QUESTIONS TO ASK THE CONDO BOARD BEFORE BUYING THAT NEW CONDO


Boston Condos

More and more people are considering buying a condo in an established condo community or in one of the new condominium complexes going up everywhere and especially the beautiful new luxury condo communities in Boston. Those potential buyers need to check out, along with their Realtor, some important information prior to making that offer.  Remember that your Realtor also has many answers concerning condo purchasing and what to look for, and what to look out for.

Ask these 10 questions of the Condo Board:

1    How many of the total units are owner occupied compared to renter occupied?
In most cases, the more owner occupied units there are the more marketable the units are and you will find lenders are happier to get involved in the financing.

2    Get a copy of the CC&Rs which govern the property. Read it over, or have your Realtor go over it with you so you understand what you can and cannot do as a homeowner.
For example in some condo complexes, you might not be able to rent out your unit if you want.

3    Find out about the general expenses for the complex and ask the board how much money it keeps in reserve for emergencies. Is that money invested or in the bank or what?

4    Are the association assessments keeping pace with the annual rate of inflation?
Assessments are usually adjusted at least once a year. Your Realtor can look at the assessments and see how they compare to other rates in the area.

5    Find out what does and what doesn’t the assessments cover? Example: Do the assessments cover the common area maintenance, trash collection, and other normal upkeep costs?

6    Have there been any special assessments in the last few years, if this is an older condo complex?  Have there been repeated special assessments? What for?

7    Is there a large turnover occuring in the complex and why? You might want to talk to some residents and get their opinion of how the complex is managed.

8    Is there any litigation going on with the complex and with who, and for what?

9    If this is a new condo community, how does the construction look and is the developer reputable? Again, you might want to talk to a resident and get their opinion.

10    Is the complex or community part of an umbel la corporation, where there are sub corporations under it? Who is the management company or is it self managed and how is the Board of Directors appointed or how do they get their jobs on the board?

Your local Boston Realtor can help you with any questions and research anything you want to research. The new condo communities in Boston are all wonderful with the best in construction and management. Your Buyers agent, or Realtor, is always there to help out and if he or she can’t answer your questions, he/she will find out the answer for you. Get the CC&Rs and go through them carefully with your Realtor, or an attorney, and then if everything looks good..GO FOR IT!

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Rising Rents in Boston

Today an article came out claiming that the average monthly rent in Boston hit a record high during the last quarter of 2011. The continued increase in rent over the last few years is directly correlated to the increase in demand and a lack of vacancy.

They’ve found that more people are choosing to rent for various reasons including unemployment, job uncertainty, and fear of the further erosion of the housing market. There has also been a significant increase in graduate students coming to the area. As a result, the high demand combined with declining inventory- the vacancy rate has dropped to a nine year low of 4%- has lead to the average monthly rent in the metropolitan Boston area reaching $1,686.

Boston is now ranked as having the fifth highest rent in the nation after New York City, San Francisco, Westchester County in New York, and Fairfield County in Connecticut. Here is the full article for more information.

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The importance of a buyer’s agent in purchase of a condo


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A lot of people ask, “Why do I need a buyer’s agent? Can’t I just go to open houses and find my new home?”  The answer is yes you can! But finding the home is the easiest part of the process.

    There are no Restaurants within 3 miles radius from this property.

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    The buying process can be very complicated and confusing, especially if you do not have someone in your corner at all times. A buyer’s agent negotiates price and terms (based on knowledge of the market), makes sure all parties are  doing their job, and can help translate what is going on, from the home inspection, to condo documents, and condo financials while being mindful of deadlines. Most deals go south because of a lack of communication and all parties assuming that everything is going according to plan. A good buyer’s agent can prevent this by essentially policing all aspects of the deal. They ensure that there is open communication between the lawyers, realtors, financial institutions, buyers and sellers for the most successful transactions!
    - Drew Abysalh
    http://gty.im/94870413

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