The thought of buying a Boston high rise condo may be intimidating, especially if it’s your first home. You likely have many questions and doubts, including whether you’re even ready to be a homeowner. To help you make this important decision, ask yourself if you possess the following qualities that could make you a good homeowner.
You’re Financially Stable
One of the most important factors for successful homeownership is financial stability, which means you have a regular source of income to cover your mortgage payment. As a general rule, your mortgage payment, including insurance and property taxes, should take up no more than 30 percent of your income. You should also have enough savings or income to cover maintenance and condo fees. In a condo development, you’ll have far fewer maintenance costs to consider than you would with a single-family home, but there will no longer be a landlord to handle issues in your unit such as a plumbing leak.
You Love the City and Plan to Stay
If you don’t plan to stick around in the area for more than five years or so, homeownership may not be the best option. Buying a Boston high rise condo is best when you love the area and want to stay for a while, at least 5 to 10 years. Consider the money you’ll spend on closing costs, taxes, and interest. The high upfront costs of buying a home don’t make it a good short-term investment. The longer you stay, the more likely you’ll be to break even or make a profit when you eventually sell.
You Crave Stability
Buying a Boston high rise condo is a long-term commitment. You should have a good idea of what you want out of a home, including the area you’d like to live in, nearby amenities, and how much you want to spend. Buying a home allows you to put down roots and start building value rather than helping your landlord do the same. Once you buy a home of your own, you won’t have to worry about increasing rent costs or being forced to move on and find a new place when your lease isn’t renewed.
You Want a Place to Call Your Own
Homeownership may be for you if you’ve grown tired of following strict rules on how you can customize and use the home you’re renting. When you rent, even simple things like updating fixtures or painting a room must be approved first by the owner, and major changes to the space will be completely out of your control. If you’re ready to take control of your own space and decorate it as you like, it may be wise to invest in your own home.
You Get Along Well with Others
Owning your own Boston high rise condo doesn’t mean you no longer have responsibilities to people living around you. A good homeowner is respectful to neighbors, especially in a condo or loft complex. While you’ll still live near others, you’ll also have your own private space to make your own