it out for a period of time, there is – depending on the desire of the investor, certainly money to be made – potentially a very large sum. It is apparent that there are multiple ways to increase the ever-present benefits of investing in a condominium in Boston, Massachusetts.
It's generally considered a safe bet to invest in real estate property located in a town with a popular college nearby. This is widely believed due to the fact that there will be an ongoing need for rental properties, with new students joining every year. The annual rush of new students provides the constant need for nearby housing. With Boston University and of course Harvard (as well as others) in the area, thousands of people are drawn to Boston each year – all of whom, of course, need a place to live.
Boston also has other types of stability. In addition to the flow of people attending the colleges who are consistently seeking housing, a large portion of graduating students wish to stay in the Boston area, also. Therefore, the city holds a constant need for rental properties for people of every age and income. Overall, the Boston economy has remained stable – and even seen growth in recent years – which certainly makes real estate a great investment opportunity.