When searching for a Beacon Hill or Back Bay condo, you will end up selecting a property in a Boston condo building aka Homeowners Association (HOA). Before you buy a Boston condo for sale, it’s important to know how a Boston condo associations work and what they mean for you.
According to a recent article on realtor.com,
“In a nutshell, a condo associations helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”
A Boston real estate condo association is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R),
“Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covenants are established by condo association to maintain the attractiveness and value of the property.”
It’s important for Seaport condo owners to understand that each condo association is a little different, and they usually have monthly or quarterly fees required for homeowners. These fees can vary based on property size, number of residents, amenities, and more. There may be additional fees charged to homeowners if the reserve fund for the Boston condos association cannot cover a major or unexpected cost, like severe storm damage.
The fees, however, also help maintain the Boston Midtown condo common areas such as swimming pools, tennis courts, elevators (for high-rise buildings), and regular wear and tear. Although they are an added cost to the homeowner, an Boston condo association can be a major benefit when it comes to maintaining the value of your neighborhood and your property.
“After your offer to buy a home is accepted, you are legally entitled to receive and review the community’s CC&Rs over a certain number of days (typically between three and 10)…If you spot anything in the restrictive covenants you absolutely can’t live with, you can bring it up with the HOA board or just back out of your contract completely (and keep your deposit).”
Most lenders will factor your Back Bay condo fees into your loan package, ensuring the amount of the loan is appropriate for what you can truly afford.
There are some great benefits to having an condo association oversee your neighborhood, and it’s important to understand what fees, structures, and regulations will come into play if there is an Boston condo association where you’d like to live.
When you’re looking at a potential Boston condos for sale to buy, let’s get together so you have a professional who can help you understand the neighborhood’s condo association structure and fees. This way, you’ll feel confident and fully informed when buying a North End condo for sale.
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