Trying to decide between a Beverly condo and a single-family home? You are not alone. Many North Shore buyers and downsizers weigh a lower-maintenance condo against the freedom of a standalone home. This guide breaks down ownership differences, real monthly costs, financing and insurance tips, resale dynamics, and neighborhood factors so you can choose with confidence. Let’s dive in.
Condo vs single-family basics
A condominium gives you individual ownership of your unit plus shared ownership of common areas like the roof, structure, and grounds. A condo association, formed under Massachusetts General Laws Chapter 183A, sets rules and manages the property. These rules can cover pets, rentals, and exterior changes.
A single-family home is fee simple ownership of the house and land. You make the decisions on maintenance and improvements, subject to local zoning or any private covenants. The tradeoff is responsibility. You handle all exterior and interior upkeep and pay for large repairs directly.
Why this matters for you:
- Condos include recurring association fees that fund maintenance and services, reducing hands-on tasks but adding a fixed monthly expense.
- Single-family homes offer more control and flexibility, with less in recurring fees, but greater variability in repair and replacement costs.
- For condos, association health can affect financing approval and resale marketability.
Total cost of ownership in Beverly
What to budget monthly
Plan your monthly budget around these components:
- Mortgage principal and interest
- Property taxes based on assessed value and the City of Beverly tax rate
- Insurance:
- Single-family: HO-3 policy for structure and contents
- Condo: HO-6 policy for interior finishes, personal property, and loss assessment
- Condo/HOA fees (if applicable) for building maintenance, services, reserves, and management
- Utilities not included in HOA fees (heat, hot water, electric, internet)
- Maintenance allowance for repairs and routine upkeep
Monthly cost worksheet
Use this simple worksheet to compare any Beverly condo or single-family:
- Mortgage payment: $_____
- Property taxes (monthly): $_____
- Insurance (monthly): $_____
- HOA/condo fee (if any): $_____
- Utilities not included: $_____
- Maintenance allowance: $_____
Total estimated monthly housing cost: $_____
Tip: For single-family homes, many analysts set annual maintenance at about 1%–3% of the home’s value, adjusted for age and condition. For condos, factor the full HOA fee plus a smaller allowance for interior repairs and any utilities not covered by the association budget.
Maintenance and big-ticket items
- Single-family: You budget and pay for roofs, siding, driveways, HVAC, and any septic-related costs. Older New England homes may also involve oil tank considerations and potential remediation.
- Condo: The association typically handles exterior systems and shared spaces, funded by reserves or special assessments. You are still responsible for interior maintenance and any limited areas defined by the bylaws.
- Coastal properties of any type may require flood insurance and mitigation planning, especially if the property is within a FEMA flood zone.
One-time and periodic costs
- Closing costs: Similar across both property types, though condos may include association documents and questionnaire fees.
- Capital replacements: Paid directly by single-family owners; paid via reserves or special assessments for condo owners.
- Massachusetts specifics: Title 5 septic inspections for homes on private septic systems; flood zone checks for coastal or low-lying areas.
Financing and insurance tips
Financing condos
Lenders evaluate the condo project as well as your personal qualifications. They look at owner-occupancy ratios, reserves, delinquency rates, and whether there is pending litigation. Some loans, including FHA or VA, may require specific project approvals. Request the condo questionnaire and association financials early in your process to avoid surprises.
Insurance differences
- Single-family: An HO-3 policy covers the home’s structure and your belongings, with options for endorsements based on risk.
- Condo: An HO-6 policy covers interior finishes and personal property. Ask whether the master policy is all-in or bare-walls in, and confirm deductibles and coverage for common areas. If a property is in a flood zone, verify what the master policy covers and whether you need a separate policy for your unit.
Resale dynamics in Beverly
Beverly’s commuter convenience, with MBTA service at Beverly Depot and Beverly Farms and access to Route 128, supports buyer demand. Lifestyle amenities like beaches, parks, and a lively downtown add to the appeal for both condos and single-family homes. Inventory patterns also influence value: single-family supply on the North Shore is often tight, which can support price stability.
How this usually plays out:
- Single-family homes in desirable neighborhoods often command premiums and can appreciate well in strong markets because land and inventory are limited.
- Well-managed condos in walkable locations tend to sell quickly to commuters and downsizers who value convenience. Associations with strong reserves, reasonable fees, and practical amenities attract broader buyer pools.
- Coastal proximity can raise pricing for both property types while also increasing exposure to flood risk and insurance costs that some buyers factor into offers.
What helps condo resale
- Healthy reserves and low delinquency
- Clear, reasonable rules that do not limit demand
- Useful amenities like parking, elevator access, and in-unit laundry
- Professional management and transparent budgets
What helps single-family resale
- Desirable location and convenient access to transit or major roads
- Functional floor plans and well-maintained systems
- Curb appeal and outdoor space
- Updated mechanicals that reduce near-term capital needs
Neighborhood considerations in Beverly
Every block is different, so verify on a property-by-property basis. Here is a helpful overview:
Downtown Beverly / Beverly Common
- More condos, some single-family near the core
- High walkability and access to dining, shops, and commuter rail
- Parking can be competitive; older buildings may require close review of reserves and maintenance history
Beverly Farms / Prides Crossing
- Higher share of single-family homes, larger lots, and historic properties
- Strong coastal appeal and beach access
- Check flood exposure and insurance needs in low-lying areas
North Beverly / Montserrat / Lanesville area
- Mix of single-family and smaller condo buildings, with some newer infill
- Quieter streets and park access, with a range of price points
- Commute times and walkability vary by address
West Beverly / Cove
- Primarily single-family with some condos near commercial corridors
- Suburban feel and convenient driving access
- Fewer public transit options in some pockets
Across neighborhoods, confirm:
- Parking rights for condos and any permit rules
- Flood zone status and elevation for coastal blocks
- Proximity to commuter rail and typical travel times
- Local zoning and any redevelopment plans
Due diligence checklists
For condo buyers
- Review the declaration, bylaws, rules, current budget, reserve study or reserve balance, insurance certificate, and recent meeting minutes
- Request an estoppel letter and the lender’s condo questionnaire early
- Check delinquency rates, reserves vs planned projects, pending litigation, fee schedules, and upcoming increases
- Confirm parking, storage, pet policies, and rental restrictions
- Verify which utilities are included in HOA fees
- Get a professional inspection and clarify which components are association vs owner responsibility
For single-family buyers
- Obtain Title 5 results if the home has a private septic system, or confirm municipal sewer connection
- Ask about oil tanks and any environmental work completed
- Schedule a full home inspection for roof, foundation, electrical, plumbing, and HVAC
- Verify boundaries, easements, and zoning constraints
- Check FEMA flood maps and any elevation documents
For sellers preparing to list
- Condo sellers: organize governing documents, budgets, reserve studies, insurance certificates, and any special assessment history
- Single-family sellers: address common repair items, service key systems, and complete Title 5 if needed
- Price by product type and neighborhood, and help buyers compare total monthly costs, not just list price
When each choice makes sense
Choose a condo if
- You value walkability, transit access, and lower day-to-day maintenance
- You prefer predictable budgeting with a set HOA fee
- You want professional management to handle exterior upkeep
- You are comfortable with association rules and shared decision-making
Choose a single-family if
- You want a yard, privacy, and full control over improvements
- You can handle maintenance variability and plan for capital items
- You want fewer restrictions on pets or rentals
- You prioritize land value and long-term flexibility
Next steps
Start with the worksheet above and gather live inputs from current listings, the City of Beverly Assessor, and association disclosures. Then compare your total monthly number across a few options. As you narrow your search, line up financing, request condo documents or property reports, and review flood and septic considerations where relevant.
If you would like a data-informed comparison for a specific Beverly home or condo building, reach out to Debbie Caniff for a complimentary consultation.
FAQs
What costs are unique to Beverly condos?
- In addition to mortgage, taxes, and insurance, plan for HOA fees that fund building maintenance, services, reserves, and management, plus any special assessments for capital projects.
How do HOA fees affect mortgage preapproval in Beverly?
- Lenders include the condo fee in your debt-to-income ratio, which can reduce your maximum loan amount compared to a similar-priced single-family with no HOA fee.
Do Beverly coastal homes need flood insurance?
- If a property is in a mapped FEMA flood zone and there is a mortgage, flood insurance is typically required; even outside mapped zones, owners may choose coverage based on risk.
What should I review in a condo association before buying in Beverly?
- Check reserves, delinquency, recent meeting minutes, pending litigation, master insurance scope and deductibles, rental and pet policies, and whether fees are set to increase.
How do property taxes work in Beverly?
- Taxes are based on the assessed value times the city’s tax rate; both condos and single-family homes pay property taxes, which you can estimate from the most recent assessment.
Will a single-family home appreciate faster than a condo in Beverly?
- It depends on location, condition, and supply, but limited single-family inventory on the North Shore often supports price stability and can benefit appreciation over time.
