I would use last year's taxes to calculate what your expenses and taxes would be with a rental deduction and with an owners' interest deduction.
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
Massachusetts Premier Broker for Buyer's
617 848 5407 x706
Rental units can be a great way to create income while you move, but you also have to consider what type of people will be looking to rent your place.
For instance, are you near a college and want to rent to undergraduates or grads?
Are you near a busy hospital, where there are a lot of staff that needs a nice place to live while stopping over at that certain hospital?
From my experience, I have found that people tend to be happy with the rental situation because they know they are gaining equity while renting out, but they have to deal with maintenance (if local) or property management (if not).
Best of luck with your decision either way.
Depends on your price range, location of what you are seeking to buy or rent. Your need for tax advantages and your understanding of the positive and negative aspects of both.
It is a VERY competitive market especially in Brookline, Newton and Needham, These are communities that hold there value and are also desirable locations to rent. Which gets back to my original ? price.
Happy to discuss your needs and wants further.
Can you provide more information ?
I know it's a robust rental market but from what I have seen it seems like most condos violate the rules of thumb that are out there for rental property investment (e.g. purchase price should be
Depending on the area you're considering living in, buying with future rental possibility is a sound investment...
the trick is finding the right area that fits you and also is a high demand area for renters.
At City Central Realry, LLC we are a multi-dimensional realty office who knows the greater Boston rental market.
Feel free to contact me for more information and assistance.
Owner, M&C Metrowest Realty, Ltd.
339-225-1737 or firstname.lastname@example.org
Buying def. will be your best option. The interest rate are very low and you would gain equity at the same time vs. renting (you would never see that money again)
Best of luck.
rates are so favorable.
The areas in and surrounding Boston are so desirable that it would be hard to go wrong as an investment.
You didn't mention what town you were considering. My specialty is the Boston area. Of course, no one can know exactly what's going to happen in the future but it seems that prices are low right now in Boston and just starting to head up so it's a good time to buy. Also you should factor in the tax breaks for home ownership and the broker fees that you have to pay to rent. Most Boston-area apartments require four months rent to move in - first and last month's rent, security deposit, and a one-month broker fee.
Just use that money for a downpayment and enjoy living in your own place while watching its value increase instead of your rent. Good luck!
Also look at your costs to rent for three years. Monthly rent x 36 months is a big number.