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Renting vs. Buying in Boston

Boston, one of our Country's oldest and most vibrant cities, is a hub for students, professionals and families alike. When it comes to finding a place to call home, the debate arises: renting vs. buying. Let's explore the pros and cons of each.

Renting in Boston

Flexibility: Renting allows you to move more easily, whether it's for a new job opportunity or personal reasons.
Lower Upfront Costs: Typically, you'll need to pay a security deposit and the first month's rent upfront (perhaps the last month's rent as well), which is less expensive than a down payment.
Access to Amenities: Some Boston rental properties offer luxurious amenities like pools, gyms and rooftop decks.
No Maintenance Worries: As a renter, you are not responsible for maintenance and repairs, which can be a significant cost savings and less stressful.

No Equity: When renting, you do not build equity in a property.
Rent Increases: Rent can increase over time, and you may not have much control over these costs.
Lease Restrictions: Rental agreements often come with restrictions on things like pets, guests, and renovations.
Not Permanent: Leases are for fixed terms (typically one year). Landlords may not offer a lease renewal, meaning you may be required to move. 

Buying in Boston

Building Equity: As you pay down your mortgage, you build equity in your property. This is one of the reasons that for many people their home becomes one of their most valuable assets.
Tax Benefits: Homeownership comes with tax deductions for mortgage interest and property taxes.
Customization: Owning a home gives you the freedom to make changes and improvements to suit your preferences.
Stability: You'll have a stable place to live without worrying about rent increases, lease restrictions or your lease not being renewed.

High Upfront Costs: Buying a home in Boston can require a large down payment and closing costs.
Maintenance and Repairs: As a homeowner, you'll be responsible for maintenance and repair costs, which at times can be unexpected and costly.
Less Flexibility: Selling a home can take time.

Boston-Specific Considerations

High Demand: Boston's real estate market is highly competitive, with many buyers and renters vying for a limited number of properties.
High Prices: Boston is known for being one of the most expensive cities in the U.S., with median home prices over $700,000.
Neighborhood Variety: Boston's diverse neighborhoods offer a range of living experiences.


Whether renting or buying is the best option for you depends on your personal circumstances, priorities and financial situation. We would be happy to help you in your assessment and show you purchase and rental options to consider. Feel free to contact us.


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