Boston Luxury Condos: Condo Buying Tips For a First Time Homebuyer
Buying a luxury condo is an attractive alternative for many people. Some top Boston luxury condos include not having to perform yard work and home maintenance, having ownership of real property, shared amenities, and increased security. However, it’s still super important to do your homework. The tips below will help you make an informed decision to purchase your first Boston luxury condo.
Make Sure the Condo Association Has a Good Reputation
A luxury condo association is run by a board of directors that votes on and enforces rules. It’s important to find out who is in charge and how the board makes major decisions. An experienced real estate agent should know this information already, which is why working with one is always a good idea. Another benefit of working with an agent is that he or she can provide guidance on the asking price and making an offer.
Verify the Reserve Fund
Every condo association has a reserve fund to pay for property maintenance, upgrades, and emergencies. The money comes from dues you and other members pay. You want to make sure that the reserves are adequate and well-managed before you move in.
Learn About the Neighbors and the Neighborhood
It’s natural to want to live among people in your same stage of life. Be sure to visit the condo several times and don’t be afraid to ask who your neighbors would be. It’s also essential to ensure that the neighborhood is a good match. Some people focus so much on the building and their individual unit that they settle on living in a neighborhood that doesn’t offer what they need.
Don’t Sign Anything without a Lawyer
Understanding complex legal documents can be challenging. To ensure that you understand what you are signing, make sure that a lawyer reviews it first. You don’t want to end up owing a unit in any luxury condo when its rules won’t work for you.