Thinking of buying a condo in San Ramon (94583) Ca. area. I want to know how much will be my annual dues for a 300k condo in the area,

Asked by Captarcega, Sun Apr 29, 2012

Im buying it in cash. So what dues will I have to pay. 1. Annual property tax? 2. Mello roos tax? 3. Association dues? 4. Is there a sewerage dues in the area? Sorry for my ingorance, I dont know this stuff, thank you

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Steve Mohseni, Agent, Pleasanton, CA
Sun Apr 29, 2012
BEST ANSWER
Dear Captarcega,

Your general cost of ownership to own a home is:

1- Mortgage & Mortgage Insurance: Since you are paying cash, you will have none.

2- Property tax: a rough general estimation is 1.25% of your purchase price will be your first year property tax. This can vary slightly from city to city and from area to area. Very new areas such as Gayle Ranch and Windemere have higher tax basis as high as 1.70%

3- Home Owner's Association Dues: This depends on the community that the condo is located in, what amenities are covered by HOA. A range between $250 to $350 per month is a good general figure to use for your budgetary purpose. There is also a direct relation between HOA dues and age of the community; older the community, more maintenance and upkeep expense and hence higher HOA fees.

4- Insurance: when you purchase a home, you need to make sure to insure it to protect your investment. Lenders would require such insurance coverage. Condominium communities generally carry a blanket policy to pay for replacement cost of the building and you will not need it. however such insurance in most cases will not cover your interior fixtures called HO6 policy. As a cash buyer, you will not be required to obtain insurance, however I strongly recommend you to get it. Please refer to your insurance agent for further advice.

5- Maintenance and Repairs: Every buyer needs to also think about the upkeep of a home they are planning to buy. Just like a car, homes also need regular predictable maintenance and some that cannot be foreseen. In the case of a condo, HOA dues usually covers all exterior items, such as structure, roof, exterior paint, all offered amenities. The owner need to maintain all interior items only. Please verify all facts by reviewing the community's CC&R during your due diligence period.

As you see, there are a lot of items to consider and address when you purchase your own home. I commend you for taking the first step to consider purchasing your home. I also encourage and recommend you to reach out to a Realtor you are comfortable week so he/she can take you step by step through a transaction that is generally the most expensive items one buys and avoid hefty mistakes along the way.

Feel free to contact my office with any questions and/or if you like to team up with us. Please note that there is no cost to you to work with a Realtor to purchase a home.

Best of luck,
2 votes
John Juarez, Agent, Fremont, CA
Mon Apr 30, 2012
Steve Mohseni’s answer should earn him a “Best Answer” mark.
In order to get a clearer, more detailed answer you really should sit down with a Realtor to talk about specific communities in which you may have an interest.
0 votes
Gilbert Rich…, , Santa Clara County, CA
Mon Apr 30, 2012
Dues and mello roos are determined by each project, the annual property tax is 1.25% a year. Your realtor will be able to let you know for each specific property.
0 votes
Suzanne Look…, Agent, Lafayette, CA
Sun Apr 29, 2012
Hi,
It would be advisable for you to meet with a realtor to discuss costs associated with a purchase. There is a broad range depending on development.
Regards,
Suzanne Looker
Web Reference:  http://Www.suzannelooker.com
0 votes
Joanna, , Walnut Creek, CA
Sun Apr 29, 2012
Dues are based on the complex and not by the amount that you pay for the condominium.

Not all areas have mello roos.
0 votes
Ramon Concep…, Agent, Pleasanton, CA
Sun Apr 29, 2012
Well for 94583 there is no Mello Roos tax. You'll find that it's up in the 94582 of Windemere where the Mello Roos tax is.

For property taxes generally you would need to multiply the Sales Price x 1.25% this gives you a general idea of where Property taxes will be. There's no set way to say this will be your property tax, as when those taxes are issued there are other fees which get included, for example Mosquito Abatement, any sewage fee should appear here as well, but you should contact the County Assesor's Office for exact fees associated with Property Tax Bills. You can even go as much as 1.5% to make it a high number.

Now for HOA dues that all depends in the Development you purchase in. So you would need to know what those dues are for that particular Development, that can be found out by contacting the Home Owners Association for that particular development.

If you need assistance with locating a Condo to purchase and putting these numbers together, I'd be more then happy to assist you. Feel free to give me a call at (925) 480-7183.

Hope this helped

Best Regards,

Ramon Concepcion
REALTOR, SFR
Prudential California Realty
DRE#01888274
0 votes
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