Which is a less expensive investment a house or condo? The age-old argument. In most cases, the Boston condo is going to be less expensive because the costs of exterior maintenance are shared among a greater number of people.
Boston condos and high condo fees vs Single-family home
Some condos have high condo dues that are $1,000 a month or more but when they pay for heat, insurance, water, and trash removal and maintenance it seems like a bargain to me because I know it costs more than that each month for my family to live in our modest Boston real estate single-family home and you still have to shovel the snow and mow the lawn.
People who are retiring are often afraid of condos because of the association fees. It is really important to shop around and to see what those fees pay for. Some condo buildings also have amenities like swimming pools and exercise rooms. Owners do not have to spend money and time each month to go to the gym or try to find a place for exercise equipment.
Any type of housing needs maintenance. Even if there is no monthly fee to pay for maintenance homeowners do pay for it and it can be thousands or dollars all at once instead of a few dollars each month. Nothing lasts forever.
However, I totally understand buyers who do not want to pay extra for amenities that they have no interest in or will never use. There are condos with lower association dues and fewer amenities.
Boston Real Estate for Sale and the Bottom Line
I am not sure which type of housing is less expensive because in some cases it is comparing apples to oranges. I do however think it is important to look at what association dues cover and compare them with the expenses of owning an individual home before deciding that condo life is too expensive.
If you’re a first-time buyer in the Boston condo market you might find the video above useful.