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Either Way, You're Paying a Mortgage It Just Depends on for Whom

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Real Estate Agent with Real Broker, LLC 9051300

Either Way, You're Paying a Mortgage It Just Depends on for Whom

Landlord in Boston

Yesterday, I got great inspiration from Steve Harney of Keeping Current Matters on why it is so important to purchase and not rent.   There is a great quote from The Joint Center for Housing Studies at Harvard in Steve's post.

 

Joint Center for Housing Studies at Harvard University

I have been meeting with a lot of folks about the importance of purchasing instead of renting an apartment in Boston.  In the article, Steve and the gang basically say you are pay a mortgage one way or another. It's simply a matter of to whom. Will it be your landlord or yourself?

Steve Harney Keeping Current Matters

In most cases, people in Boston are going to be renting apartments for $1500/ month or higher.  I have been meeeting with a ton of people who just don't realize that for about the same price, you can essentially purchase a comparable property that will work for you instead of your landlord. 

 

I did a quick video on comparing rentals to owning in Greater Boston.
You can buy a home for about $1500/month with as little as 3.5% in downpayment.

 

You can see my video below.

 

 

 

Comments (5)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Very true Michael but most renters don't see the wisdom in that. They cite credit issues and provable income as their biggest obstacles.

Feb 13, 2015 01:36 AM
Michael Mahoney
Real Broker, LLC - Boston, MA
Boston Realtor

Tanya Van Blake-Coleman  is pretty simple to build a case here. How about in St. Thomas? Are prices high there?

 

Feb 13, 2015 02:16 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Michael Mahoney one either pays his/her own mortgage or someone else's.... pick your poison....one will kill you in the long run....

Feb 13, 2015 02:29 AM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Like everywhere else it depends on location and amenities desired Michael. You can actually find some affordable homes here, and island living can take some getting used to but it is nice once you do! A lot of homes have rental properties attached which can mitigate the mortgage cost.

Feb 13, 2015 02:41 AM
Michael Mahoney
Real Broker, LLC - Boston, MA
Boston Realtor

Tanya Van Blake-Coleman do you have that concept where people lockout one bedroom with a separate entry for when they vacation at their property in ST. Thomas?

 

Feb 13, 2015 03:57 AM