Condo Management in Boston can be quite tricky. It is different from how one tends to manage a home. There are a few things one needs to be aware of before one decides to get a condo. This is only meant for all those people who are quite busy and do not have the time to do anything themselves. This post lets you know what you can expect with a Condo in Boston.
Monthly Condo Fees
The first thing to remember about Condo Management in Boston is that there will be fees in addition to the mortgage/rent. In some instances the monthly fees are included in the rent. If you own the place outright, then you have to make the payment to the management company so that they can maintain the place for you. The maintenance fees usually depend on the number of properties within the vicinity and cover all the facilities.
An important aspect of Condo Management in Boston is they usually are better than property managers as they are more hands-on. So if you have any issues, you can be assured that they will take care of it on time. A good Boston Condo Management team will never be absent.
Another thing to remember is that all residents need to contribute to the reserve fund. This fund goes towards emergency repairs, upgrades, and any large problems. This can be anywhere between 10-25 percent of the annual budget, depending on the age of the building.
A good Boston Condo Management team will ensure that all facilities such as parking, gym, pool (if included) are in working order and available for all residents. The cost for this comes out of the monthly fees.
Good Boston Condo Management ensures faster appreciation
If the condo complex is managed by an active and efficient management, then you can be assured that the value of the property will go up within time. The faster they tend to problems, the more valuable it can tend to get. It won’t appreciate at the rate of a home, but it will take it’s time getting there. Just don’t expect to live there for a few years and expect a huge profit after you sell out.
Check the rules of the Condo before you move in as they can vary from place to place. They can charge fees for practically anything. Make sure you know what the rules are before you move in because it could be a problem. For instance, the complex could be having a no-pets policy and you have a pet. So it’s important to go through all these rules so that you know what you are getting into.
We hope you liked our post “Boston Condo Management: Questions to ask before buying a Condo”.