Boston Condo Buyers Ask About the Financial & Association Health of the bldg.

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• What is the current monthly condo fee, and what exactly does it cover?
  • • Fees typically cover water, sewer, master insurance, and common area maintenance.
    • In Boston, older brownstones may have lower fees, but fewer amenities compared to modern high-rises. [1, 2]

• What is the total amount currently held in the building’s reserve fund?
  • • A healthy fund should generally hold at least 10% to 25% of the association’s annual budget.
    • Low reserves increase your risk of a sudden financial hit. [1]

• Are there any planned, passed, or recently completed special assessments?
  • Special assessments are one-time charges for major repairs like roofs, elevators, or brick repointing.
  • Request the last two years of condo association meeting minutes to spot upcoming projects. [1, 2, 3]

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