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Should Entrepreneurs Be Buying Homes?

With Google and other tech companies coming to Boston, as reported by FindLaw's Boston Real Estate Law News, there is also likely going to be an increase in the number of techies and entrepreneurs that come into Boston.

And as they achieve varying degrees of success this will open the door for many to consider buying a home in Massachusetts.

But, should entrepreneurs buy a home? No doubt it is an individual decision, but certain informed techies and super-geeks feel that entrepreneurs should not buy homes, reports TechCrunch.

One of the main reasons offered for not buying a home is that there is too much time and money wasted in such an acquisition, with the time better spent on a startup.

The other reason not to buy a home is because most people simply think that after selling a startup they should buy a home, but haven’t really given much thought to it. The article describes it as “American mythology.”

Some other reasons offered include the amount of cash that is used up, the costs for closing, the costs for maintainance, and taxes. The article offers good food for thought.

Having said that, if you are buying a home in Mass. regardless, you should be aware of a number of things.

One thing to consider is that you don’t have to be the sole home-buyer. You can go in jointly with other people and turn the home into separate units.

You might also consider buying a house during a short sale. A short sale is a sale of a home for less than what remains on the mortgage. If the bank agrees to the sale, the homeowner has no further obligation of paying off the mortgage. In many instances, the sale price of a short sale home is less than other similar properties on the market.

In that sense, buying a home is an art. And whether you are more an art or science kind of person, through this whole process you would be well-advised to consult with a real estate attorney.

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