I am planning to buy condo and pay all the money upfront, this means I will not be taking out any mortgage. So lets say condo costs 300k what others fees should I expect to pay, for example tax, etc..? Please list the fees and how much they would be if condo costs 300k and I pay the whole sum upfront. Also please note this is a brand new development which was just build so I would be buying directly from developer. Its a 16 units condo building in Brooklyn, New York.
2007-01-11 16:15:12 · 4 answers · asked by Alex J 1 in Business & Finance ➔ Renting & Real Estate
Please give an actual $$$$$ ammounts of actual fees on the 300k condo I want to know how much I will actually have to pay....
2007-01-11 16:35:05 · update #1
With the information you have provided you cannot expect exact figures but I can help with you basis to come up with a pretty good guessestimate.
1/ Real estate taxes - these are levied based either on assessed value or fair maket value. Say the applicable real estate tax rate for your locality is $1.00 (pls. find out what it is) then the real estate taxes assessefd would be $1.00/$100 of $300k which is $3,000 annually.
2/ Property insurance....an estimate used by lenders is $500/$200,000 of market value which would be $500/$200,000 of $300k....$750 annually.
3/ Condo dues...can vary greatly but typically btw $100 - $250 per month or ...assume highest value to be conservative...
Total costs = $3,000 + $750 + ($250x12) = $6,750...does not factor utilities and other erlated expenses such as phone, cable etc.....
2007-01-12 02:17:37 · answer #1 · answered by boston857 5 · 1⤊ 0⤋
Association fees! Get a hold of the bylaws and read them. You may have a pet that is not allowed. There will be a monthly fee for building maintenance, landscape, garbage removal and insurance for the exterior of the building. Also find out what insurance you will need to carry for your unit, if any. It also helps to know who sits on the board of this development. Are the owners expected to be on it? or is it already established. We bought a townhouse and ended up being the treasurer, secretary and president because no one stepped up! Be careful
2007-01-11 16:23:38 · answer #2 · answered by schmitty 3 · 0⤊ 0⤋
I know a lot of condos have HOA fees, that are monthly. But your situation sounds a bit different. I recently purchased a single condo and only payed the closing costs and HOA fees.
Good Luck!
2007-01-11 16:23:57 · answer #3 · answered by Jennifer 2 · 0⤊ 0⤋
sources taxes, co-op association dues....those are the continued expenditures of possession. at the same time as finding out to purchase, you'd be paying document expenditures (i.e. making copies, fedex and different mailing expenditures), call search for, appraisal, legal specialist expenditures, close by move taxes.
2016-12-02 03:53:39 · answer #4 · answered by duperne 4 · 0⤊ 0⤋