One of the most important steps in purchasing a property is establishing a feasible budget. Unfortunately, many prospective buyers often overlook the full range of expenses that they’ll be taking on once they become bona fide Downtown Boston real estate owners. Following are five expenses homeowners pay but renters don’t that should always be accounted for in all your pre-purchase budgeting and planning.

Full Utilities

Although most renters are currently covering a hefty portion of their overall utility costs, there are a number of charges that are often covered by landlords, such as water and garbage. When you own a place, you’ll be responsible for paying all of these fees, typically through a monthly HOA fee. Moreover, you’ll find that utility charges such as water, electricity, gas and garbage are significantly higher than they were when you paid them as an apartment dweller.

Property Maintenance, Repairs, and Upgrades

Upkeep is another expense that you’ll take on as soon as you take possession of your property. When things wear down or fall apart, you can’t call a landlord to have them fixed. Although you may have insurance and a home warranty to fall back on, many of these costs will come directly out of your own pocket. Moreover, in order to preserve the value of your investment, there are a number of maintenance services that you’ll have to pay for annually or bi-annually just to keep things in good working order.

Boston Condo Insurance

Insurance is something that all homeowners have to have in order to protect their investments. If you’re financing this purchase by working with a mortgage lender, you’ll need to have a comprehensive plan that protects your lender’s interests as well. This coverage costs approximately $35 per month per every $100k of assessed home value but could be higher or lower depending upon your insurer and the amount of additional protection desired.

Property Taxes

Property taxes are an unavoidable expense and one that bears a significant impact on how successful you’ll be as a property owner over the long-term. When considering condos and high rise condos in Boston Midtown, take a look at the property tax information that is on the MLS. Divide this number by twelve and add the resulting answer to your mortgage payment in order to see how this will impact your monthly budget.

Homeowners’ Association Fees

HOA dues are the fees that you’ll pay to live in a selected community and participate in the upkeep of all communal features. These dues average between $200 and $400 each month. HOA monies are used for the maintenance of features like community swimming pools, fitness centers, and landscaping.

There’s a lot that goes into purchasing and maintaining a place of your own, and if you’re a first-time homebuyer, it can feel especially overwhelming—making it all the more important to work with the right agent. For more information about condo buying in Downtown Boston, reach out to us and take the first steps toward finding the place of your dreams.

Boston Condos for Sale Near Downtown Boston

Back Bay Boston condos for sale 
Beacon Hill  Boston condos for sale
Charlestown Boston condos for sale
Navy Yard Charlestown  Boston condos
Dorchester Boston condos for sale
Fenway  Boston condos for sale
Jamaica Plain Boston condos for sale
Leather District Boston condos for sale
Midtown/Downtown  Boston condos for sale
Seaport District Boston condos for sale
South Boston condos for sale
South End Boston condos for sale 
Waterfront condos for sale 
North End condos for sale
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East Boston condos for sale

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Boston condos for sale near Downtown/Midtown Boston

Back Bay Boston condos 
Beacon Hill  Boston condos
Charlestown Boston condos
Navy Yard Charlestown  Boston condos
Dorchester Boston condos
Fenway  Boston condos
Jamaica Plain Boston condos
Leather District Boston condos
Midtown  Boston condos
Seaport District Boston condos
South Boston new condos
South End new condos 
Waterfront new condos 
North End  new condos 
West End new condos
East Boston condos

Condos around the Midtown area to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

Click here: Boston Midtown Condos For Sale.


Author Profile

John Ford
John Ford

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.


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.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
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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