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Important Facts for Buyers

Purchasing a condominium can be very challenging especially for first time buyers who are accustomed to traditional single-family homes.  We have prepared responses to 10 important questions everyone should ask before buying a condominium.    

Ten Questions You Should Ask Before You Buy

1. How many special assessments has the Association had?
    None

2. What major projects has the Association undertaken, without a special assessment?
  • Painted the interior of the building and added picture frame molding to paneling on all floors
  • Painted and enhanced main entry and rear patio doors
  • Replaced and upgraded the sidewalk around the front of the building
  • Replaced and upgraded the carpeting in the building
  • Enhanced lighting in front of the building
  • Replaced and upgraded 4 exterior doors with new look and enhanced hardware
  • Upgraded domestic water booster pumps to energy efficient design
  • Re-coated all exterior surfaces of the building
  • Replace main entry doors
  • Replace common area HVAC units
3. What projects are shown in the reserve study to be undertaken in the next 5-10 years?   
  • Replace flat roof, rubber membrane
  • Overhaul elevators' hydraulic system
    All of these projects are adequately funded and no assessments will be required.

4. What is our Reserve status? How is it funded?   
As of year-end 2023, Replacement Reserves were 95% of the fully funded reserve standard. Reserves are funded from common fees and investment income.

5. What has been the percent of increases in common fees over the years?
    The average annual increase of fees from 2007 to 2023 is 2.3%.

6. How many lawsuits has the Association been part of?
    • One (To correct the erroneous unit fee allocation created by the developer).
    • No pending litigation.

7. How many foreclosures has the Association had?
    None.

8. What is the Number of owner-occupied units vs renter-occupied units?
    56 owner-occupied units vs. 0 renter-occupied units.

9. What is the management team?   
Fernwood Estates Association is managed by an owner-elected 5 member Board of Directors, active volunteer committees, and Westford Real Estate Management, a professional property management firm.

10. How are new residents welcomed and integrated into the Fernwood community?
New residents receive a "welcome booklet" that addresses the most frequently asked questions and explains some of the Association's policies and guidelines.  For additional orientation an established resident of Fernwood Estates meets with each new resident.  This meeting provides an opportunity to review Association documents and answer any additional questions about living in our community.  The community also welcomes new residents to our monthly board meetings, committee meetings and social activities.