Condo Living - What are considered "Recurring Costs"?
- Author Rob Parker
- Published January 18, 2008
- Word count 407
One thing that a lot of people don’t realize about purchasing real estate is that the final sale price is not the only time you are going to have to pay fees, and we are not just talking about the mortgage payments either. Once you become a home owner of any kind of property, you will have to make payments of money to several different organizations each year. These are known as recurring costs, and they will be different depending on the piece of property you buy. Here are some of the recurring costs that you can expect when you buy a condominium.
Monthly fees: As the name suggests, you will be expected to pay these fees every year for as long as you own the condo. The fees are paid to the condominium corporation, and cover costs such as building upkeep, the fees charged by the management company, janitorial costs associated with the pool and interior, the wages of doormen or concierge, upkeep of the grounds, and the heating or cooling of common areas. Obviously, in order to make these costs worth it you will want to take advantage of the amenities in your building!
Property taxes: Just because you don’t own property per se doesn’t mean you get to escape taxes! Once a year you will receive a little piece of paper in the mail where the government tells you how much they think your condo is worth, regardless of what you think. The price usually rises year to year, and you will have to pay a lump percentage to the powers that be in your city.
Insurance: Most mortgage companies will expect you to have insurance in order to qualify for a loan, and you will have to pay this each year. In addition, you will probably want to cover the contents of your home in case of theft or fire.
Utilities: Internet, phone, possibly heat are all going to be a part of your recurring costs if you don’t already pay them as part of your monthly (common) fees.
In addition, you will want to make sure exactly where the money you are paying in common fees is going. It might be that you have to pay an amenity fee on top of your common fees, that’s up to the management company. Either way, expect to budget for a few recurring costs when you purchase that new condo!
If you are searching for a condominium downtown Toronto has many to choose from as well as lofts and townhouses. Call a team of real estate professionals focused on the type of property you are looking for in the area you want to live.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- How Architects Are Shaping Sri Lanka’s Real Estate Boom
- Directing Las Vegas Homes for Sale: How Live Better in Las Vegas Guides Buyers to Success
- Understanding the Renters' Rights Bill: Key Changes and Timeline Explained
- Costs of buying property in Spain - IMS Mortgages
- Three Easy Steps to Sell Your San Antonio House Fast!
- Discover Your Dream 55+ New Construction Home Community in the Greater Tampa Bay, Florida
- Article on Mortgage Lenders and New Homes Mortgage Helpline
- The Advantages of Utilising Professional House Removals Services
- Manilva: A Rising Star in Off-Plan Property Investments
- Comparing Removals services-in-wandsworth: Your Ultimate Guide
- Port Orange -- The Perfect Twin Sister to Daytona Beach
- RE/MAX Ace Spearheads Innovative Housing Solutions in the GTA
- Should You Waive the Home Inspection Contingency? Weighing the Risks and Benefits
- Avenir: Embracing Lifestyle and Community in Palm Beach Gardens
- Serbian Real Estate: A Tidbit for Investors
- Discovering Life in Pattaya, Thailand: An In-Depth Handbook for Expatriates
- DEBUNKING HOME REPORT MYTHS
- Don't Let a Financial Hardship Force You to List Your House
- Safe Water Starts at Home
- Don’t let Missing Insulation Lead to High Energy Bills
- Property Investors Amidst Favorable Swedish Krona Rates
- How Real Estate Professionals in Houston Go Above and Beyond for Home Sellers
- Reasons to invest in real estate in Cyprus
- Top 10 criteria to select an Insurance Claim Appraiser
- Comprehensive Home Inspection Checklist for Buyer, Seller, and Homeowner
- DEBUNKING HOME REPORT MYTHS
- North Carolina Real Estate Market: Shifting Market Dynamics on the way?
- Selling Your House in Winter: Effective Tips and Strategies for Success
- Would you like to have a Free House?
- 5 Ways To Know You're Ready To Buy A Home