It’s always a good idea to have an inspection done before moving forward with the purchase downtown condo. Even a started Boston condo inspection can set you back several hundred dollars, and it’s typically paid out of the potential buyer’s pocket.
Before a lender gives you a mortgage, you have to have the downtown condo appraised. This typically runs between $350 and $400 and will ultimately determine how much money the bank is willing to give you.
When you sign your closing documents, be prepared to fork over a few thousand. Closing costs include processing fees, title insurance fees, and underwriting fees among others. In general, the cost is 2 to 3 percent of the mortgage amount.
It might sound silly, but if you want all new furniture for your new condo or you need new furniture because yours doesn’t fit, it can easily set you back a few thousand dollars, especially when you add in the small items like lamps, end tables, or art.
5. Condo Insurance and Downtown Condo Fees
On top of a mortgage, you will also be responsible for condo insurance, which covers the inside of your condo of high rise in downtown Boston, as well as condo fees (these cover the maintenance costs of common areas like gyms and pools onsite), which can add hundreds of dollars to a mortgage monthly.
Once you buy, you no longer have a landlord to call for help. Make sure you’ve got enough in savings to cover any unexpected costs or start an emergency repair fund specifically for condo repairs.
Working with an experienced downtown Boston real estate agent can help you feel as prepared as possible for the costs and responsibilities of condo ownership. Learn more and find an agent who can represent you during your search by calling (617) 720-5454 today. ‘
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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