2025 Guide to Buying a Condo in Boston
By Sean Creamer on January 02, 2025
As Boston residents prepare themselves to step on the property ownership ladder or climb up another rung, some buyers choose to pursue condo purchases amid tight housing inventory.
There are many condo styles in the Greater Boston area. From self-managed properties in the outlying suburbs and towns to gleaming new construction high rises in Seaport, Boston has something for every type of condo buyer.
Plus, depending on the building and the amount of money a buyer wants to spend, some condos can even provide owners with luxury amenities like gyms, rooftop decks, and even a pool. But buying a condo is different from closing a deal on a single family home, and buyers have to plan out their condo purchase.
To help local residents decide what fits their long-term needs, below we’ve outlined a beginner’s guide to buying a condo in Boston.
Understanding Condo Ownership in Boston
Condo ownership in Boston offers a unique blend of independence and community living. As a condo owner, you hold the title to your unit while sharing ownership of common areas with other residents. This arrangement provides a low-maintenance lifestyle, as the condominium association handles exterior maintenance tasks, allowing you to focus on your living space. However, it’s essential to understand the condo association’s rules, regulations, and fees to ensure a smooth transition into condo ownership.
Boston’s condo market is diverse, ranging from sleek, modern high-rise buildings to charming historic brownstones. When evaluating a condo, consider factors such as the building’s age, condition, and amenities, as well as the condo association’s financial stability and management practices.
Reviewing the condo documents and financial statements is crucial to understanding the association’s rules, regulations, budgets, reserve funds, and any pending special assessments. This due diligence will help you make an informed decision and ensure that your new home aligns with your lifestyle and financial goals.
How is a condo defined in Boston?
From historic units tucked away in brick-faced buildings in the North End to high-rise units soaring above the streets of Downtown Boston, there are many types of condos in the City of Firsts. But purchasing a condo is different from a home, as owners have title to the unit but share common areas and their related costs with other building residents.
Large condo complexes have a homeowner association that hires property management firms to manage the upkeep of the property and take care of amenities like shared pools or gyms. Whereas smaller boutique condos with as as few as two unit owners might split the responsibilities of maintaining the property.
Buyers interested in condos have to think of where they are in their life and what fits their long-term needs. Some buyers may prefer a full-service Seaport condo unit with luxury amenities, views of Massachusetts Bay, and in close proximity to the financial centers in Boston.
But not all buyers want to live in the middle of the hustle and bustle of Downtown. For buyers seeking space, outlying towns like Brookline and Arlington offer residents a variety of green spaces and smaller two to three shared unit condos that usually come complete with a yard, multiple bedrooms, and are close to MBTA stations.
Each style brings different amenities to the table and having an experienced real estate agent helps buyers quickly find the ideal unit.
How can I find a real estate agent experienced with Boston condos?
While finding a condo can be a frustrating endeavor when inventory is tight, it is easier than ever to find and interview multiple agents based in Boston.
Longtime locals want a buyer’s agent with knowledge rivaling their own, so they can trust that their agent knows how condos compare between the North End and Beacon Hill. Many buyers impulsively go with the first or second agent they find, but Bostonians that interview multiple agents can find experienced brokers that also offer a financial benefit in the form of a commission rebate.
Commission rebates are legal in 40 states, including Massachusetts, allowing agents to provide buyers with a portion of their commission fee when a new homeowner closes a deal on a condo. For example, Prevu Real Estate provides Boston homebuyers with a commission rebate totaling up to 1% of their home's purchase price.
How much do I need to buy a condo?
It is no secret that Boston real estate is some of the most coveted and highly priced in America, and the condo prices reflect this too.
A Back Bay condo overlooking the Charles River can run buyers several million dollars, whereas a condo in Roxbury costs around $500,000. Considering how tight the housing supply is right now, Boston residents need to be prepared regardless of their condo budget. So, the first step in this process is to get pre-approved for a mortgage by a lender.
Having a pre-approval letter shows listing agents how serious you are in closing a deal on a condo and in some cases guarantees access to open houses. First-time buyers can apply to down payment assistance programs offered by MassHousing, and get financial assistance on closing costs from the HomePath ReadyBuyer program offered by Fannie Mae.
What amenities come with a condo?
Depending on the type of condo a person is considering, buyers in Boston can expect a wide array of amenities when they begin their search.
A shared property condo in Waltham usually provides owners with ample yard space and easy access to Boston’s green spaces. On the other hand, luxury condos in Downtown Boston come complete with concierge services, rooftop decks, health clubs, social activity events and classes, dog parks and grooming stations, and even a pool. Some luxury condos also offer an own private terrace as an exclusive feature for enhanced outdoor living.
Condo residents share the cost of these amenities through monthly homeowner association fees. Depending on a buyer’s interest, residents can join in on condo board meetings and have voting rights that directly affect upcoming projects and amenities.
Luxury buyers can take amenities to the next level by purchasing the penthouse of a condo, where they can apply to build a private rooftop deck. But buyers beware, as penthouse units usually come with specific sets of rules concerning the upkeep of the property.
How much are HOA fees in Boston?
Homeowner association fees depend on a few factors, mainly relating to the size of the complex and amenities offered.
As you review smaller units, ask the listing agents about the shared spaces and how owners handle repairs. Larger complexes usually take care of maintenance with a property management company or live-in super, but boutique condos with only two or three owners share responsibilities for the property. Buyers need to ask about AC and central heating, figuring out if utility costs are shared or separately metered.
It is important to review the property listing data to understand the fees, rules, and responsibilities associated with the condo.
A self-managed duplex condo might have HOA fees as low as $100 a month, whereas luxury condo buildings in Boston can carry HOA fees ranging up to $1,000 or more per month. The fees generally cover the master insurance for the property, garbage and snow removal, and the running costs of shared spaces and building staff. These monthly fees are not negotiable when a buyer purchases a condo and are periodically reviewed by the condo board.
Each year the management board of the condo convenes to go over projects and expected expenses for the year and set the HOA fees. Depending on the projects and repairs needed, the fees might stay the same or be increased for capital improvements.
Buyers looking at a complex can get a sense of the monthly fees by asking about upcoming projects or any pending special assessments planned for the condo.
Evaluating location and accessibility
When searching for a condo in Boston, location and accessibility are crucial factors to consider. Boston’s neighborhoods offer a unique blend of history, culture, and lifestyle, from the vibrant Fort Point neighborhood to the quiet tree-lined streets of the Back Bay. Consider factors such as proximity to public transportation, work commute times, and access to essential amenities like grocery stores, restaurants, and parks.
In addition to location, evaluate the condo building’s accessibility features. Look for conveniences such as elevator access, garage parking space, and private outdoor space. Some condos may offer additional amenities like a professionally managed elevator building, ample cabinet space, and stainless steel appliances. These features can significantly enhance your living experience, so it’s important to consider your lifestyle needs and priorities when evaluating a condo’s location and accessibility features.
Weighing the pros and cons of condo wwnership
Condo ownership in Boston offers several advantages, including a low-maintenance lifestyle, access to amenities, and a sense of community. However, there are also potential disadvantages to consider, such as higher HOA fees, limited control over common areas, and potential conflicts with neighbors or the condo association.
When weighing the pros and cons of condo ownership, consider your budget, lifestyle, and long-term goals. Evaluate the condo association’s fees, rules, and regulations to ensure they align with your needs and priorities. Additionally, consider the condo’s resale potential, market trends, and the overall value of the property.
Ultimately, condo ownership in Boston can be a rewarding and convenient option for those who value a low-maintenance lifestyle and access to amenities. By carefully evaluating the pros and cons and considering your individual needs and priorities, you can make an informed decision about whether condo ownership is right for you.
How to make an offer on a condo
Once you find that perfect North End or Seaport unit, it is time to make an offer. Considering the competition in the market, buyers should worry less about listing prices and focus first on whether the property matches their lifestyle needs.
If it does and the seller accepts your offer, buyers begin the due diligence process and review the condo documents with their real estate attorney. When a condo owner in Boston wants to sell their property, they have to obtain a 6(d) certificate from the condominium association, which tells buyers that there are no outstanding fees owed or other expenses.
Agents can connect buyers to real estate lawyers who can help sort through these condo documents. Lawyers ensure that the title is in place and that there is no pending litigation on the property. Buyers will also want to know how much reserve capital the condo association has on hand, as these funds usually cover major repairs to the property.
Once the terms are accepted and agreed upon by both parties, buyers can expect to get the keys to their new Boston condo within 30 to 45 days after an accepted offer.
