Boston luxury condo Buyer when looking for a condo in the Boston real estate market with numerous condos for sale at high prices, Boston condo buyers can find once-in-a-lifetime deals. But they can also find trouble — if they don’t ask the right questions.
With so many condominium properties with enormous high prices, Boston condo buyers need to do their homework if they don’t want to watch their dream Boston condo turn into a nightmare
Ideally you want to buy into a stable, well-run community, Boston condos that once sold for $200,000 now sell for $500,000. In Boston and certain areas, condos that once cost $500,000 are now offered for $1.500,000.00.
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Some of these deals are still tempting, but buyers need to think of purchasing a condo as signing a business agreement with all others who own in the project they are buying into, says New York attorney Rafael Castellanos. And as with any other business venture, learn how the place is managed and inquire about its financial stability.
“Especially in this economy, you really have to be very careful,” he says. “Don’t be emotional about it.”
Ask for a budget
Most Boston condo buyers don’t think of it, but you need to ask for a copy of the condo association’s budget, meeting notes.
The association is not likely to give buyers a copy of the budget, but the seller — as an owner — can request a copy and provide it to the potential buyer.
The most important parts of that budget include the total amount of outstanding debt owed to the association and the percentage of owners who are not paying their dues.
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Boston, MA 02114
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