Home Buying in SoMa>Question Details

Becky, Home Buyer in San Francisco, CA

Besides a mortgage payment, what other costs should be factored into my monthly payment?

Asked by Becky, San Francisco, CA Wed Oct 17, 2007

Annual property taxes, homeowner's insurance, HOA fees, anything else?

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It's important to look at th reserves of an HOA and the reserve study to see if there are any possible future assessments.
0 votes Thank Flag Link Sun Jul 19, 2009
Your utitlies. If you are "moving up" to a much larger space, keep that in mind. My water/gas/electric/garbage are way more in my current house than my last.
0 votes Thank Flag Link Wed Oct 17, 2007
The normal PITI which stands for principle, intrest, taxes, insurance changes on a condo, remove the last I for insurance and substitute the HOA dues. You'll want your own insurance to cover you inside your unit but most insurance is in the HOA. Be sure to check and understand what is covered and what isn't.
Web Reference: http://www.JedLane.com
0 votes Thank Flag Link Wed Oct 17, 2007
Jed Lane, Real Estate Pro in San Francisco, CA
There may also be PMI or Private Mortgage Insurance if you put less than 20% down for a Conventional loan.

On a FHA loan there is a financed MIP +a monthly MIP or mortgage insurance premiuim no matter how much you put down.

Also, flood insurance if the house is in a flood zone.

Finally, I would also ask for the previous owners ultilities bill so you can budget for those too.
Web Reference: http://www.billturano.com
0 votes Thank Flag Link Wed Oct 17, 2007
PMI (Private Mortgage Insurance) if you will have less than 20% down, or unless our lender is able to avoid it with 2 separate mortgages.

Other than that, looks like you have it all factored in, other than budgeting for monthly utilities (it's always a good idea to find out the average heating/cooling bills of a house/condo prior to making an offer).
0 votes Thank Flag Link Wed Oct 17, 2007
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