Maintenance fees and costs vary across different types of houses. These costs must be known by first time homebuyers and factored into their buying decision.
Each specific type of home has unique maintenance costs attached to them. These could range from government and local taxes to community association fees. If you are a first time homebuyer, take the time to know the maintenance costs for each house you are interested in; as this can spare you from future headaches. Below is a list of the common maintenance fees for each type of houses.
Condominiums: An increasingly popular choice for first-time homebuyers, living in a condo means you have access to shared living spaces and amenities. As a result, you'll be responsible for paying association fees and maintenance fees that are based on a percentage of ownership of the building.
Ilyce Glink, who is the author of the book '100 Questions Every First-Time Home Buyer Should Ask' says that each owner must pay maintenance fee equal to his total share of ownership in the condominium. This is calculated by first getting the total expenses in operating the building and dividing this to an owner's percentage of ownership. The total expenses of a building may include a reserve account used for emergencies and this may vary anytime.
Townhomes: Townhomes, also known as 'row houses', are independently owned homes that typically don't incur fees beyond your regular expenses. However, some townhomes are part of a homeowner's association, in which case you will need to pay a monthly fee for maintenance. This fee typically covers the cost of painting the exterior and landscaping common areas.
Mobile Homes and Pre-Fabricated Homes: Mobile home owners and pre-fabricated homeowners are usually responsible for all fees involved with maintaining and operating their home. This includes the cost of sewage, water, cable and other utilities. However, some mobile home sites do charge additional fees for renting the land, and every park has its own rules, regulations and requirements.
Single-family detached homes: Owners of single-family houses are the only ones responsible for their houses' operating and maintenance costs. Homeowners are still responsible for their own expenses even if they live inside a community setting. Typical maintenance costs come from yard upkeep, house repairs, water, and other utilities.
Ascertain the total maintenance costs from a Realtor first before approaching any loan company or officer. Lenders may at times include maintenance fees and other costs in your loan package. Give all the information you got from your Realtor to your loan officer and inform him/her of your budget to acquire a loan that will fit your needs.
Any house has maintenance costs attached to it. When you are comparing homes you are interested in, always understand what the financial implications are for owning each house. Compare and contrast the costs for each house by pitting them side by side with the use of a simple table or chart. Practicing this will help you arrive at an excellent decision.
Each specific type of home has unique maintenance costs attached to them. These could range from government and local taxes to community association fees. If you are a first time homebuyer, take the time to know the maintenance costs for each house you are interested in; as this can spare you from future headaches. Below is a list of the common maintenance fees for each type of houses.
Condominiums: An increasingly popular choice for first-time homebuyers, living in a condo means you have access to shared living spaces and amenities. As a result, you'll be responsible for paying association fees and maintenance fees that are based on a percentage of ownership of the building.
Ilyce Glink, who is the author of the book '100 Questions Every First-Time Home Buyer Should Ask' says that each owner must pay maintenance fee equal to his total share of ownership in the condominium. This is calculated by first getting the total expenses in operating the building and dividing this to an owner's percentage of ownership. The total expenses of a building may include a reserve account used for emergencies and this may vary anytime.
Townhomes: Townhomes, also known as 'row houses', are independently owned homes that typically don't incur fees beyond your regular expenses. However, some townhomes are part of a homeowner's association, in which case you will need to pay a monthly fee for maintenance. This fee typically covers the cost of painting the exterior and landscaping common areas.
Mobile Homes and Pre-Fabricated Homes: Mobile home owners and pre-fabricated homeowners are usually responsible for all fees involved with maintaining and operating their home. This includes the cost of sewage, water, cable and other utilities. However, some mobile home sites do charge additional fees for renting the land, and every park has its own rules, regulations and requirements.
Single-family detached homes: Owners of single-family houses are the only ones responsible for their houses' operating and maintenance costs. Homeowners are still responsible for their own expenses even if they live inside a community setting. Typical maintenance costs come from yard upkeep, house repairs, water, and other utilities.
Ascertain the total maintenance costs from a Realtor first before approaching any loan company or officer. Lenders may at times include maintenance fees and other costs in your loan package. Give all the information you got from your Realtor to your loan officer and inform him/her of your budget to acquire a loan that will fit your needs.
Any house has maintenance costs attached to it. When you are comparing homes you are interested in, always understand what the financial implications are for owning each house. Compare and contrast the costs for each house by pitting them side by side with the use of a simple table or chart. Practicing this will help you arrive at an excellent decision.
About the Author:
Searching online is one of the fastest ways to find Homes for sale in Minnesota. Searching the MN MLS Listings is one of the best resources for locating properties by price, neighborhood, and other criteria.
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