Boston condos can be very convenient and luxurious, but many people are cautious about the idea of buying a Beacon Hill condo for sale because of condo fees. You may have heard that condo fees (aka HOA fees) can add hundreds of dollars to your monthly bills, so it’s reasonable to be concerned about this. However, the reality is that Boston condo fees might not be as extreme as you expect. If you’re thinking about buying a Back Bay condo but you’re concerned about the fees, here are some things you need to know.
Do All Condos Have Fees
I’ve yet to hear about any Boston real estate condos without fees. Condos aren’t legally required to charge condo fees, so it’s possible there may be a building somewhere without them. However, not charging condo fees would be a very poor business decision, so you typically cannot find places in downtown Boston without these types of fees.
Why Do Condos Have Fees?
When you purchase a Midtown condo, you’re paying for a set of rooms inside a large building, while the condo fee is in charge of the Boston real estate building itself. There are all sorts of upkeep expenses, such as snow removal and pest control, associated with the building, and the fees go toward these maintenance bills. In the case of any building-wide issues, such as a roof that needs repair, condo fees cover the cost. Boston condo fee payments also cover community amenities, such as common roof deck for Beacon Hill condo or gym for a Midtown high rise condo.
How Do Condo Fees Compared to Other Types of Real Estate
Condos usually have condo fees, but you cannot always avoid fees just by buying a single-family home, townhouse, or duplex. When items go wrong in a single-family home you will have out of pocked expenses to pay to make the repairs or replacement costs.
What Affects Condo Fees?
Typically, Boston Midtown high rise condo buildings need more upkeep, so their total condo fees might be higher then a Beacon Hill condo for sale, but the larger number of units means the bill is split among more people. The biggest variable associated with condo fee costs especially for Midtown high rise condos is the amenities. Many Boston luxury condo owners end up paying high condo fees for things like function rooms or spas they barely ever use. If you want a lower condo fee, look for a Boston condos for sale that only has amenities you’ll use.
Even with the condo fees, a Beacon Hill condo for sale can be the ideal home for your lifestyle. If you’re looking to buy Boston real estate for sale. Reach out to the agents at Ford Realty—the experts on Back Bay, Beacon Hill Midtown, North End and Seaport condos to help you find your perfect home. Give us a call today at 617-595-3712.
