The last of the paperwork has been filed away, keys are finally in your hand. Congratulations on joining the ranks of the Boston luxury condo owners who’ve taken advantage of today’s Boston real estate market.
But closing on your new Boston luxury condo is just the first step toward reaching your long-term financial goals.
Here are five smart financial tips for after the closed on your Boston luxury condo:
1. Don’t splurge. It is tempting to decorate each room in your new condominium to the nines. I know, when I closed escrow on my own home here in downtown Boston, but be careful. Spending too much on furnishings and improvements is a lot easier to do than you may imagine. Take your time to figure out what it is that you really need. Remember, there are many new expenses that you will have with your new home. Make sure you can handle them before investing more into the property.
2. Rebuild emergency savings. If you dipped into reserve funds for your down payment or closing costs, it is a good idea to focus on building your reserves back up Put together a strategy and stick to it.
3. Automate your mortgage payments. Late payments can you kill you with fines and your credit score. Make sure it doesn’t happen to you by removing it from your to do list. There are ways to make automatic payments out of your checking account that go right toward paying your mortgage. Check with your bank representative and set up an auto payment plan.
4. Keep Good Records. Even in today’s tech heavy world, receipts and all documents related to your home purchase should be kept and filed for your tax returns.
5. Appeal tax assessments. If your condo value drops, you should be eligible for lower property taxes. Stay in touch with your real estate agent to stay abreast of how property values are faring in your Boston neighborhood. Don’t rely on national statistics. Real estate trends are unique to each neighborhood and price point. If your condo value is lower than what it was appraised for at the time of your purchase you should appeal directly to the county assessor. This something you should track from now until the day you sell your home sometime in the future, no matter when that may be.
Updated: 1st Quarter 2018