Staring at a condo that seems affordable next to a single-family in Arlington, but not sure which truly fits your budget long term? The list price rarely tells the whole story. You want the space you need, a predictable payment, and a plan for future costs. This guide breaks down every line item so you can compare a condo and a single-family home in Arlington and the wider Cambridge–Newton–Framingham area with confidence. Let’s dive in.
Compare total cost, not list price
The best way to choose is to total up everything you will pay each month, then project forward a few years. A simple formula helps you compare apples to apples:
- Monthly mortgage principal and interest
- PMI if your down payment is under 20 percent
- Property taxes
- Homeowners insurance (HO-3 for single-family; HO-6 for condo) and what the condo’s master policy covers
- HOA fee for condos
- Utilities and services
- Maintenance and a reserve for future repairs
Add those up for each property. Then look at a 5-year projection that includes likely capital projects, HOA increases, and any one-time costs. That is your true cost to own.
Mortgage and PMI
Your monthly mortgage payment depends on purchase price, down payment, interest rate, and term. The principal and interest are calculated with a standard amortization formula. Two notes specific to condos:
- Some lenders require higher down payments for certain condo buildings. Project rules, owner-occupancy levels, or litigation can affect approval and pricing.
- Private mortgage insurance applies if you put less than 20 percent down. Plan for PMI until you reach the required equity threshold.
Tip: When you model monthly costs, run sensitivity scenarios with the interest rate 1 to 2 percent higher to see your payment range.
Property taxes
Property taxes are simple to estimate: assessed value multiplied by the tax rate equals the annual bill. The town assessor provides assessed values and the rate is applied per $1,000 of assessed value. A $650,000 condo and a $650,000 single-family with similar assessed values pay similar taxes. Renovations on older single-family homes can trigger reassessment, so factor that into long-term planning.
Insurance basics
Insurance for a single-family is usually an HO-3 policy that covers the dwelling, structures, and liability. Because you insure the full structure, premiums tend to be higher than a condo policy.
Condo unit owners carry an HO-6 policy that covers interior finishes and personal property. The building’s master policy, funded by the HOA, typically covers the exterior shell and common areas. Always ask the association what the master policy covers and what the association deductible is. A large deductible can raise the risk of special assessments when claims occur.
HOA fees vs exterior costs
Condo HOA fees are a fixed monthly charge that often cover common area upkeep, building insurance, reserve contributions, trash removal, exterior maintenance, and sometimes heat, hot water, or water. A higher HOA is not necessarily bad if it replaces costs you would otherwise pay on your own.
With a single-family, you pay directly for everything the HOA would cover in a condo. That includes roof work, siding, exterior paint, landscaping, snow removal, and long-term capital items. These costs are more variable and can be lumpy over time, especially in older homes.
Key takeaway: Compare the condo’s HOA inclusions line by line against what you would pay to maintain a single-family’s exterior and common systems.
Utilities and services
Single-family owners typically pay for electricity, gas, water and sewer, trash, internet, and any landscaping or snow removal service. In a condo, utilities vary by building. Some associations include water, heat, or hot water in the HOA. Ask sellers for the last 12 months of utility bills for any property you are considering. This is the fastest way to nail down realistic numbers.
Maintenance and capital projects
Arlington and Middlesex County have many older homes and condo conversions from early 20th-century buildings. Age and condition drive maintenance needs.
- For single-family homes, budget a maintenance reserve of at least 1 percent of the home’s value per year, and 2 to 3 percent for older homes or those with deferred work.
- For condos, plan for the HOA plus your own interior maintenance fund. You will still replace appliances and interior mechanicals, and you may face special assessments if the building’s reserves are low.
Typical lifespans to guide your planning:
- Roof (asphalt shingles): 15 to 30 years
- Siding: 20 to 50 years
- Windows: 20 to 40 years
- HVAC systems: 15 to 25 years
- Water heater: 8 to 15 years
In condos, the association usually handles roof, exterior, and structural items. Review the reserve study and HOA minutes for planned projects like re-roofing, masonry work, elevator upgrades, or large mechanical replacements.
Financing and closing costs
Closing costs in Massachusetts generally range from 2 to 5 percent of the purchase price. These include lender fees, appraisal, title and recording fees, and attorney costs where used. Condo purchases can add project review items and, for FHA or VA loans, building approval requirements.
Condo lending has a few additional checkpoints. Lenders look at owner-occupancy ratios, reserve funding, and any pending litigation. Some lenders require 20 percent down for certain buildings. If you are considering FHA or VA loans, confirm the building’s approval status early.
Risks and tradeoffs beyond price
Non-financial factors often shape your long-term cost and value.
- Age and construction quality. Older single-families can have charm alongside older wiring or plumbing that may need upgrades. Older condo buildings can carry deferred maintenance at the association level. The documents will tell you a lot.
- Lot, zoning, and expansion potential. A single-family lot adds landscaping and snow costs but offers a private yard and potential to expand if zoning allows.
- Parking and transportation. Street parking can be limited in parts of Arlington. Deeded parking in a condo has value. Factor any permit or garage costs into your comparison.
- Rental rules. Some associations restrict rentals. If you plan to rent the unit or a room to offset costs, review bylaws for limitations.
- Insurance exposures. Check flood maps and ask about sewer backup or sump pump history. Flood insurance, where required, can be a significant expense.
- Resale and liquidity. In many tight suburban markets in Middlesex County, single-family homes often command price premiums and strong demand. Condo demand varies by location, building quality, and amenities.
Build your comparison in 20 minutes
Use this checklist to assemble accurate numbers for any Arlington property.
- Gather purchase and loan terms
- Target purchase price and your down payment
- Interest rate and loan type (conventional, FHA, VA) and term
- Estimate PMI if putting less than 20 percent down
- Pull fixed housing costs
- Current property tax bill or assessed value and rate
- Insurance quote: HO-3 for single-family; HO-6 for condo. Ask condo for master policy details and deductible.
- HOA fee and what it covers; ask for the HOA budget and reserve contribution line items
- Add utilities and routine services
- Last 12 months of electricity and gas bills
- Water and sewer charges; clarify if included in HOA
- Internet and trash details; snow removal or landscaping services where applicable
- Set maintenance reserves
- Single-family: 1 to 3 percent of value per year depending on age and condition
- Condo interior reserve: 0.25 to 0.5 percent of value per year, plus HOA
- If HOA reserves look low or projects are planned, add a prudent special assessment placeholder
- Stress test your totals
- Interest rate up 1 percent and 2 percent
- HOA increases of 5 to 10 percent per year
- One-time special assessment event in years 2 to 5
- Decide with confidence
- Compare monthly totals for each property
- Project a 5-year cumulative cost including your stress tests
- Weigh non-financial tradeoffs: space, yard, parking, and flexibility
Documents to request before you commit
For the most accurate numbers, ask for these documents early in your process.
- Single-family homes
- 12 months of utility bills
- Seller’s disclosure and invoices for recent major work
- Inspection reports and any septic or sewer scope if relevant
- Condos
- HOA budget, reserve study, and current reserve balances
- Meeting minutes for the last 12 months
- Master insurance policy and certificate of insurance
- Bylaws, rules, rental restrictions, amendments, and any litigation disclosures
- History of special assessments and upcoming projects
- Both
- Property tax bill and assessed value history
- Deed restrictions and zoning or parking details
When a condo may cost less
- The HOA covers heat, hot water, or water, reducing your utility burden
- The building has strong reserves and a clear plan for capital projects
- You prefer predictable monthly costs over variable exterior expenses
- You do not need yard space and value on-site maintenance and services
When a single-family may be worth it
- You want a yard, a garage, or future expansion options
- You are comfortable budgeting for exterior work that comes in cycles
- You prefer full control over maintenance timing and choices
- You prioritize long-term demand that often favors single-family homes in tight suburban markets
How The Agency Boston helps
You do not have to tackle this math alone. Our team combines local market insight with development-savvy guidance to help you:
- Pull accurate comps and property-specific tax, insurance, and utility data
- Read HOA financials, reserve studies, and master policies with a critical eye
- Map capital timelines for older Arlington homes and condo buildings
- Build scenario-based 5-year cost projections so you can choose with confidence
Ready to compare your short list side by side? Connect with The Agency Boston to review your numbers, pressure test the assumptions, and align the home with your goals. Request a Complimentary Consultation.
FAQs
What costs can make a condo payment higher than expected in Arlington?
- HOA fees, PMI if putting less than 20 percent down, and utilities not covered by the HOA can push the monthly total above your initial estimate.
How do HOA fees compare to exterior costs on a house?
- HOAs bundle costs like exterior maintenance, reserves, and building insurance into a fixed fee, while single-family exterior costs arrive as variable, sometimes large, expenses over time.
How much should you budget for maintenance on an older Arlington home?
- Plan for 1 to 3 percent of the home’s value per year, toward routine upkeep and future capital items like roofs, windows, and HVAC.
Are special assessments common in Arlington condos?
- They are more likely when reserves are low or major projects are pending; review the reserve study and meeting minutes to understand probability and timing.
Do condos appreciate less than single-family homes in Middlesex County?
- Appreciation depends on supply and demand; single-family homes often command premiums in tight suburban markets, while well-located, well-managed condos can also perform well.
What closing costs should you expect in Massachusetts?
- Budget roughly 2 to 5 percent of the purchase price for lender fees, appraisal, title and recording, and attorney costs; condo purchases can add project review items.
Can you use FHA or VA financing for a condo in Arlington?
- Yes if the building meets program approval requirements; confirm approval status early since smaller, older buildings may not be on approved lists.
