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Buying A Condo

Buying a Condo or Townhouse in Massachusetts

Buying a condo or townhouse as your primary home, investment property or vacation home may make perfect sense to meet your goals and needs. The diversity of the Massachusetts real estate market offers fabulous options for locations, including urban, lakefront, oceanfront, and slope-side condominiums. You’ll find a wide range of price options to suit a first-time home buyer or someone with a higher budget who wants the swanky lifestyle of the downtown Boston waterfront.

Whatever your life stage, if you are interested in buying a condominium in Massachusetts, you have many fabulous developers and options to investigate as you start the process.

How to buy a condo or townhouse is more involved than most home buyers think. For a first time home buyer or a family seeking to buy a condo for vacation property, the buyer may assume that the monetary investment compared to buying a home translates into a less complex real estate transaction. That is not true. When buying a condo, you are not only buying a property, you are buying into an association. The level of complexity and due diligence in evaluating and assessing the investment is more complex than buying a single-family home.

For that reason, MABA strongly encourages any home buyer considering buying a condo or townhouse in MA to fully consider the benefits of engaging a MABA buyer broker to help you navigate the complexities of the process of how to buy a condo.

Know What You Are Buying and Buying Into

Buying a CondoWhen buying a condo or townhouse, you are buying a defined property and you are buying into an association. In evaluating the condo, do not make any assumptions about what you own and what is common property. Be sure to get clearly defined floor plans and dimensions and have an agent and inspector whom you know and trust working with you. It is best to work with an agent who has proven expertise in evaluating and negotiating condo properties for other buyers.

Read more about how to buy a condo.

 
 
 

Latest from the Blog

  • Massachusetts Pending Home Sales and Median Price Up Again in June

    The Massachusetts Association of Realtors® (MAR) reported today that single-family pending home sales were up over nine percent in June from last year. Pending condominium sales were also up more than 12 percent. The median price for both single-family homes and condos saw a hike, with the single-family median price rising over the $400,000 mark. Realtors® confidence both in the market and in home prices dipped slightly in June. This month’s “Hot Topic” question finds that the majority of Realtors® surveyed have had at least one transaction that was an all-cash deal (i.e. no mortgage involved) since the beginning of the year.

    June Pending Sales: 

    Single Family June 2017 June2016 % Change
    Sales 6,723 6,128 9.7%
    Median Price $410,000 $380,000 7.9%
    • Pending sales have been up 51 of the last 52 months 
    Condominium June2017 June2016 % Change
    Sales 2,596 2,307 12.5%
    Median Price $370,000 $349,900 2.9%
    • Pending sales have been up or flat 20 of the last 22 months 

    “The increase in homes put under agreement this month may be a positive sign for a spring market that has suffered plummeting inventory,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “However, median prices have continued to rise, which can push some buyers out of the market.”

     
    Realtor® Market and Price Confidence Indexes: 

    Confidence Index June2017 June2016 %Change
    Market 80.73 80.97 -0.29%
    Price 71.79 73.87 -2.82%
    • The Realtor® Market Confidence Index went down for the first time in 27 months
    • The Realtor® Price Confidence Index went down for the first time in six months
    • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition  

    “The Realtor® Market Confidence Index has dipped year-over-year for the first time in over two years, indicating that Realtors® are growing concerned about some of their buyers being able to succeed in this market,” said Yorkis. “However, both indexes reveal that ultimately Realtors® remain positive. We just need to see more inventory to keep up with the demand.”

    With home inventory being as tight as it is, you want to give yourself every advantage if you are thinking of buying a home in Massachusetts. For the best possible experience, be sure to work with an agent who is a member of the Massachusetts Association of Buyer Agents.