Purchasing a Beacon Hill condo in downtown Boston will give you easy access to some of the best restaurants and microbreweries in the city, from Boston Midtown and its great shopping, and incredible views. However, before shopping around, each buyer should carefully consider his or her spending abilities. Given the extraordinary demand for Beacon Hill condos, the top units won’t come cheap. Following are a few considerations to make when creating your budget for this big purchase.
The Base Price of a Beacon Hill Condo
The average price for a Beacon Hill condos was between $1,000 and $1,500 per square foot. Newly developed, high-end luxury condos are expected to sell for as much as $2,000 per square foot in 2018-2019.
Beacon Hill Condo Fees
Buyers will additionally have to account for Homeowners’ Association (HOA) fees (condo fees), which are an unavoidable part of the purchaser’s overhead. In low-rise buildings lacking full-time, on-site staff (apart from maintenance crews), Beacon Hill costs typically average between $400 and $800 per month for 1 and 2 bedroom condos. In high-rise luxury units, condo fess costs can skyrocket upwards of $800-$1,500 per month.
Beacon Hill condo owners will also pay property taxes which are locked in every 3 years.
While some units might appear far less costly than other similar options, it is always important for buyers to determine what the parking arrangements will be. Beacon Hill condos that have parking will invariably have a higher cost per square foot than a unit that does not. However, paying these additional monies for guaranteed, on-site parking is often cheaper and easier. The cost of parking on an independent lot can range between $250 and $500 per month.
When shopping for condos in Downtown Boston, be sure to speak with your real estate agent about all included, and possibly additional, fees associated with the unit to ensure the Beacon Hill condo you purchase won’t leave you house poor and unable to enjoy all that downtown has to offer. Happy Boston condo searching,
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