Boston, MA Condos for Sale

When a condo building is classified as non-warrantable, it means the property does not meet the strict underwriting criteria set by national entities like Fannie Mae and Freddie Mac, making a conventional mortgage impossible to secure. In Boston, this usually happens if a single investor owns more than 10% to 20% of the units, if commercial space takes up too much of the building, or if owner-occupancy falls below 51%. To buy into a non-warrantable building, you will have to seek out specialized portfolio lenders who hold their own loans, which usually requires a much higher down payment and a higher interest rate.

You evaluate an association's health by analyzing their official "resale packet," which includes the budget, recent meeting minutes, and a reserve study. A healthy association should dedicate at least 10% of its annual budget toward a replacement reserve fund, and no more than 15% of the current building owners should be delinquent on their monthly fees. Reviewing the past year of meeting minutes is especially critical in Boston, as it allows you to act as a fly on the wall and spot any mentions of pending lawsuits, structural failures, or upcoming, un-budgeted building repairs.

A special assessment is a major, one-time fee charged to all condo owners when a building faces an urgent capital expense—like a failing roof or crumbling brick facade—that the existing reserve fund cannot cover. Because Boston is home to an exceptionally old housing stock, buildings that deliberately keep monthly condo fees artificially low often trigger these massive surprise bills to catch up on deferred maintenance. You can protect yourself by having a real estate attorney meticulously review the condo documents to confirm that the reserve balance matches the building’s aging infrastructure.

Condo fees vary dramatically across the city based on the building type, but at an absolute minimum, they cover the non-negotiable master building insurance policy and common area upkeep. In a classic Boston brownstone or triple-decker conversion, a fee of a few hundred dollars might only cover snow removal, water/sewer, and minor hallway cleaning. Conversely, full-service luxury towers in neighborhoods like the Seaport or Back Bay can command fees topping $1,000 per month, which scale up to fund 24/7 concierges, elevators, fitness centers, and massive central HVAC operations.

Yes, if you purchase a Boston condo and use it as your primary domicile, you are legally eligible for the city's highly generous residential tax exemption. This program essentially deducts a fixed dollar value from your property's total assessed value, which can save you up to $3,000 or more on your annual property tax bill. It is important to note that you must apply for this exemption through the city after moving in, and the savings will be applied directly to your quarterly tax payments.

A standard condo inspection generally focuses on "walls-in" components like the unit's electrical panel, plumbing fixtures, and interior appliances. However, because so many Boston condos are carved out of historic structures built before 1940, you must instruct your inspector to look closely for water infiltration along exterior masonry walls and around windows. Additionally, you should visually inspect the building's shared basement and roof spaces if accessible, as structural issues down below or up top will eventually become a shared financial liability for every owner.