Blog Category: condo fees

January 20th, 2016
January 20th, 2016

Do Condo Fees And HOA Fees Affect How Much I Qualify For?

getloans-mortgage-condo-hoa-fees

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 More

Categories: Home Buying Process, Sales , ,

December 5th, 2012
December 5th, 2012

Condo Fees Are A Waste Of Money?

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:

  1. Never do any maintenance on the systems.
  2. Never consider that they’ll have to replace the roof.
  3. 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 More

Categories: Personal , , ,