Tips on Buying a Boston high rise condo. Buying a Boston high rise condo for sale requires a little more vigilance and thought than buying a single-family home in the burbs.
Check on the condo association’s reserve funds.
If the Boston high rise condo association doesn’t have enough reserves, it is not uncommon for a condo association to issue a special assessment for emergencies and/or much-needed capital improvements.
For Boston condos, the condo association/ high rise complex must also be approved for full loan/mortgage approval to be issued. This may require additional paperwork, approval from the condo association, and even some additional costs paid before closing.
Lenders sometimes have extra requirements for Boston high rise condo buyers. You’ll want to ensure you have a budget that will be able to accommodate it. Given these considerations, getting preapproved will be a critical step in the condo-buying process. Once you’ve been preapproved, you can shop confidently using your budget as a guideline.
Boston’s condo ownership comes with rules.
It’s important that you understand what your unique responsibilities are to the overall high rise building and what rules the condo association has in place, For example, if you are a pet owner you will want to ensure pets are welcome before you decide on a specific condo Boston high-rise condo complex.
f you’re looking at a high-rise condo, decide if you prefer the first-, middle- or top-floor living. Top floor condos are typically considered the best location in regard to noise reduction, isolation from neighbors, safety, and better views. However, how many floors up will you be traveling? Are there only stairs or is an elevator available within the building? Middle-floor living may allow you to minimize your heating bills by being sandwiched between the bottom and top floors. However, if the sound barrier is weak, noise from above and below could be an issue.
This becomes very important in certain neighborhoods like Beacon Hill where elevator access is very rare. Yes, a penthouse has nice views, but do you want to walk floor flights of stairs each day?
Consulting a real estate agent and a lender with condo experience can help you make an informed choice about the building and the individual unit.