Michael Mahoney Realtor in Greater Boston

Questions to Ask When Purchasing a Condo in Massachusetts

Questions to Ask When Purchasing a Condo in Massachusetts

Before you make your Boston condo purchase, there are a lot of things your should find out when buying.

Making a purchase in development is more involved than buying a home here in Massachusetts. The reason being is that not only are you buying a piece of property you are also buying a condo association.  In a way you are making two purchases overall.  If you are getting a mortgage to make your purchase, your mortgage lender or mortgage banker will definitely scrutinize the condo association as much as your financial worthiness and in some cases more. When loans are made on condos they are basically underwritten in two ways. First the borrower is underwritten and then the condominium association is closely looked at.  Before you make your Boston condo purchase here are some things to consider finding out.   The list of questions to ask before you buy your condo in Boston is a bit lengthy. Since  have been a Greater Boston Realtor for over 15 years, I would suggest these items be looked at minimally. 

 

Here are the Basic Questions to Ask When Buying a Condo in Massachusetts

Pros and Cons of Buying a Condo in Boston

Pros and Cons of Buying a Condo in Boston

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:

Storage.

Outdoor space.

Amenities.

Maintenance.

Security.

Reserve funds and association fees.

Resale.

Condo rules.

Neighbors.

You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.