If you’re in the market for a Boston high rise condo, one of those purchase options is new development. New developments can range from buildings that are being marketed based on floor plans and renderings, all the way to buildings that are in the final stages of construction. Here are 4 reasons why you should consider new luxury condo developments
1. Everything is Brand-New
If you want to own something that has never been lived in, then new Boston high rise condo development is the way to go. There’s something special about being first. You are the first to use the appliances and the first to spend a night in your new apartment. Also, if you’re an investor and looking to maximize rental return, giving a tenant the opportunity to be first will enable you to capture top dollar on your rent. From a resale perspective, the “new factor” will continue to last years after your purchase, meaning that you’ll be able to compete against the new development coming onto the market at that point and continue to command a premium price point.
One of the major benefits of buying new is that everything will be under warranty at the point of purchase, whether it’s the appliances or any elements associated with the construction of your condominium. On the flip side, there’s also a break-in period associated with new development. While ultimately you expect everything to be perfect, it’s quite common to have minor issues flare up in the first year, such as appliance failures (yes, new things break) and issues the building developer may need to address with some touch-ups.
2. There’s a Surplus of Inventory
The city has seen a boom in new Boston high rise condo development construction over the last 5 years as zoning laws have changed and tax incentive programs have helped developers finance new projects. This is especially so in downtown Boston and the Seaport District where neighborhoods — once primarily undesirable industrial or commercial areas — are now dense with luxury residential high rises.
3. Amenity Packages
New developments are known for their extensive amenities. Take for instance the luxury amenities being marketed in Boston luxury condo Seaport District. Full-time doormen and concierge are par for the course for new luxury developments. These luxury condos feature a swimming pool that is naturally lit and a staffed spa with sauna, steam rooms and massage tables. If you thought that sounds impressive, these luxury building comes equipped with indoor heated parking. Although you may not find yourself using all these amenities, knowing that you have them at your convenience adds great value.
4. Return on investment
New Boston high rise condo developments make for solid investment opportunities. They’re highly sought-after by foreign investors looking to park their cash in the Boston condo market and also have a liquid resale market. Although new developments do offer potential returns, buyers should also consider other the opportunity cost of forgoing other investments. Investing in a Boson condo entails additional costs and taxes that investing in the stock market does not. That said, those that buy into the new development market at a good price point and time their re-sale right often see long term gains.