Finding the right Boston condo for sale to purchase today is one of the biggest challenges for potential buyers. With so few Beacon Hill homes for sale and construction of newly built homes ramping up in Boston Seaport, you may be wondering if you should consider new high rise condo construction buildings in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.
When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. Your home also helps protect the environment and reduces your carbon footprint.
Lower maintenance that comes with a newer Boston high rise condos is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the home. With new Seaport condos and other new high rises, you’ll also have warranty options that may cover portions of your investment for the first few years.
Another solid benefit to new construction is customization. Do you want stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.
When buying an existing Boston condominium, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a high rise condo building. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.
For many families, having an established neighborhood is also important. Some buyers like to know the neighbors if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.
Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.
The current flow of supply and demand in the downtown Boston highrise condos makes vertical development a necessity. Whenever regional economies go through prolonged periods of prosperity, sellers’ markets ensue, and demand for brand new construction increases. In the case of downtown Boston, building high-rise new condominium towers is a sensible housing solution for this growing metropolitan area, but prospective buyers should be aware of the complexities of vertical development. To this effect, here are five questions prospective buyers of new construction of Boston highrise condos should present to their real estate agents and developers.
When Will the Condominium Documents Be Ready?
Prospective condo buyers who make their deposit payments before reviewing the association bylaws and related documents are taking on substantial risk. The developers may mention they plan to allow pets or include basic cable television in the association fees, but such statements are only official when they are part of the documents that dictate the occupancy and maintenance of the condo. Boston high rise condo investors who intend to flip or rent their units may not be as interested in reviewing the documents ahead of time, but this should be very important for buyers who intend to occupy. Is the Developer Experienced?
The track record of the Boston condo developer will give buyers an idea of what they should expect in terms of architectural styles and ability to complete.
Before Boston highrise condo developers are allowed to break ground on their projects, they must file offering plans with county and state officials. These plans tend to be very detailed and can easily run longer than 100 pages. However, everything condo buyers should know about the building, units, and amenities is contained in this document. The offering plan should be made available to buyers before contracts are presented. In some cases, the developers may request a small refundable deposit from prospective buyers who wish to take a copy home so it can be reviewed by an attorney. If copies of the offering plan are given to listing agents, no deposits should be required.
Buying a new high rise condo means becoming an investor in a housing project, and buyers may face closing costs beyond those typically associated with detached single-family residences. At the same time, concessions or enticements may be offered to early buyers to offset additional closing costs.
As previously mentioned, urban condo development is an economic activity filled with complexities, which means plans can deviate, things may change, and new actions must be taken. For this reason, a large section in the offering plan may be dedicated to special risks. A careful review of this section is essential for buyers who are curious about how much of their deposit they will get back if the building is never completed, but there could be various other risks to consider.
Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in our area, let’s connect today so you can feel confident in making a decision about your next home.
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