With more Boston condo owners working from home during Covid has resulted in one impact that I didn’t think of – condo fee increases.
I represented a Boston high-rise condo buyer in a large condo complex recently, and we requested to review the recent condo docs as part of our due diligence. In the meeting minute notes their was a disclosure that included a notice that residents condo fees may have to increase. The reason fees may have to go up is due to the escalating condo association costs such as water and trash use as more residents work from home. The association also had to incur new charges to pay workers who were regularly sanitizing common areas and elevators. Additionally, food and Amazon deliveries had been overloading building recycling capacities.
There will hopefully come a time when residents are spending more time in the office and easing up on their condo building’s services. But prospective condo buyers should expect a rise in condos fees, especially in larger high-rise condo complexes, as associations are trying to keep up with operating costs.