Condominium Purchases on the Rise in Boston

Every renter has heard the advice over and over: you should buy something instead of paying rent month after month. While there is no doubt that home ownership is a better financial bet than renting, how does one go about finding something affordable in a surging real estate market such as Boston? A condominium.

In 2004 the number of condo sales in Boston grew by 61 percent over the year before, eclipsing sales of single-family homes in the city by more than four to one. Although prices of condos have risen at about the same rate as single- and multi-family homes, they remain the most inexpensive housing ownership option, with a median price of $349,500.

The sales growth of condos outpaced single-family homes by about 20 percent, mirroring trends statewide. This increase suggests more and more first time buyers are turning to condos instead of single-family homes. While offering greater affordability, condos also offer what a single family home does not: the ability to share maintenance and repair responsibilities, and, in some cases, providing amenities such as pools or tennis courts that would not be affordable if not shared.

Condominiums offer homeownership for less money, as well as shared expenses. With this benefit come shared responsibilities between the Unit owners. Unlike a single-family house, decisions made affecting each owner in a condominium complex must be reached by a consensus or vote, such as how often the parking lot should be repainted, how much should be spent on cleaning services and landscaping for common areas, how often garbage should be picked up. A fee paid by each unit owner toward the determined budget pays these costs, and the size of the voted budget determines the level of services available to the owners.

Condo owners must also abide by covenants, conditions and restrictions (CC&Rs), which can cover everything from election of association officers to the condominium association to parking, laundry, noise, pets, smoking and a myriad of other behavior. Owners who fail to abide by these restrictions can be fined.

Finally, with common area comes common liability, imposed upon the ownership of the condominium association instead of the individual unit owner. What property is the responsibility of the association, and what property is the responsibility of the unit owner is established and governed by the condominium documents. It is particularly important with condominiums that consist of a very few number of units, for instance a converted three-family house, to carefully review and understand how the documents assign rights and responsibilities between and among the owners.

Contact a Massachusetts Real Estate Attorney

For more information on buying a condo in Boston, or if you are looking for a real estate attorney in Boston, please contact Rob D. Stewart. If you prefer, you can also telephone our offices in Boston seven days a week at toll free 866-414-0400.

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