As a Boston condo buyer, it’s important that you are aware of the possible pitfalls of buying into a Boston condo association building. Not to alarm you, but before you rush out and write an offer with your broker, it’s important that you have some understanding of the complexity of evaluating the strength of a Boston condo association and its restrictions.
Here are a 10 questions you should ask the listing Boston broker about the building condo association:
- How much are the monthly condo fees for 2018. What do they cover? What are the condo fees based on? Is the condo association self managed or professionally managed?
- What does the condo association have on reserve? Are there any major renovations scheduled? Capital improvements?
- Ask for a copy of the last 6 months of condo meeting minutes. This will indicate if there are any future problems ahead for the building or if any of the Boston condo owners are behind in their condo fees.
- Ask about rental restrictions. I recently had a client who purchases property as uses them for Airbnb. In Boston, more condo associations are restricting this type of rental property. If your an owner, do you really want strangers coming in and out of your building?
- Affordable condo resale restrictions. Affordable housing laws placed on the condo, this is common with some new Boston condominium development projects in Boston.
- Pending litigation. Is the condo association involved in any lawsuits, or pending lawsuits.
- Insurance policy. What type of insurance does the building have? What does it cover.
- Renovation restrictions. what is the policy to renovate your Boston condo. If you need to shit down the water for the building because your renovating a bathroom, are there time restrictions, notification to tenants ect..
- Pets. Does the condo association allow pets, if so are there weight restrictions. What type of animas are allowed?
- 10. Move-in and out fees. This is very common in Boston luxury high rise buildings with an elevator.
For more information please call John Ford at 617-720-5454.
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Updated: January 2018