How do we calculate if the fees are worth the move? How do we decide what our budget for. If your new property cost you $750,000 and you were able to sell the second condo, pay all fees and net.
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HOA fees vary widely depending on the location, size, and quality of your community, and Trulia reports that HOA fees have been on the rise around the country. In 2005, the average HOA fee was $250 per month; by 2015, it had gone up to $331.
Though condos do offer a seemingly luxurious and maintenance-free investment vehicle, condo homeowners’ associations, or HOAs, typically charge monthly fees to pay for the services they provide. Investors considering a condo as an investment should be wary of monthly HOA fees,
Compare the condo fees, see what’s included and calculate it per square footage.I don’t mind my condo fees 0 for studios,$500 for 1-bedrooms and $680 for 2-bedrooms.We have a pool, 24 h front desk,pool,grocery store, parking, storage, rooftop,dry-cleaners, cleaning ladies 7 days a week.Also a condo board that isw2orking hard to keep the costs down.
paying $15,000 for a two-bedroom condo in Palm Desert, California. Later they learned they could save thousands buying directly from other timeshare owners who no longer wanted to pay their annual.
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Kathy Monahan of Forest Hill Real Estate in Toronto says one of the most important things you should do when considering a condo is to ascertain what the monthly maintenance fee covers, so you’re comparing apples with apples when deciding between two buildings. Consider whether the extra features are worth it to you, or conversely, whether your budget can handle paying separately for things that are not included.
Among the most expensive dues is Pointe Royale, a beautiful golf community with an abundance of amenities. There are two layers of dues to pay – $2,300/year for home owner’s association dues plus condo fees that are about $140/mo for a 2 bedroom, 2 bath condo. That comes to $332/month, or nearly $4,000/year in dues.
However, it is important to note that condo fees can in some cases be worth the investment. Buying a condo is usually cheaper than purchasing a house that would give a justification of those fees if they included utilities. A condo that provides gas, water, electricity, and Internet as part of its fees could be a great purchase given that the condo fees are reasonably priced.