Are you a first-time Boston condo buyer? Don’t forget these 5 items
Purchasing your first home is exciting! You finally get a space you can call your own and slate as your Beacon Hill condo dream home.
And there’s no better place to purchase a home than in downtown Boston. You can view Boston Harbor in the Boston Seaport, view city views in Boston Midtown, or live in the historic district on Beacon Hill. But, Boston is also an expensive city to move into. When shopping for a Boston condo for sale you’ll want to make sure that you keep all costs in mind as you evaluate options. Regardless if you are looking to buy a condo in the Boston Seaport or other markets around the city, you will also want to be prepared for the hidden costs that you may not have expected.
There are numerous expenses, beyond the down payment, for which you may not have planned or anticipated. To help you out, here are a few costs you should be aware of before you get ready to drop a down payment.
1. INSPECTIONS
Before you buy a car, what is one of the first things you do? You take it for a drive, right? You kick the tires, take a look under the hood, and pepper the salesperson with a barrage of questions.
You do the same with a Boston Seaport condo for sale. Just like hiring a mechanic, a buyer is always encouraged to hire an inspector to go through the Boston condo for sale. In Beacon Hill, you want to look for termite damage and mold, and insidious problems that can cost thousands of dollars to remedy. As well as looking into the roof, foundation, electrical, plumbing and other features of the home.
In conjunction with the inspection is an appraisal. While inspections look for problems, appraisals value the Beacon Hill condo for sale. The purpose of the appraisal is to figure out a range of prices for the fair market value of the home.
2. CLOSING COSTS
Closing costs are a catch-all term for the expenses associated with closing on a Boston condo for sale. Yes, it sounds ironic, you need to pay more money, to spend your money. Closing costs cover things like title (to make sure seller owns the home), loan origination fees (pay the bank to transfer the mortgage), taxes, entry condo fees. Closing costs can amount to 2 to 5 percent of the sales price.
3. REPAIRS
Once you get the inspection report, you will have an idea of the things you may need to address once you move in (and possibly negotiate a lower price). However, the reports can only estimate what is likely to come up; it isn’t definite. Once you move, its inevitable, something will break. As the homeowner, you’re on the hook for anything that needs replacement or repair including your A/C unit, locks, painting, and more. If you are accustomed to renting, the cost of these repairs may shock you.
4. TAXES AND INSURANCE
Wait, didn’t we cover taxes in the closing costs section? Yes, we did, taxes on the purchase of the Boston condo for sale. But you still need to know it will be included in your monthly mortgage payments.
5. CONDO FEES
Condo fees can vary widely depending on the market that you are in and the amenities that the building has to offer. When evaluating a home you will want to make sure you anticipate those additional costs before you buy.
Now that you know some of the additional costs of buying a Charles River Park for sale, its time to find a real estate agent. If you need assistance getting a home, please don’t hesitate to give us a call.
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