By Rent Or Buy In Boston?
If you are planning to rent or buy a Boston condo or any type of real estate in the Boston area, there are a few things you should know first. Boston is a medium size city with about 600 thousand people living in it. This population number doubles though during daytime as people living in the suburbs of Boston traveling to Boston to work. Of course there is always a tough decision when wanting to buy or rent a real estate.
Extensive study of the market is needed to insure you get the best deal and you make the right choice whether you buy or rent. This choice is usually more difficult when it comes to condos. You have to be very cautious and shouldn’t rush your decision making. Either you rent or buy, you will be stuck with you’re decision for an extensive period of time. When wanting to rent or buy a condo in Boston you are advised to look at both of these options advantages and disadvantages. You can also use a rent or buy calculator to better understand your options.
When it comes to whether you want to rent or buy a Boston condo you probably know that condos are propriety units that are built in large condo complexes. These condo complexes come in numerous sizes when it comes to condo numbers. If you are the owner or the renter of such a condo you own the property unit but you are also the joint owner of the entire complex. This means that if the condo complex has an onsite laundry facility, swimming pool or other non living areas you, together with the other owners of the condo complex share all these facilities.
The main difference between to renting or buying a condo is that by buying one you can do whatever you wish with it. You can remodel it or redecorate it as you desire. You can also leave as you please. Because you are not under a renting contract, you are free to leave Boston and either sell the condo or rent it out as you wish. Of course this does not only apply to condos but to all real estate proprieties. Remodeling or redecorating can also be done while renting the condo but it is more difficult. You would have to get permission from the owner to do so.
If you are picky about where and how you would want to live you should probably consider buying your own condo but if you find it less expensive to rent a condo on the long run you should probably rent one. Another factor that might influence your choice in renting or buying a Boston condo or any other type of real estate is the responsibility involved. If you chose to rent the condo, your only responsibilities are paying the rent on time and keeping the place clean. Any repairs that the condo might need like new appliances or other things it is not your responsibility to pay for these as long as you didn’t cause the damage. All the costs hare supported by the owner in this case. If you chose to buy the place, you have a lot more responsibility and every repair or other costs are supported by you alone.
All these advantages and disadvantages should have an impact on your decision when wanting to rent or buy a piece of real estate. My advice to you is to take your time to decide which is best for you and use any tools available, especially a rent or buy calculator.