When pre-qualifying someone for a condo mortgage a loan officer will have to make some assumptions since the potential home buyer does not have a ratified contract on a particular condominium. In those assumptions would be an estimate of what the monthly condominium association fees would be. I personally use $1.00 per thousand of the sales price when I am working up my numbers when prequalifying someone. Read the rest of this entry »
Condominium fees are a waste of money. This is a common refrain I hear from people that are considering buying a condo. But are condo fees really a waste of money? Condo fees are thought a waste of money for people that do not properly maintain their home. For people that are used to owning a single-family home, with no mandated condo fees, they may:
- Never do any maintenance on the systems.
- Never consider that they’ll have to replace the roof.
- Infrequently repaint, re-carpet, or refinish floors.
I can see the point that in their opinion condo fees seem like a waste of money. Read the rest of this entry »