Asked by may, Santa Ana, CA • Wed Aug 6, 2008
I am from Australia, and would like to know what are the costs associated with buying (and owning) a condo or townhouse in the US (eg Orange county, CA).
I have read about HOA dues (home owners associations?) - Are these fees payable monthly and what do they cover? In Australia, we have body corporate levies which are payable quarterly and they cover cleaning of common properties (like underground carpark), building insurance, strata management fees (for someone to do the administration / book records of the body corporate), water (if there is no individual meters), electricity (for common areas only), repairs and maintenance to common properties etc.
Also, I have read about property taxes in the US. Do property owners in the US pay property taxes for condos? Who actually own the land in the condos? In Australia, each owner owns the space (or strata) and there is a land tax payable if the property is rented (or leased).
Are there any other costs I should be aware of?
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