25 May
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Turning 30? It might be time to buy your first home | By Rachel Bakish

As you approach 30, it’s natural to start thinking about buying your first home. Perhaps you’re simply looking to transform all those “wasted” rent payments into mortgage principal payments that give you tangible equity. Or maybe you see homeownership as a sign of independence. Buying a home can be a pivotal step toward crafting your own future not to mention wealth creation. Not only is it an investment, but it can provide a range of benefits that go beyond just having a place to call your own. 

Now, before heading to zillow to click through what’s on the market, let’s break down some of the benefits and things you’ll need to do to buy your first home:



Renting often means dealing with yearly rent increases, which can lead to financial uncertainty. On the other hand, buying a home allows you to secure a fixed-rate mortgage, providing stability in your housing costs. Though interest rates are currently high compared with the last several years we also know that home pricing has plateaued or, in some cases, trended slightly down in 2023. Don’t forget that when prices come down, it often cancels out against your higher interest rate. Plus, if and when rates return to lower digits, and we think they will later this year, you can always choose to refinance your mortgage and pick up the current rate. 

Buying a home (with a mortgage) is a great way to increase your net worth over time., As you make your mortgage payments each month, you gradually increase your ownership stake in the property. Real estate has historically proven to be a wildly successful long-term investment. While market fluctuations occur, home values have proven to appreciate over long periods of time and with decades for your property’s value to grow, there is potential for significant returns by the time you  are ready to sell. 



In the City of Boston, there is a residential exemption that reduces the tax bill on your primary home (where you file your tax return). It works by excluding a portion of your residential property’s value from taxation. As a first time home-owner, you will be eligible for this exemption.  In 2023 for example, the residential exemption will save qualified Boston homeowners up to $3,456.50 on their annual tax bill. 

Additionally,  there are First Time Homeowner programs that can provide extra financing for those looking to take this life step. Plus, mortgage interest and property tax payments are typically tax-deductible, reducing your overall tax liability, which can result in significant savings at the end of the year. Plus, if you still work from home, you may even qualify for a Home Office Tax Deduction. These are just a few of the exemptions you may  be eligible to receive. Consult with our agents to learn more about the potential savings opportunities that you may qualify for. 

Don’t forget, when you do sell your primary residence, you qualify for up to $250,000 of tax free appreciation. Meaning, if you net anything up to a $250,000 gain on the sale of your home, you pay zero in capital gains’ tax. For a married couple, this jumps to $500,000!



Owning a home gives you the freedom to fully personalize your space. Renting may allow some personalizations, depending on your landlord. However, as a homeowner, you can make cosmetic changes or major renovations that reflect your personality and add value to your investment. You decide what upgrades to make to your home and when to make them. 

Feels like the timing is right to buy your first home?

Read our First Time Home Buyers Guide and know we’re here to help!

Columbus & Over Group is a boutique real estate agency that takes immense pride in sourcing and analyzing the data that drives our market. Our team understands how to navigate a wide variety of personal circumstances, financial readiness, and goals. We believe that when real estate consumers are presented with a complete and robust spread of data, in conjunction with awareness of their personal style and preferences, decisions on buying and selling can be reached with the most confidence. 

Homeownership has many benefits and may be more achievable than you think.