The Condo Corporation, to which you’d belong, sets the annual operating and maintenance budget. fees are dependent upon the building’s age, the location and the volume of seasonal maintenance.
A condo with 400 units will probably have sky high maintenance charges, whereas a condo with 1,500 units will probably have much lower costs. Also, the bigger the unit you own, the bigger your share of the maintenance fees. For a typical mass market condo with 1,400 square feet, you can expect a maintenance fee of about $300 a month.
And as with all condos, you should do your due diligence before you buy: ask about what the monthly fees are, what the trend has been over the years, and about the size of the reserve fund. You may find out, for example, that the fees for a place you’re looking at are much higher than you would incur if you simply did repairs yourself.
Still, there are steps buyers considering a condo purchase can take to ensure that they know what to expect The first thing one should try to find out is how much one will have to pay in maintenance.
what you need to apply for a mortgage Getting Mortgage Approved – First Time Buyer – Mortgages.ie – Before you can buy a house you need mortgage approval. Getting yourself ready for mortgage approval can take a number of years, as you work to save up.
But what taxes are billed for residents are most often included in the maintenance fees of the condominium or HOA. residents are now in their 70s and 80s and may not be golfing as much as they once.
Maintenance fees can be a major source of sticker shock for prospective buyers in the NYC market. Keep in mind that the maintenance fee quoted to you prior to closing on a co-op may change and fluctuate over the course of your co-op ownership (See differences between condos, co-ops and condops ).
annual income needed for mortgage What Is the Minimum Income for a Mortgage? – Budgeting Money – Debt-to-Income Ratio. Lenders look at your gross income and other debt when determining the size of the mortgage you qualify for. Most lenders limit you to 28 percent of your gross income for your annual housing expense, and an additional 8 percent of your gross income for other debt, for a total debt-to-income ratio of 36 percent.
A new study from Trulia finds that HOA fees head in only one. What's worse is this: condo owners in Philadelphia pay higher hoa fees than owners in all. association to determine exactly how much you will end up paying.
Condo Maintenance Fees What Do Condo Fees Include? When purchasing a condo, you will have to pay a mandatory, non-negotiable monthly fee that covers a wide range of expenses. Generally, condo fees (also known as strata fees) will partially cover your utilities, contribute to your reserve fund and pay for maintenance of common areas in the building.