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,