Boston real estate condominiums
A condominium, or condo as it is called, is a property unit that is generally a part of a larger property, such as in a block of apartments or row houses. It could also be an independent structure detached from the main property. The main property overall is owned by a corporation comprising of a group of directors.
You are the individual owner of your condominium unit and are free to sell it. You need to pay a monthly maintenance fee and have to pay the requisite taxes as owner of the unit.
Some condominium units have a terrace, basement, garden, or other space that is shared by all the owners together.
Why Should You Opt for a Condominium?
• It creates less of a financial dent on your wallet than if you were to buy an apartment.
• You are relieved of the tension of maintenance this is the job of the organization that heads the condos owners group.
• Some condos have special facilities like a health club or a common room for parties. This eliminates the need to pay membership fees at a club elsewhere.
What Aspects Should You Consider When Buying A Condominium.
• The Site: You should decide on the locality of your condo do you want it overlooking the waterfront or in the shopping area of the city. Do you want it where there is easy access to a tennis club or do you want it away from the hub of the city centre. Do you want easy access to the public transport system or you don't mind staying in the suburbs and commuting to work in your wheels.
• The Approximate Area: You can opt for a one-bedroom with bath unit or one with two bedrooms with common bath there are infinite possibilities. What you should decide on is the specific requirement if you are single, or with a small family, or staying with a teenager. Also, if you are planning to rent out the unit to a third party, you need to look at it from that perspective the renter may not want to have two rooms with one shared bath.
• The Fees: Confirm the specific aspects that the monthly fee covers whether it covers, for example, only maintenance of equipment (such as heaters) and common areas or whether it covers insurance as well. The fees obviously will vary depending on the location and size of your unit. Generally, the breakup of the fees is: utilities, shared amenities (such as elevators and recreational facilities), administrative costs, repairs and maintenance, and staff (such as security guards, laundry staff, etc). Of course, there may be some other aspects, too, depending on the project, so check it out.
• The Policies: Confirm if you will be allowed to keep a pet. Check if you can put in an additional cabinet for storage. Find out if you can keep a potted plant on the window ledge. Potential condo buyers often overlook all these and other aspects in their eagerness to book a unit quickly before it get sold out.
• The Taxes: Once you purchase a condo unit, you, as the owner of that unit, must pay all the relevant taxes covering that unit. If you rent a condo unit, a higher tax may apply.
• The Paperwork: You will be given a formal document generally titled Agreement of Purchase and Sale. Read this very carefully. Specially look out for the little asterisks and read the additional tiny words to which they refer at the bottom of the page! Make sure you understand all the terms involved, the rules of ownership and stay, the purchase price and monthly fees, etc. If you have even the slightest doubt, DON'T SIGN till you have your doubts cleared. In fact, have a legal expert on condominiums present with you when signing.
Approximate Rates of Boston Condominiums
Depending on the location and the square feet area, the rates will naturally vary. The following are just a few random samples these are not to be considered as actual rates, but rough estimates and don't forget the monthly fees + taxes!
• A one room-one bath condo of a little over 900sq.ft.in a mid-rise building in East Boston could set you back by more than $2500.
• A one-room-one-bath condo of about 700sq.ft.in a high-rise building at the Boston Waterfront would be very expensive: more than $450,000.
• In Beacon Hill area, you could get a one room-one bath condo of about 500sq.ft.in a mid-rise building for a little over $300,000.
• A luxurious condo in the Backbay area with a bedroom and bath, and a separate living room, covering more than 600sq.feet, with additional facilities such as laundry services and a roof deck, would cost more than $400,000. The monthly fee would be a little over $500, plus a large amount towards taxes.
Looking for a condo in Boston. Here are some randomly selected contacts from the World Wide Web. It must be mentioned here that this article is not endorsing any of the names or firms mentioned nor for the properties they list. It is up to the reader to check out all aspects of the property you wish to purchase or rent. It would also be advisable to consult a lawyer before signing any papers.
There are a whole lot more out there, so look around! Other avenues:
• You can also look for names of real estate brokers and agencies at the official site of the National Association of REALTORS.
• Another option is to refer to the Yellow Pages of your directory.
• You can visit the area where you are looking for a condo and ask around for a local agent in that area. Some places even have large boards put up, stating that a condo is for sale. Who knows Just driving by you may come across your dream condo!
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