Boston Condo living can provide an affordable and comfortable lifestyle. However, owning a Beacon Hill condo can be different in many ways from owning a single-family home. Before you make an offer on one of the many Boston condos for sale in Beacon Hill, there are 5 important things you need to consider.
All Boston condos are part of a homeowners association. The association will require all Boston condo owners to pay fees, the amount of which can vary from complex to complex. The monthly fees charged are used for the upkeep of the building, including electricity in public places, cleaning, and heat.
All Boston condo owners must secure their own insurance. However, you must find out what situations the association’s insurance will cover. In the event of a leak in the roof or a fire in another part of the building, you want to make sure your personal belongings will be covered.
3. Reserve Fund
All associations should have a special reserve fund set up in case emergency repairs are needed or the building needs updating. If the association does not have one set up or there is very little money in this reserve, the cost for repairs would fall back on the individual condo owners.
4. Association Rules
All associations will come with a list of rules or guidelines that homeowners must abide by. These rules can include anything from not being allowed to own a dog to keeping the noise down after 9pm. It is important that you understand and agree with these rules before committing to buy.
It is also important to know how the association is managed prior to putting in an offer. In many cases, the condo owners are the managers and meet regularly, while other complexes have a manager in place. In either case, try to meet some of the other condo owners in the complex and ask questions to get a feel for their opinions about management.