Owning a home in Boston may come with a lot of responsibilities when compared to renting. However, there is also significantly more flexibility when you own your home. Renting an apartment may be more carefree, but there are major limitations and some financial disadvantages. Of course, this will depend on your financial situation and whether you are ready to settle.
For some people, owning a home in Boston is the definition of “The American Dream.” It’s an achievement that many of us do not get to experience. You should set up a time to speak with a licensed real estate agent. He or she can also put you in touch with a trusted mortgage broker, or bank. It’s always a smart idea to see if you’ll qualify for a mortgage, and, if so, for how much. Buying a home in Boston may be the biggest purchase of your entire life so think about it carefully.
We’ll get you started with some pros that you may not have thought of otherwise. Here are five (5) benefits of owning a home in Boston.
Benefit #1: It’s Easier to Budget for the Long Term
When you purchase a home in Boston the mortgage payment is typically the same for the life of the loan. On the other hand, when you lease an apartment, the monthly payment will most likely increase over time. Here’s how it works:
The Monthly Mortgage Payment
Most people who purchase a homes for sale in Boston need to obtain a mortgage. Otherwise, you will need to pay for the purchase in cash. Only an incredibly small percentage of homebuyers can afford that. Even if you have the cash on hand, it may make more sense to take out a mortgage. Borrowing money is incredibly cheap these days. Interest rates are low. You may be better off keeping your money in the bank or investing elsewhere. There are various mortgage products available on the marketplace. However, the most popular one is the fixed rate mortgage.
The terms of a fixed rate mortgage never change. That means the interest rate and principal and interest payments stay the…
