How Much Are Typical Condo Fees As A Percentage Of The Mortgage Payment?
Feb.15, 2010 in
chalet
Do condo fees include tax, or is the tax bill separate?
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February 15th, 2010 at 8:12 pm
The tax is separate from the condo fees , which are typically called home owners association fees (or HOA fees). Also typically your taxes and insurance are escrowed into your mortgage payment and usually this is required by the lender.
To answer your initial question, the condo fees are not typically tied to a % of the mortgage amount. Usually they are a fixed amount predetermined by the HOA. The HOA fee usually covers lawncare, snow removal, landscaping, maintenance of clubhouse/pool if applicable and many other things. They would add up all of these costs and divide by the # of condo units to come up with how much each condo owner pays to the association. I would estimate that in smaller markets you would see anywhere from $100 to $500 and larger markets from $300 to $900+ depending on location and the amenities (the more amenities the more the fee). Hope this helps.
February 15th, 2010 at 8:26 pm
The property tax is calculated at the end of the year depending on the value of your home.
Most condos have an HOA. They charge a fee to maintain the property, and it varies from complex to complex.
Good luck.
February 15th, 2010 at 8:54 pm
Tax is a sperate issue ans associated with sales price, not mortgage.
condo fees are also set, they are not associated with the price or mortgage at all. They are a fixed amount and vary widely.