This downtown Boston real estate blog post is for you renters. Are you going to buy a Boston condo for sale in 2019: Prices have stabilized in many downtown Boston neighborhoods and mortgage rates are still relatively low.
Still, if you’re on the fence about becoming a Beacon Hill condo homeowner, we don’t blame you. Investing in a Boston condo for sale is inherently risky (as all investments are risky), in part because there’s much more to it than a mortgage payment.
Fortunately, you can decrease your risk significantly by planning ahead. Our Beacon Hill real estate team has assembled the top most overlooked costs of owning a home in Boston, updated for 2019.
Boston property taxes are one of the highest compared to other cities, though they do go up every year. Taxes are based on the “assessed value” of a home or piece of real estate (which is related to, but not the same as the real market value). Property taxes usually go up once every 3 years.
Good news! According to ValuePenguin.com, the average homeowner in Massachusetts pays $1,847.00 annually for homeowners insurance, the top highest tier in the country. Of course, your rate will depend on the amount of coverage you want along with other factors. Get a more accurate estimate using an online calculator.
Condo fees. They’re not just for condos anymore — more new developments in Massachusetts area are now forming Homeowners Associations (HOAs). Monthly fees average around $200 – $2.000.00 but could be double that, and are subject to increases if a major maintenance project comes up. The plus side is that these fees cover many of the typical homeownership costs you would otherwise pay for piecemeal, like yard care and exterior maintenance.