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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

  • Pending Sales for Massachusetts Homebuyers Maintain Steady Year-Over-Year Increases for Almost Four Years This February

    WALTHAM, Mass. – March 14, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that ongoing buyer demand pushed pending sales up three percent over last year. Pending sales have been up 47 of the last 48 months, marking almost four years of positive gains in single family homes put under agreement. Realtors® confidence both in the market and in home prices was positive in February. 

     February Pending Sales:  

    Single Family February 2017 February 2016 % Change
    Sales 3,967 3,852 3.0%
    Median Price $330,000 $309,000 6.8%
    • Pending sales have been up 47 of the last 48 months  
    Condominium February 2017 February 2016 % Change
    Sales 1,558 1,566 -0.5%
    Median Price $313,000 $290,000 7.9%
    • Pending sales have been up or flat 17 of the last 18 months  

    “Buyers have been tireless these past four years, showing that the desire to live and work in Massachusetts is strong despite dwindling inventory and rising prices,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway.  

     Realtor® Market and Price Confidence Indexes:  

    Confidence Index February 2017 February 2016 %Change
    Market 75.20 68.66 10%
    Price 77.00 75.70 2%
    • The Realtor® Market Confidence Index was up for the 11th straight month
    • 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  

    “This is the highest recording Market Confidence Index for the month of February since we began recording the data in 2008,” said Yorkis. “This speaks to the strength of the market this past year, as well as looking ahead to the spring market of 2017."