I have looked at both older warehouse-converted condos and newly built condos with doormen in Buffalo. The difference in HOA fees stood out more than the price difference. In order, the key points to check are the age of the building, the amenities, and the status of the reserve funds.

In downtown Buffalo, there are several condos converted from buildings as old as 1873, like The Glenni. According to wblk.com, a building constructed in 1913 as the Seneca Paper Company warehouse was converted into loft-style condos in 2015. These buildings tend to have a brick exterior and high ceilings, but their management facilities are relatively simple, leading to lower HOA fees.

Looking at actual listings, the HOA fees for Buffalo condos range from $275 to $320 per month on redfin.com, often including snow removal, landscaping, sprinkler maintenance, and water costs. A previous survey from 2011 recorded the median management fee for Buffalo condos and co-ops at $210 per month, showing a gradual increase over the past decade.

On the other hand, newly constructed buildings with concierge services, fitness centers, and rooftop lounges see an increase in HOA fees due to higher maintenance and insurance costs. Nationwide, buildings with more amenities can have monthly fees ranging from $500 to over $1,000, as explained by nar.realtor, and the same principle applies in Buffalo.

It is important to note that for older converted buildings, you must check how much reserve funds are accumulated. Even if a building is old and has recently undergone significant remodeling, the replacement of unseen systems like roofs or plumbing may be due soon. If the reserve funds are insufficient, those costs could be charged as special assessments all at once.

It is also worth noting that New York State does not have laws mandating minimum reserve funds for condos and co-ops. While there is a 3% reserve fund requirement for converted condominiums in New York City, this regulation may not apply to converted buildings outside of the city, like in Buffalo, making it even more important to directly check the association's bylaws and recent financial statements.

Mortgage lenders also review the financial health of the HOA. If it falls short of fanniemae.com standards, it may be classified as a non-warrantable condo, leading to loan denials or increased down payments.

If you are moving to Buffalo from another state, it is more accurate to calculate the overall cost of living by considering not just the low purchase prices and HOA fees, but also New York's property tax system and winter heating costs. For older buildings, check whether winter heating utilities are included in the HOA fees.

Buffalo is an area where condo supply is gradually increasing, particularly around the Canal Side waterfront redevelopment and near Delaware Park. The median sale price for downtown condos is around $358,000, which is relatively low compared to other major cities in New York State. However, just because the sale price is low does not mean that management is lax; it is still wise to check the financial statements.

Buffalo is also a region that Korean families are considering due to its relatively low cost of living. While school district ratings can be referenced through GreatSchools or Niche, boundaries change frequently, so it is advisable to verify the assigned school for the specific address before purchasing.

• Year of construction and extent of recent remodeling
• History of major system replacements like roofs and plumbing
• Recent financial statements and reserve fund balances
• History of recent special assessments

For buildings with elaborate amenities or those with old-world charm, it is beneficial to not only look at the HOA fees but also consider how much reserve funds are available. This article is not investment or legal advice, and it is recommended to consult a real estate professional before making any actual contracts.