It came as a surprise to many, but the Boston real estate market has proven to be remarkably resilient amidst the uncertainty of the COVID-19 pandemic. Many things contribute to success in the Boston condo market; one of them is the incredibly low-interest rates.
Another reason for the shifts in the property market is that people are working remotely. As a result of remote work, many buyers no longer need to be near their workplace. If you are in a position to buy.
Here are five practical things to consider before you purchase downtown Boston real estate for sale during a pandemic.
Although the property market is currently thriving, there is a chance that the number of buyers may decrease due to unemployment rates and financial instability. It is important to remember that this pandemic is not over. If you believe you are at risk of losing your job, you may not be able to pay your monthly payment on a new house. Before purchasing the home of your dreams, try to ensure that your job is secure for the foreseeable future.
2: Find the right real estate agent
If you are planning on buying downtown Boston real estate, it is important to find an agent that you can trust. With much economic uncertainty, you want to ensure that your real estate agent has your best interest in mind.
Many people prefer to work with an agent who utilizes property management software. The agents who use property management software tools are informed and educated on market trends and can determine the wisest property purchases. Buyer’s agents will help protect and prepare you for the entirety of the home buying process.
If you are looking at Boston condos for sale, it is essential to ensure that safety protocols are in place. If you are going to an open house, make sure that the seller will keep all doors open and adhere to social distancing measures. If you are completing inspections, make sure all individuals are wearing masks, and all surfaces have been cleaned properly.
Many downtown condos for sale have gone through renovations and changes over the last few months. As individuals spend more time at home, they become increasingly creative in their home design. Some people have changed their home design to encourage social distancing and safety protocols.
You can expect many changes to be seen in kitchen design. If you expect to practice social distancing for an extensive period, be on the lookout for homes with open floor plans and patios.
With interest rates low, many individuals are on the downtown Boston real estate hunt. If you are looking to buy quickly, make sure that you are prepared and pre-approved. In this climate, you will likely have to put down an offer soon after a Seaport condo goes up for sale.
Surprisingly, the property market is booming in the downtown Boston real estate market right now. Because of the Coronavirus pandemic, there are unique challenges in the home buying process. The property market is currently beneficial to buyers due to the dropping interest rates.
Items to consider before buying a Boston condo for sale. The Boston real estate market can be tough, making Boston condos for sale an attractive option for many people, especially young families and pre-retirees looking to downsize. Condo living might be described as a happy medium between the autonomy of living in a traditional single-family home and the convenience of renting a Beacon Hill apartment. When you buy a condo, you own the interior, meaning that, unlike with an apartment, you can make whatever changes or updates you want to space. However, it also means that, unlike with an apartment, you are responsible for all of the maintenance and upkeep of the interior—there’s no handy maintenance number to call when something goes wrong. The upside is that, since you don’t own the exterior of your condo, outside maintenance isn’t your problem!
Like anything, there are pros and cons to buying a Boston condo for sale, and many factors you should consider before making a final decision on whether condo living is right for you. We’ve laid it all out below.
The first question anyone looking for an alternative to a traditional home needs to answer is whether they’ll opt for a condo or rent an apartment..
- Condos are apartment-like. They’re found in Midtown high rise buildings and traditional style Beacon Hill buildings.
- You own only the interior of your home. You’re therefore responsible for the upkeep and maintenance of the inside of the condo.
- There will be many common areas shared among residents. These can include things like fitness centers, pools, playgrounds, and clubhouses.
- Are governed by a Home Owners Association (HOA) aka condo association. The condo association is responsible for maintaining the common areas and exterior of all condos, as well as dealing with clean up and repairs following unexpected emergencies like storms or flooding. The condo association is generally made up of elected condo owners.
- You will pay monthly fees to the condo association to provide for the exterior maintenance of the condo complex and to build up a fund for dealing with unexpected emergencies.
Boiling it all down, Beacon Hill and Back Bay condos may be best suited to people who don’t mind having to occasionally put up with overhearing someone else’s music or movie. People who enjoy frequent run-ins with neighbors and for whom amenities like pools, parks, or clubhouses will add to their quality of life. Condos may also be a better choice for people who don’t want to deal with outside maintenance issues like lawn care, roofing, shoveling snow, etc.
If you’ve decided that Boston condo living is an option for you, over renting Beacon Hill apartments for rent, you now need to determine whether you’re suited to living under a condo association, Condo Associations exist to make sure that the condo community as a whole remains a well-maintained and pleasant place to live. To that end, condo associations will generally create a set of by-laws that govern the use of common areas. These might include regulations on who can use these amenities, when they can be used, and how they can be used. As well as issues like where residents can park, what types of vehicles are allowed within the condominium complex (for example, no RVs or boats), how long holiday decorations can be left up, etc. Residents who fail to follow the rules will be fined by the condo association. The condo association also often has the authority to foreclose on residents who habitually fail to pay their dues or rack up an excessive number of fines.
Whether or not you are comfortable living under a condo assoc will depend on your temperament and willingness to compromise. Whatever the case, always make sure to request a copy of the by-laws for the condo complex you’re interested in moving into. Just because you’re willing to live under a condo association doesn’t mean you’ll be willing to live under a specific association. You need to make sure that their specific rules won’t require you to alter your lifestyle in ways that will significantly undermine your happiness.
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