The real estate investment business in Boston is quite lucrative. Naturally, the real estate market is cyclical and always has opportunities whether the market is good or bad.
A number of factors influence the prices of apartments and condos. These include:
Basically, property is static that is affected by the growing market around it. The current state of the economy indicated how much money is available for people to spend on property.
The economy is measured by indicators such as GDP, employment levels, the rate of inflation, the country’s purchasing power, debt level and political state.
The lower the rates, the easier it is for you to buy property. This, in turn, results in an increase in demand, which translates to higher prices.
The cost of building materials, cost of labor and the cost of machinery are a huge determinant of the real estate prices.
This refers to the composition of a population in terms of their population growth, gender and income. Population growth leads to a higher demand for real estate.
Both apartments and condos are found in buildings that contain individual living units. The major difference arises when it comes to ownership of these two. Also, most times you will find that condos have better appliances and nicer finishes than apartments.
Basically, an apartment is a dwelling that is either owned by individuals or companies. Condos, on the other hand, are owned by different individuals in a homeowner’s association.
It is possible for both to be rented out to renters looking for housing. For most people in Boston who think about renting, they usually go for apartments instead of condos. Below are some differences between living in Boston apartments and living in condos:
Mostly, you will find that the rent prices for apartments and condos are not that different. However, for condos, you have to pay extra costs for services that you don’t pay for when renting an apartment.
For example, upon moving into a condo, you are required to pay for administrative tasks, pretty lawns, for reserving the freight elevator, and for pool upkeep.
Apartments are mostly managed by professional property management companies while condos are mostly managed by the individual who owns it.
Generally speaking, condos may have better amenities compared to apartments. However, modern apartments come with a variety of amenities to add better selling points for the apartments.
Apartments are available quite easily while that for condos might be a bit difficult. This is because some Homeowner’s Associations (HOAs) do not allow condo owners to rent out their units.
Before you make a choice between these two options, have a look at your lifestyle. There are a couple of questions that you need to ask yourself. Do you need housing that is overly luxurious? And most importantly, can you afford it?
I really hope that this article will help you decide between condos and apartments that are within your budget.