What Are Average Condo Fees in Boston? Breaking Down the Cost of Luxury

Posted on: May 27, 2022

The time has arrived at last: you are ready to buy a condo in Boston and want to know more about what that entails. So, what can you expect in this new endeavor and what should you know before taking the next step in this all-important journey? To begin with, it is a good idea to familiarize yourself with condo fees and the typical costs included. 

What is a condo?

 

So what exactly is a condo? It is a single unit within a multiple-unit property, typically an apartment-style building. As you consider buying into a condo, it is pertinent to understand what that means for you. Regardless of the size, amenities, or luxury of the condo, you own your individual unit and also a share of the common areas. These shared areas are generally owned and managed by a condo association. This includes a board that oversees what happens in the building, including correspondence with the residents, maintenance issues, and more. 

As Investopedia puts it, “The condominium or homeowner’s association (HOA) is an organization that votes to decide on rules as well as enforce them for the members living in the community.” The HOA meets on a regular basis to go over work projects and discuss bids for the building. People who buy into a condo become a member of the HOA and contribute their condominium fees. 

What is a condo fee?

 

A condo fee is a monthly expense that one gives to the condo association. This fee encapsulates shared expenses such as electricity, water and sewer, professional management, elevators, and more. Some other services that might be included are snow removal, refuse removal and master insurance for the building. Condo fees might also go toward heat and hot water, maintenance, or special amenities like a pool or hot tub. 

A part of this fee will count toward the building’s emergency fund or financial reserves. This “rainy day” savings covers future improvement projects as well as potential maintenance issues and repairs. A general rule to keep in mind is this: the more luxurious amenities available in the condo, the higher the fees will be. To summarize, the fee is based on the building size, yearly expenses, and the extent of services provided.

Typical fees in Boston  

 

Between 2005 and 2015, the US saw an average increase in HOA fees jump from $250 to $331. Nearly ten years later, we’re seeing it only continue to rise and especially in the realm of luxury real estate. On average, buying into a luxury condo generally means paying around $0.75/2.00 per square foot. A good rule of thumb is to assume that your square footage will potentially equal your monthly dues, although of course this is an estimation and varies greatly depending on location and amenities. These prices rise with the luxury, quality, and conveniences of the specific condo building. While these are estimated numbers and can depend on a number of factors, they are also a fairly consistent general number when considering condos in the Boston area at this time. 

Are you interested in learning more about condos in the Boston area or wanting information about buying into one? Feel free to contact Ryan J. Glass Real Estate for all your house, luxury condo, or property needs. Our team would love to show you some homes and townhouses for sale in our Boston location. Let’s get started today in helping you find your perfect dream home!

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