Updated: 2020
It’s important to consider the complexity of owning this type of property before you rush out to look at different possibilities.
Here’s a quick primer that will help you evaluate the fundamentals of a condo and its condo fees
Make sure you review the Beacon Hill Building Rules
How much are your monthly HOA dues, and what do they cover? Is the total amount in line with buildings of the same scope? Are there any unit owners who are behind on their HOA dues?
How much does the HOA have on hand in the event a major component of the building needs to be replaced?
What is the restriction on renting your Beacon Hill condo, should you decide to move and not want to sell? And how many units in the building are rented?
Affordable housing designations:
Is unit resale restricted by any city ordinances, such as affordable housing laws?
Is the condo association involved in any lawsuits?
Special Condominium Assessments:
Will there be any future, per-unit charges in addition to the existing HOA dues?
Is the parking space deeded to the unit, or is it leased separately? Are you able to rent your parking space in the event you want to? Will your car fit in the space?
What are the number or pound restrictions for pets in each unit? What restrictions exist for pets off leash?
Is the insurance policy current? Does it include earthquake insurance? (You’ll know if the HOA dues are substantially higher than usual.)
What’s the process required for remodeling any part of your unit? Similarly, did the previous owner complete any renovations, and did the owners obtain the necessary permits?
Orginal Boston Real Estate Blog Post
As Boston Beacon Hill’s home market continues to rise in terms of price, competition, and home scarcity, prospective homeowners are starting to consider other options. These days, buying a condo in downtown Boston is trending, as buyers are searching for where they can get the most square footage for their money.
If you’re weighing the pros of condos versus homes in Beacon Hill, there are a few things you should know. What are the advantages of condo ownership? Will buying a condo instead of a home really save you money in the long run? Let’s take a look at exactly what Bostonian’s need to know about buying a condo.
Starting With Basics, What Makes Condos Unique?
We all have stereotypical ideas about Boston Beacon Hill condos. Some of these preconceived notions are often true, such as most condos share walls with other units, and many condos require condo fees. But these quirks do offer benefits.
Often, shared walls mean lower prices, saving condo owners money on the cost per square footage of their Beacon Hill home. Likewise, condo fees owners receive other cost breaks like lower utility bills and lower property taxes, again saving the condo owner money in the long run.
But are these saved costs enough to offset the value of owning a regular detached home? Let’s dig in.
Talking Numbers With Boston Condos
It’s becoming increasingly difficult for the average family to afford a home in downtown Boston, as most homes sell for well over two million dollars. But with condos, there’s still ample opportunity to save hundreds of thousands of dollars (if not millions) buying a new home.
Pros and Cons of Buying a Condo in Boston
Buying a Beacon Hill condo is a smart move in the world of Downtown Boston real estate. Whether or not buying a condo makes sense for you, depends, of course, on your needs.
If you’re looking to flip your residence quickly, you might want to opt for a property that’s going to skyrocket in value. But if you have a busy lifestyle and you’re eager to forego tasks like weeding, raking leaves, and maintaining property, a condo is an ideal home choice.
In either situation, here are a few general pros and cons of condo ownership that you should consider:
Pros: If you’re planning to stay in Boston for at least four years, it might make sense for you to invest in buying a condo. As Boston’s rents rise and rental availability shrinks, mortgage rates remain low.
If you’re on a tight budget, or you’re a young first-time buyer, a Beacon Hill condo is a great way to break into the real estate market and start building equity. You’ll spend less up front, compared to buying a home. And you’ll be spared many potential maintenance costs that are associated with owning a home — remember, unforeseen re-roofing and plumbing fails won’t fall entirely on you as a condo owner.
Cons: While real estate, condos included, doesn’t tend to lose value in Boston, the demand for a single-unit detached home still ranks higher than the current demand for condos. This means that buying a condo won’t yield the same exponential growth in market value that a home might.
However, it also means that, “there are still a number of condos on the Portland market that are a decent buy.”
Think Outside the Box
Like we said, gone are the days of “one-size-fits-all” cookie cutter condos. Today, condos feature high-end design and reflect modern architecture standards, such as the newly constructed Boston Midtown condos. Some have sweeping floor-to-ceiling windows, day-lit staircases, and skylights aren’t just for traditional homes. Condos, too, can boast upscale finishes and swaths of natural light you’re looking for.
If you’re searching for traditional home amenities, but you can’t swing the price tag of owning a home, it’s time to expand your search, for more information contact us realtyford@yahoo.com
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