Buying a condo in Greater Boston can be both an exciting and frustrating experience for buyers like you. Luckily, there are independent insurance agents in the neighborhood, like KW, who are wise about the condo market, your buying process and the condo insurance you need to keep your investment safe.
Over the last decade, KW has seen the housing market in this area change quite drastically. In the early 2000s, it was much simpler to find and buy the house you had been dreaming of. There were also good deals to be found in communities like Dedham, Cambridge, Somerville, Roslindale and Hyde Park. While today’s house-hunting is much more challenging and expensive, there are still many options to explore if you are willing to consider a condo or townhouse. And whether you’re a first-time home buyer or you’re choosing to downsize from your current home to a condo, choosing KW as your insurance partner is the smart thing to do. We will be by your side from start to finish of the buying process and for the long-term.
In case you hadn’t noticed, we are in the middle of a population explosion. A study by the UMass Donahue Institute for Economic and Public Policy Research, which looks at population growth from 2000 through 2035, predicts that the population in Greater Boston will increase by 100,000 residents every five years through 2025, 75,000 through 2030 and finally, 57,000 through 2035.
Couple this growth with the fact that there are a limited number of new homes being built, and it quickly becomes clear that the area is going to have trouble housing the population’s “big bang” happening here in Greater Boston. So, if you’re in the Millennial generation and you’re ready to settle down into a starter home or you’re a Baby Boomer looking to move back into a more urban area, you are entering into a perfect storm for buyers: inventory is low, housing prices continue to soar, and bidding wars are the new normal.
There are several factors that should make buying a condo very appealing to you, including that there are a variety of styles on the market to appeal to virtually anyone’s sense of taste and budget. From traditional, converted two- and three-family units to modern eco-friendly construction, today’s condo buyers have more choices than ever before. Even better, these condo units often come with lots of impressive upgrades that you won’t typically find in a single-family home.
Another desirable aspect about Greater Boston condos is how conveniently located they generally are. Many owners enjoy being within walking distance of recreational areas, commuter train stations, shopping centers, restaurants, dog parks and more. Not only do these local amenities make your life easier, but it can also save you wear and tear on your vehicle by allowing you to take public transportation to work or school and use your feet or bike to run errands. However, our favorite thing about a condo is the practically maintenance-free life you will live, which is a far cry from how you might be spending your weekends if you owned a house.
Because we know the real estate market so well, KW has made it our priority to understand the difference between insuring a single-family home and insuring a condo or a townhouse. For this reason, we make it our business to understand the individual needs of both the property owner and the specific details about your property, such as:
As part of our assessment, we may also recommend you purchase additional coverage such as a personal umbrella policy, flood insurance or scheduled jewelry and fine arts riders for your valuables. At KW, we make it a priority to fully understand your risk so that we can better protect you and your family.
As a new condo buyer in Greater Boston you are likely to experience information overload. There are going to be more factors to consider when making a condo purchase than you probably expect, which is why KW Insurance wants to take some of the burden off of you. If you’re in the market to buy a new condo, we recommend you reach out to us before you sign the purchase and sales agreement. Our team is happy to help you navigate the process, be a sounding board for your questions, and ensure that you end up with a just-right home and the proper condo insurance coverage to protect it.