“Should I Renew my Boston Apartment Lease or Buy Boston Real Estate?” This statement is arguably one of the most common questions that renters ask themselves every single year. Our clients bring up the topic of buying or renting daily. When you’re showing properties for either rent or sale you will often get clients that are open to going in either direction depending on current market conditions and what is available. Chances are, you will find yourself agonizing over this situation at least once, but possibly multiple times throughout your life. Deciding to renew your lease is as important as deciding whether you should rent or buy. In real estate, market timing is important, but so is knowing what is a great deal, both on the buying and rental side of the equation.
The last thing you need is to rack up unnecessary expenses after moving into a new property.
However, if you stay put in your current Boston apartment, you have to deal with the potential of rising rent and perhaps a sub-par landlord. What happens if you buy at the top, and the market corrects in a long and tired asset bull run? What about this crazy inflation and bad energy policy we have been seeing that has been eroding our savings accounts? Could buying a property now with high interest rates and soaring insurance premiums be the straw that breaks the capital appreciation’s back? Yes, Boston has a limited supply of real estate, but you keep reading that people are leaving the state of Massachusetts because our taxes are too high and strange bizarre anti-business policies make our work force flee to other states. Yeah, there always is a lot to think about when you considering buying or renting in Boston.
When is the best time to look?
What is a time frame a renter should give themselves on thinking about buying? A lot of your decisions could be based on the length of your lease and the ability to quickly fill it with a sub-letter. Most apartment rental leases in the Greater Boston Area are…