When Not to Buy Boston Area Real Estate

Instead of telling you that anytime is a great time to buy Boston area real estate, we’re here to tell you when it’s NOT necessarily a good time to buy Boston area real estate.

Buying Boston area real estate may or may not be wise if you have a lot of student debtImagine you’re a new college graduate right out of school with a great job with security to go with it. You have a good credit score, and you have money for a down payment, either through savings, or a gift from relatives. Sounds like a perfect Boston area real estate prospect, right?

Add in one other thing. A $60,000 student loan that needs to be paid back.

You could pay off that student debt and have a healthy emergency fund or you could go all in and buy a property while simultaneously dropping your bank account to $0 (literally).

Other Things to Consider Before Buying Boston Area Real Estate

The number one thing to consider when you’re in debt and deciding whether you should buy Boston area real estate or not is, how stable is your income? You can’t always control the state of the Boston area real estate market, but it’s easy to figure out how in demand your profession is.

If you’re in a high demand profession, buying Boston area real estate when you’re young and just getting started may be the perfect move to make. On the other hand, if you’re in a profession that could, and very likely will, cause you to relocate frequently to continue moving up, buying Boston area real estate may not be the smartest thing to do unless you have plenty of time and reserve funds when it comes time to sell and move on.

When you’re young is the time to take on greater risk, not when you’re 50 and looking at a million dollar home. If in doubt, seek advice from a financial planner or expert. We will be happy to sit down and discuss your particular situation and give you an honest opinion as to whether now is the right time for you to buy Boston area real estate or not.

Also of Interest  Boston Area Real Estate News - June 2014

For other tips on buying Boston area real estate, check out our other Boston area home buying tips by clicking on the Boston Home Buying Tips link to your right under Boston Real Estate Categories.

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