I’ve been writing a lot about how this is a great time for Brighton (and most of the Boston area) homeowners to sell their condo. But I own a condo in Brighton and I am not selling it. It is only fair I give a balanced view and tell you the only reason I think you should not sell your Brighton or Allston or Somerville condo.
Rents are going up, occupancy rates going down. This is a great market for landlords. That’s it. That is the reason to not sell. But there are two caveats. You need to want to be a landlord and you need to be able to afford to buy without selling.
Being a landlord is not terribly difficult and I enjoy most of it. But many people are uncomfortable with the idea of other people having rights to their home, collecting rent, and being responsible for the condo remotely. A bigger issue for some is the risk of not getting the rent and still having to pay the mortgage and condo fees. That’s a risk you must be comfortable taking or you are going to be miserably anxious.
Next caveat is in regards to your financial ability to buy. Real estate purchases require larger down payments and they have stricter mortgage guidelines. You need to have the cash to make the down payment, AND you must have enough income and assets to offset the debt and expenses of the rental condo to obtain a mortgage.
Can you get through these two hurdles? If so, I am the first to say DON’T SELL your Brighton condo! Enjoy your income property for years to come. I believe it will prove a superb investment.