Most condo's have an HOA. That is the Home Owners Association fee. It varies quite a bit depending up where the condo is and what amenities are included. This is something your agent can adivse you on. The HOA covers exterior maintainance,but it can also cover cable, trash and other services. Again this depends upon the development you are looking at.
On top of your mortgage payment you'll pay HOA fees, which stands for Home Owner Association. These will vary depending on how many amenitites the building has to offer the more amenities the higher the fees. These pay for the general upkeep of the buildings, grounds, pool, spa, etc...water and trash.
You'll also pay you taxes and insurance.
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Keller Williams Realty
Besides the mortgage payment, you would need to pay monthly Homeowner Association (HOA) dues, which could run $200-$500 and up per month depending on the complex. That fee normally covers maintenance of the condo complex, plus often includes trash pickup and water. Sometimes other things are included, such as cable TV, high speed internet, etc.. The monthly fee and what it includes varies from complex to complex. As an owner, you would also be responsible for property taxes, which would generally be about 1.25% of the sale price of the property. The property would be reassessed for taxes based on the price you pay for it, so if you paid $200,000 for a condo, the yearly property tax would be around $2,500 per year.
Good luck with your purchase, hope this helps. Let me know if you have any questions.
John Barry, Realtor
Coldwell Banker Residential Brokerage
I assume that you are obtaining a loan since you mentioned the mortgage.
If you put 20% down payment: mortgage + tax + HOA fees
If you put less than 20% down, your lender will charge you PMI (Private Mortgage Insurance).
Have you been pre-approved yet? If you're approved for an FHA loan, the condo must be FHA approved to qualify for your loan.
Did you see a condo that caught your eye? Let me know if you want me to send you listings or if you have any questions.