How do condo maintenance fees compare to property taxes?

Question

If you buy a condo, rather than a SF home, do you still pay property taxes to the county every year? If not, how much more would the yearly maintenance fee in an average nice condo complex be, compared to property taxes for a home appraised at about the same value? What about all the benefits included with the condo like pest control, security, laundry accomodations, outside lighting, etc. - would the value of those add up to the difference or close to it?
Thanks for any insight. I lost my husband 4 weeks ago, almost immediately after we made our final payment on our mortgage and owned our house free and clear. It was unexpected and I will be selling our house and moving to Jacksonville (I currently live in Central Florida) to live near family members there and am just now starting to consider what type of home I will want.

Answer 1

I'm so sorry for your loss. I'm with the previous poster. Stick with what you have for now. Maybe rent out the house in central Fla to someone you know (and trust to pay you!!) for enough to cover your rent at an apartment in Jacksonville.

You really should not be making major life decisions right now. If you do insist on making this decision right now, I would lean toward the condo, since you wouldn't have to deal with the maintenance of the property, and you can focus on yourself and the healing process.

Also, be sure you don't mention the loss of your husband to ANYONE who is a party to your real estate transaction. That just tells them that you are more emotional right now, and they could try to use this against you. Sounds sick and sad, but it could easily happen. Especially in the current Florida real estate market.

Answer 2

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Answer 3

Wow you have been handed a challenge. I am so happy to know that you have family to be with that are fairly close by.
You may want to explore a duplex or a villa. Every kind of property has to pay real estate taxes. You are lucky in that the state of FLorida just raised the homestead exemption to $50K from $25K which means that if you own a home worth 100K you can reduce your taxes by half by filing for a homestead exemption. A duplex probably has no maintenance fees unless they are in a group. The villa idea will give you a community feeling and clubhouse and you may want to have a place to make new friends in a new place. There will probably be a community pool which is the easiest way to stay fit according to my doctor as we get older it is easier on our bones and everything else. So water aerobics with the girls should be a goal! Look for walking trails and perhaps a pet will be in your future to walk with you. They used to say that a cute dog was a man's easiest way to meet a girl. It works for everyone-people will talk to you as you walk with a four legged friend and if you are a shy person, you can let the dog be your spokesperson and people will reach out to you! God Bless and enjoy each day and the prospect of a new challenge. Remember to keep your heart as open as you can and people will reach for your warmth!
p.s. If you get a new mortgage on that new home-ask the lender to include your taxes and insurance in the monthly payment! It is common for them to do so but, an absolute so be sure they just do it! Then it's one less thing to worry about having. They will take the yearly amount and break it into 12 monthly amounts and give you a "total": principle, interest on the mortgage, tax and insurance. Then you pay the utilities as they come.
One last thought: since you have an internet account and seem good at using it. When you get settled...try this website for groups of people who like to do things that you like to do, you will find all kinds of hobbiests here! It's not a dating site!
http://www.meetup.com Good Luck!

Answer 4

You still pay real estate taxes, just as you would on a single family home.

Condo fees can vary greatly, you really have to research each one because they all offer different things. The only thing that they will all have in common is that the insurance on the structure itself will be included in your condo dues. You don't actually own the structure, so you are not responsible for it. Condos can include many amenities or none at all, and this will affect the monthly dues.

I'm sorry about your loss- do yourself a favor and don't make any big decisions for at least six months, preferably a year.

Good luck.

Answer 5

Generally, the condo association's insurance will cover the structure of the building, and whatever's INSIDE the walls- plumbing, etc. The condo association's insurance will also cover the outside walls (the ones exposed to the elements) and the common areas. Inside the actual apartment is all your responsibility- fire, theft, homeowner's insurances, etc. Taxes would be paid as if you owned a house... you own the condo. Utilities are usually all your responsibility, unless the condo covers utilities, and usually that's just heat and hot water. Electricity, phone, TV, that's all you. Maintenance fees are also separate, and usually paid separately of the mortgage. Also, if there's any major repairs to be done to another building within your complex, you (and the other members of the association) could get hit with a "special assessment" where everyone kicks in money for the capital repairs of the condo complex.

Answer 6

the condo is still your property, so unless there is a tax abatement for that site, you will pay property taxes.

Your condo fees will be in addition to the taxes and are usually based on square footage of the unit & the amentities. I would say you would want to compare fees between different condo complexes to get an idea

Answer 7

I paid taxed and maintenance fees on my condo. Actually city and county taxes and maint fees. I actually paid out more with the condo than the home, but the home is in the county (so no city taxes).