The latest from Lili about Boston Real Estate.

How Well Renters Maintain Boston Luxury Homes

December 7, 2013 |

Whether you’re buying a single family home in the suburbs or a condo in the city’s luxury residential neighborhoods, the first common question buyers always ask is who lives next door. To be more precise, they want to know how many renters are in the Boston luxury real estate building or how many houses are rented in a suburban neighborhood.

Boston Luxury Real Estate Buyers Prefer Neighbors Who Own
In the case of multi-unit buildings, if the tenant/owner ratio exceeds 50% tenants, it is harder to obtain a mortgage. It’s a general rule that the rate of the mortgage could be much higher if most units are rented, since the property won’t qualify for a conventional loan.

The second reason buyers prefer Boston luxury home owner neighbors is the snob factor. Some tenants are immaculate and take care of the rented property as if it were their own. The interior is carefully maintained and well cared for. If owners live in multi-unit buildings, they generally respect the rules and bylaws of the Boston luxury real estate building and keep the common areas and hallways pristine. In the suburbs, owners tend to take better care of the side walk, yards and gardens, snow removals (if required), etc.

On the flip side, there are some tenants who are neglectful and don’t care about the interior or exterior of the property. They feel they’re only temporary occupants and permit themselves to ignore the rules and regulations of being a good neighbor. Even in luxury buildings, some home owners are faced with tenants who do not respect noise laws or common area maintenance. If you are renting a Boston luxury home in an area with well-manicured lawns, you are required to do the same.

Neglectful tenants can bring down property values of other units in the building or houses in the neighborhood. Visual effect and initial perception is half the real estate battle.


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