Empty nesters are selling their homes in the suburbs and moving into luxury condominiums in Boston. For the first time, they are confronted with a new problem.
They no longer are the sole decision-makers regarding their homes. In Marblehead or Weston, if they wanted to replace the roof of their house they could do it without going to the "condominium board." This is clearly the flip side of living a carefree lifestyle and letting others worry about repairs, replacements and maintenance.
It is important to shop carefully for the right condominium community, to study the documents, the budget of the condominium and to use professionals, a lawyer, an architect and an engineer, for example. Money spent up front on due diligence is money well spent. The alternative is to pay a high priced trial lawyer after the closing when the water begins to pour into the building and the "limited warranty" given to you at the closing turns out to protect the developer more than the buyer.
Buying a house is difficult. Buying a condominium is more difficult. If you are going to make the move to the city, do it in a careful way.
Saul Feldman is a real estate attorney in Boston at Feldman & Feldman, P.C. By Saul Feldman