Boston condos for sale: What do condo fees pay for?

Along with your mortgage and taxes, the monthly condo fees is another expense involved with downtown Boston condo ownership. Boston condo buyers frequently ask me , “What is included in the monthly fee?”

How Condominium Fees are Calculated on Boston Condos

Condominium owners own the interior of their unit and a “percentage of common ownership” in the building. Overall, this “percentage of common ownership” is based off of the square footage of their Boston condo, to the entire condo building.  For example, 1 bedroom 700 sq.ft. condo is going to pay less monthly condo fees than a 2 bedroom 1,200 sq.ft. condo in the same building.

Boston Condo Fees: What They Pay For.

I have had some Boston condo buyers ask if these fees are just a way for the condo association to make money. The fees bring in money to pay for the common expenses for the condo association. These expenses include:

Common water to the building.

Water is supplied by most condo associations. Many times each condo has their own hot water tank so each owner would be responsibly for heating the water which many times is done by natural gas.

Common hallway electric.

 This also includes any exterior lighting the building has.

The master insurance policy and flood insurance policy,

if the building needs a flood insurance policy. In a condominium, the association has a master insurance policy which covers the structure of the building as well liability protection. Each Boston condo owner would need to insure the interior of the condo. This is commonly referred to has condominium insurance.

A management company to oversee the building.

The management company handles the the payment of the common bills, collection of maintenance fees and overall maintenance of the common areas. Some smaller Boston condo buildings sometimes choose to self-manage to save some money. The larger buildings like in Downtown Boston, the Seaport District condos, and high rises in Boston Midtown have on-site management to handle maintenance.

Funds to build reserve account.

As Boston condo buildings becomes older, issues may arise and repairs may need to be addressed. Many associations will reserve part of the monthly fees to build the reserve account to address these issues.

Heat & hot water.

Some of the older condo buildings in Boston do not have separate boilers, so the maintenance fees include heat & hot water. Most modern construction building have separate heating units or zones for each condo.

Building amenities 

like a on-site fitness center, resident’s lounge, pool, concierge. Many of the Boston waterfront luxury condo buildings include these amenities. The cost of these amenities are paid from the maintenance fees.

Author Profile

John Ford
John Ford
EXPERIENCE

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.



HISTORY

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.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
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.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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