Whether you are looking at a Boston condo as an affordable first home or as a perfect place to downsize, do not forget to check the condo fees. As you start to search for condos in the Boston proper area, you will soon realize the amount you will pay to a condo association varies wildly from one development to another.When you are financing your Boston condo purchase, your lender will include that condo fee in your debt-to-income ratio, which compares your gross monthly income with the minimum payment on all recurring debt. The condo fee — along with your principal, interest, property taxes and homeowner’s insurance — will be part of your housing payment. Some condo buildings are approved for FHA (Federal Housing Administration) financing, and others are not. This is something home buyers, particularly first-time ones, must consider when condo shopping.

 What condo fees cover

Among the reasons condo fees vary from one Boston condo building to another are the size and age of the development as well as the amenities and features covered by the fee.

Large developments that pay a management company can have higher fees than a small self-managed building. However, splitting costs between just four or six units can mean condo fees are a bit higher than a building with 10 or 15 units.

Older condos often have higher fees than newer buildings because they need to factor in repair and replacement of common-area heating and air conditioning systems, an elevator or a surface parking lot.

When examining condo fees, it is important to realize you are not making a dollar-for-dollar comparison. While condo association fees typically cover a reserve fund for major repairs, a master insurance policy for the community, maintenance of the development and trash and snow removal, various other things may or may not be covered.

What is an appropriate condo fee?

When comparing Boston condos, you will need to evaluate your budget and determine how much you can afford to pay in fees. Next, you will need to determine whether a low or high condo fee is justified by the condo’s condition and amenities.

A low fee may look good to you, but if it covers very little and is an older condo with deferred maintenance, you can expect to pay a higher fee or even a special assessment in the future. A high fee may seem unappealing, but if it pays for a lot of amenities and/or your utilities, it may be more affordable that you think.

Contact me to set up an appointment to start your Boston condo buying process.

Back to homepage Boston condos

Boston condos for sale

SEARCH BOSTON CONDOS FOR SALE AND RENT

For more information please contact one of our on-call agents at 617-595-3712.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

Comments

comments

Call Now