Buy or rent? It’s NOT just a financial decision

OK, be warned, I am about to get on my soapbox.

Below I post a link to a recent Boston Herald article quoting a Zillow study comparing the costs of buying vs renting in different cities in the US and in different neighborhoods around Boston and Cambridge.

It’s not that I do no think article like this have some value. They do, encouraging people to think about how long they will stay in a house before making a major financial decision.

No, my problem with articles such as this is that they focus only on the financial aspect of buying a home.

Here are two extracts from this article:
“On the fence about renting or buying a home? A new analysis compares the costs and how long you would have to live in a home to rationalize the upfront expense of buying it.”
“One of the biggest things is being able to collect equity in your house.”

But buying a home is not just a financial decision!
It is the thrill and excitement of owning your own home, being free to make your own decisions about decor, not having to chase a landlord to get things fixed.
It is the feeling of making a commitment, whether to another person or to a community.
It is the decision to start a family or bring up children in a community where you feel they will be safe and flourish.
It is the sense of having achieved sufficient success in life to be able to afford to buy a home.
It is still the American Dream and it is alive and well.

Yes, there is a significant financial aspect to buying a home, but there is so much more!

Breaking even tough to do in Boston

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

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