Don't Make the Same Mistake!

I have 1 bed condo in the Chelsea Waterfront neighborhood coming to market next week, and I'd like to use it as an example of what I wish I had done back in the day.

I lived in this same neighborhood for four years, in a very similar condo.  But I was a renter.  If I were to rent this type of apartment today for the next four years, I'd spend easily over $110k in rent.  I'd have no equity built, no property tax deductions, costs climbing with inflation, and zero control.  I'd be funding someone else's retirement!

We're listing the condo for $375k.  Don't have a ton of savings?  You could pay as little as 3% down ($11,250), qualify for conventional financing through Cambridge Savings Bank, and avoid paying PMI through their Home Achieve program.   Your monthly payment would likely be under $3k/mo.  If you put 20% down, your monthly payment would be comparable to what the market-rate rent would be.

Sure, you'll have maintenance costs, but you'll also have growing equity with every payment, tax advantages, protection from rent hikes, and control over your space.  And best of all, Boston-area home values have appreciated an average of 6% annually over the past decade.

If you or someone in your life is contemplating renting or becoming a first-time homebuyer, tell them to not do what I did (note: in fairness, this was seven years ago, and I was a rookie agent with no salary or book of business, but still...).  I wish I had bought at the first opportunity possible.  I wish I had not listened to folks who told me "see if you like the neighborhood first," or "you have to put 20% down," or "don't buy anything with fewer than three bedrooms."

This was for me, and is for you or a first-time homebuyer in your life, a choice between throwing away tens of thousands of dollars or building a financial future.  Plus, it's top-floor with exposed brick, hardwood floors, renovated kitchen and bath, and laundry in-unit!