Condo has maintenance fee and tax propery

Kalista · 04-03-2007, 05:28 AM

Condos cost between $159,000 to $250,000 in State of Massachusetts with townhouse, duplex or condos.

The down payment is usually what the bank will require. If there is more risk involved ie. first time borrower then they may require more of a down payment. The 20% is based on ave. cost of a $250,000 condo x 20% = $50,000. Most banks will not loan more than 80% of the amount of the condo cost ie. 100% condo cost - 80% amount of loan = 20% down payment required. So, for example if the cost were more; say $300,000 for the condo, you would need 20% or $60,000 cash to put down before they would allow you to borrow the 80% remaining balance or $240,000 amount of mortgage over 30 years.

Remember; every month you would have to pay back interest plus principal for 12 times a year x 30 years or 360 times before it is all paid off. For a loan of $240,000 that could be a total pay back of $1,400 per month x 360 months = $505,000 over the 30 years ! That is more than double what you borrowed ! It is very difficult to afford this in Massachusetts (even without taxes, ect.).

Be careful what you try to buy….banks are very unscrupulous ! They do not care about people.

Kalista · 04-03-2007, 05:33 AM

These are my concerns:

(1.) Anything less than 800 square feet will be too small for this family.

(2.) Make sure the bank approves you first-is this done? You should not be looking until the bank pre-approves you.

(3.) Can you afford the down payment? Figure 20% of the price as what you have to pay in cash. Do you have for example 20% of $250,000 or $50,000 in cash in the bank right now???

(4.) Can you afford the taxes, insurance, oil, electric, gas, phone, cable and maintenance every month??? figure another additional $400 a month.

(5.) Will this be too much pressure on you financially to pay the mortgage every month? This may be $1,200 a month-at the very least . With everything it may be $1,600 to $1,800 a month ! Did you realize that? This may mean you will work two jobs for 30 more years…. It might not leave much money every month for things like car expenses, food and entertainment. Everything is so expensive today you have to watch all the hidden costs that the no one will tell you about.

(6.) You need to physically go and inspect each one. You may have to go look at 15 condos before you find the right one.

(7.) All condos have by laws. These have to be reviewed very carefully first before buying. These are legal contracts that can bind you financially to certain common expenses ie. snow plowing, parking, maintenance, ect.

Kalista · 04-03-2007, 05:36 AM

Remember, the realtor may seem very nice to you but he or she does not make one cent (in commissions) until you buy a house. They work for the seller. Period. All of their income is derived from commissions on the sale from the seller. The more you pay for a house the more they make. After the sale they are gone and never to be seen or heard from again.

They care about individual transactions only not long term relationships. As you can tell, I do not think highly real estate brokers or mortgage companies. They are the scum of the earth. I have seen them do very unethical things in all my years of buying and selling properties.

PowerON · 04-03-2007, 11:26 AM

now, I'm not sure about buy own condo I have thought of. :'(

Reba · 04-03-2007, 02:05 PM

Quote:

Originally Posted by Kalista

Condos cost between $159,000 to $250,000 in State of Massachusetts with townhouse, duplex or condos.

Wow, that's expensive!

Kalista · 04-03-2007, 02:06 PM

Quote:

Originally Posted by Reba

Wow, that's expensive!

I know, I have been so discourage to find a reasonable condo or townhouse. I hate to pay the rent to the landlord over ten years. I did not get any profit when I will be moving out from that place.

Reba · 04-03-2007, 02:23 PM

Quote:

Originally Posted by Kalista

I know, I have been so discourage to find a reasonable condo or townhouse. I hate to pay the rent to the landlord over ten years. I did not get any profit when I will be moving out from that place.

I know housing is expensive in that area. If you can't move out of state, I guess you're stuck.

Kalista · 04-03-2007, 02:28 PM

Quote:

Originally Posted by Reba

I know housing is expensive in that area. If you can't move out of state, I guess you're stuck.

I assume, my longest roots stuck in New England.

Two sons and I fond this state due to beautiful 4 seasons, very good education and jobs.

When I will be retire within 5 or 10 years from Federal Government, I may move to different state.

***VamPyroX*** · 04-03-2007, 02:32 PM

Condos are like townhouse-to-own.

I would rather rent an apartment/townhouse/house... or buy a house.

***Alex*** · 04-03-2007, 02:50 PM

I know that the interest I pay towards my house is tax deductible, no matter what the interest rate, so it's all good.

Kalista · 04-03-2007, 02:58 PM

Quote:

Originally Posted by Alex

I know that the interest I pay towards my house is tax deductible, no matter what the interest rate, so it's all good.

Got refund more amount than you live in the apartment?

Reba · 04-03-2007, 05:57 PM

Quote:

Originally Posted by Kalista

I assume, my longest roots stuck in New England.

Two sons and I fond this state due to beautiful 4 seasons, very good education and jobs.

When I will be retire within 5 or 10 years from Federal Government, I may move to different state.

I know what you mean. My family roots are in Connecticut and other parts of New England. It's a beautiful area, especially in the summer on the coast. I visit every other year. It's hard to leave.

I hope you can find a nice place that you can afford.

Cousin Vinny · 04-03-2007, 06:01 PM

Quote:

Originally Posted by Kalista

I know, I have been so discourage to find a reasonable condo or townhouse. I hate to pay the rent to the landlord over ten years. I did not get any profit when I will be moving out from that place.

Believe me, had you purchased a condo, especially in the past five years of the run-up in prices, you would have 'thrown' away your money in paying off the interest, taxes, insurance, and if applicable, HOA fees. Unless you lucked out and sold your place at the top of the market.

Renters don't have to worry about that.

Of course, the renters miss out on the appreciation that real estate prices have provided for its owners, but the staggering losses recently incurred in real estate does give a lot of people pause about the true costs of home ownership.

[Side Note: I do read The Housing Bubble Blog, mostly lurking. Anyone else read some entries in that blog?]

shel90 · 04-03-2007, 06:22 PM

Quote:

Originally Posted by Reba

Wow, that's expensive!

U want expensive? Try Maryland...condos sell for about 250 K and above. Townhouses about $350 K and above (good condition good neighborhoods) and houses .....forget it! No wonder I dont own a house yet!!! GRRRRR

shel90 · 04-03-2007, 06:24 PM

Quote:

Originally Posted by Kalista

These are my concerns:

(1.) Anything less than 800 square feet will be too small for this family.

(2.) Make sure the bank approves you first-is this done? You should not be looking until the bank pre-approves you.

(3.) Can you afford the down payment? Figure 20% of the price as what you have to pay in cash. Do you have for example 20% of $250,000 or $50,000 in cash in the bank right now???

(4.) Can you afford the taxes, insurance, oil, electric, gas, phone, cable and maintenance every month??? figure another additional $400 a month.

(5.) Will this be too much pressure on you financially to pay the mortgage every month? This may be $1,200 a month-at the very least . With everything it may be $1,600 to $1,800 a month ! Did you realize that? This may mean you will work two jobs for 30 more years…. It might not leave much money every month for things like car expenses, food and entertainment. Everything is so expensive today you have to watch all the hidden costs that the no one will tell you about.

(6.) You need to physically go and inspect each one. You may have to go look at 15 condos before you find the right one.

(7.) All condos have by laws. These have to be reviewed very carefully first before buying. These are legal contracts that can bind you financially to certain common expenses ie. snow plowing, parking, maintenance, ect.

I am SO ready to buy a townhouse or house but my husband is the realistic one..he figures all those these u just stated and brings me back to reality about buying a home. Why are they so expensive? Are jobs out there paying that much? I guess I am in the wrong field or something?

Reba · 04-03-2007, 07:25 PM

Quote:

Originally Posted by shel90

U want expensive? Try Maryland...condos sell for about 250 K and above. Townhouses about $350 K and above (good condition good neighborhoods) and houses .....forget it! No wonder I dont own a house yet!!! GRRRRR

Yes, that's an expensive area, too. I watch "House Hunters" on TV sometimes, and it's shocking the prices that are in some places. Massachusetts, DC area, southern California, prices all thru the roof.

TFWFalcon · 04-03-2007, 07:39 PM

Quote:

Originally Posted by Kalista

Got refund more amount than you live in the apartment?

Yes, I own a house and get fat refund. nice

TFWFalcon · 04-03-2007, 07:46 PM

Quote:

Originally Posted by shel90

I am SO ready to buy a townhouse or house but my husband is the realistic one..he figures all those these u just stated and brings me back to reality about buying a home. Why are they so expensive? Are jobs out there paying that much? I guess I am in the wrong field or

something?

depend on. you can check your location tax property and how much cost per acre. There is variable. you will find interesting different taxes and price acre in different location. you can call them check. Just nosy window shopping all over area till you and your hubby find comfort affordable buy townhouse or house with tax property and insurance too.

shel90 · 04-03-2007, 07:51 PM

Quote:

Originally Posted by TFWFalcon

depend on. you can check your location tax property and how much cost per acre. There is variable. you will find interesting different taxes and price acre in different location. you can call them check. Just nosy window shopping all over area till you and your hubby find comfort affordable buy townhouse or house with tax property and insurance too.

Yea..my hubby doesnt want to own a townhouse..prefers a single family home. Problem is we live in the DC area and nice SFH range from 400K to 800K. Probably next year or two. He prefers to buy a house knowing we will have enough money left over for fun..if we buy now, we will be "house-broke". I have the feeling we will end up owning a townhouse cuz houses are just too costly around here. We have been slowly shopping around..never know if a good deal comes up.

Canuckian_Chick · 04-03-2007, 08:05 PM

Quote:

Originally Posted by shel90

Yea..my hubby doesnt want to own a townhouse..prefers a single family home. Problem is we live in the DC area and nice SFH range from 400K to 800K. Probably next year or two. He prefers to buy a house knowing we will have enough money left over for fun..if we buy now, we will be "house-broke". I have the feeling we will end up owning a townhouse cuz houses are just too costly around here. We have been slowly shopping around..never know if a good deal comes up.

You can buy a freehold townhouse that doesn't required condo fees you pay your common elements ... like you cut your own grass and so on... Right it's tough finding the right house but sometimes there's no perfect house just do the best you can.... maybe fix it up to your liking to feel like your home smile...
GOOD LUCK on searching for the home of your dreams as it's while worth the time !!!

GalaxyAngel · 04-03-2007, 08:43 PM

How's about outskirt area and to see find reasonable the price of range.

I've seen on T.V. house hunters and HDTV mostly addict to watch t.v. only this channel. (chuckles)

***Alex*** · 04-04-2007, 07:36 AM

Quote:

Originally Posted by Kalista

Got refund more amount than you live in the apartment?

I suppose, yes. Like the part where you mentioned how banks charge interest on a mortgage, whether it's high or low, that interest is tax deductible, at least here in NJ.

I will create a new thread and talk more about this, and why I think buying a home is better than renting (IMO).

Pacman · 04-04-2007, 07:48 AM

Quote:

Originally Posted by shel90

Yea..my hubby doesnt want to own a townhouse..prefers a single family home. Problem is we live in the DC area and nice SFH range from 400K to 800K. Probably next year or two. He prefers to buy a house knowing we will have enough money left over for fun..if we buy now, we will be "house-broke". I have the feeling we will end up owning a townhouse cuz houses are just too costly around here. We have been slowly shopping around..never know if a good deal comes up.

There's ALOT of townhouse (known as rowhouse) in DC metro...

Pacman · 04-04-2007, 07:50 AM

Quote:

Originally Posted by Reba

Yes, that's an expensive area, too. I watch "House Hunters" on TV sometimes, and it's shocking the prices that are in some places. Massachusetts, DC area, southern California, prices all thru the roof.

If you get new job in LA area then you will end up to live in apartment on over valley area.

04-03-2007, 05:28 AM	#1 (permalink)
Kalista Premium Member Join Date: May 2003 Posts: 7,277	Condo has maintenance fee and tax propery Condos cost between $159,000 to $250,000 in State of Massachusetts with townhouse, duplex or condos. The down payment is usually what the bank will require. If there is more risk involved ie. first time borrower then they may require more of a down payment. The 20% is based on ave. cost of a $250,000 condo x 20% = $50,000. Most banks will not loan more than 80% of the amount of the condo cost ie. 100% condo cost - 80% amount of loan = 20% down payment required. So, for example if the cost were more; say $300,000 for the condo, you would need 20% or $60,000 cash to put down before they would allow you to borrow the 80% remaining balance or $240,000 amount of mortgage over 30 years. Remember; every month you would have to pay back interest plus principal for 12 times a year x 30 years or 360 times before it is all paid off. For a loan of $240,000 that could be a total pay back of $1,400 per month x 360 months = $505,000 over the 30 years ! That is more than double what you borrowed ! It is very difficult to afford this in Massachusetts (even without taxes, ect.). Be careful what you try to buy….banks are very unscrupulous ! They do not care about people.

04-03-2007, 05:36 AM	#3 (permalink)
Kalista Premium Member Join Date: May 2003 Posts: 7,277	Realtor Estate Remember, the realtor may seem very nice to you but he or she does not make one cent (in commissions) until you buy a house. They work for the seller. Period. All of their income is derived from commissions on the sale from the seller. The more you pay for a house the more they make. After the sale they are gone and never to be seen or heard from again. They care about individual transactions only not long term relationships. As you can tell, I do not think highly real estate brokers or mortgage companies. They are the scum of the earth. I have seen them do very unethical things in all my years of buying and selling properties.

04-03-2007, 11:26 AM	#4 (permalink)
PowerON Please don't click me! D: Join Date: Mar 2007 Location: Would like to live at Fort Davis, TX Posts: 3,480 Blog Entries: 1	now, I'm not sure about buy own condo I have thought of. :'( __________________ Research before you shoot me.

04-03-2007, 02:32 PM	#9 (permalink)
*VamPyroX* bloody phreak from hell Join Date: Feb 2003 Location: Hell Posts: 25,579	Condos are like townhouse-to-own. I would rather rent an apartment/townhouse/house... or buy a house. __________________ Check out my city... CLICK HERE! (If you already visited yesterday, visit again today!)

04-03-2007, 02:50 PM	#10 (permalink)
*Alex* Administrator Join Date: Feb 2003 Location: New Jersey Posts: 3,135 Blog Entries: 1	I know that the interest I pay towards my house is tax deductible, no matter what the interest rate, so it's all good. __________________ "Kindness is a language which the deaf can hear and the blind can read." - Mark Twain

Today
Deafness	Sponsored Links __________________ This advertising will not be shown in this way to registered members. Register your free account today and become a member on AllDeaf.com

04-03-2007, 05:33 AM	#2 (permalink)
Kalista Premium Member Join Date: May 2003 Posts: 7,277	These are my concerns: (1.) Anything less than 800 square feet will be too small for this family. (2.) Make sure the bank approves you first-is this done? You should not be looking until the bank pre-approves you. (3.) Can you afford the down payment? Figure 20% of the price as what you have to pay in cash. Do you have for example 20% of $250,000 or $50,000 in cash in the bank right now??? (4.) Can you afford the taxes, insurance, oil, electric, gas, phone, cable and maintenance every month??? figure another additional $400 a month. (5.) Will this be too much pressure on you financially to pay the mortgage every month? This may be $1,200 a month-at the very least . With everything it may be $1,600 to $1,800 a month ! Did you realize that? This may mean you will work two jobs for 30 more years…. It might not leave much money every month for things like car expenses, food and entertainment. Everything is so expensive today you have to watch all the hidden costs that the no one will tell you about. (6.) You need to physically go and inspect each one. You may have to go look at 15 condos before you find the right one. (7.) All condos have by laws. These have to be reviewed very carefully first before buying. These are legal contracts that can bind you financially to certain common expenses ie. snow plowing, parking, maintenance, ect.

04-03-2007, 08:43 PM	#21 (permalink)
GalaxyAngel That's me! Join Date: Sep 2003 Location: Ontario,Canada Posts: 13,428	How's about outskirt area and to see find reasonable the price of range. I've seen on T.V. house hunters and HDTV mostly addict to watch t.v. only this channel. (chuckles) __________________ Parents' proud of Logan.