Buying a condo versus buying a house #1: Condos come with their own set of fees and rules. Fact #1: When you buy a condo, monthly maintenance fees are required to pay for upkeep of common areas and amenities. Fact #2: Your condo association can set rules, including the type of pet you can own and whether you are allowed to rent out your unit.
What Are Maintenance Fees? | StreetEasy – Maintenance fees can be a major source of sticker shock for prospective buyers in the NYC market. Keep in mind that the maintenance fee quoted to you prior to closing on a co-op may change and fluctuate over the course of your co-op ownership (See differences between condos, co-ops and condops).
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Condo fees explained | Style at Home – First-time condo buyers are sometimes confused by the monthly maintenance fee that condo buildings charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But what is a condo maintenance fee and what does it cover? And how.
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Condo ownership merits extra scrutiny – It also determines how much your association dues are and how much of a special assessment you would pay if the association levies a fee. maintenance, like a roof resurfacing, should be paid for.
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What Do Condo Fees Cover? | realtor.com – Here are the services and amenities you can expect your condo fees to cover: Interior maintenance: Condo owners share the cost of maintaining common building areas like parking structures, storage.
Can I Afford to Buy a Condo with high maintenance fees. – Can you afford high condo fees? When you’re deciding whether or not you can afford a condo with high maintenance fees, the first thing you should look at is a formula called your gross debt service (GDS) ratio. Your GDS ratio is used by lenders to determine whether you can afford a mortgage and maintenance fees.
A community’s condominium association is responsible for managing common areas like lobbies, lawns and the building’s exterior. The associations are funded through their members’ fees, with the.
Condo Maintenance fees | StreetEasy – as far as I know, the board can increase the fees as they please. in coops, unless there’s a waiver, they need to file an amendment. this is the problem with coops and condos, if you have a shady board, they can increase your fees as much as they want. the only way to.
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