Maintenance Fees and Costs for First Time Home Buyers
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.
Certain types of homes incur neighborhood association fees or extra taxes and fees imposed by the town or city government; knowing what these fees are in the early stages of your new home search can help you make the best decision given your budget requirements or limitations. Here is a basic breakdown of maintenance costs associated with different types of homes:
Condominiums: Condos or flats are increasingly becoming popular for first time house buyers. Condominiums are a form of real property wherein individual units in a multi-unit complex or building may be owned but each owner has access to common facilities such as hallways, main entrances, stairs and elevators. As such, you'll need to pay fees depending on your stake in the building.
The total expenses of the building is divided by a resident's percent of ownership to arrive at the maintenance cost for each resident, explains Ilyce Glink, author of the book '100 Questions Every First-Time Home Buyer Should Ask'. This cost also includes a payment for a building's emergency reserve fund, which varies over time.
Town homes or row houses: The fees associated with town homes are the same as any independently owned homes incur. Some town homes reside in a homeowner's association wherein every member pays a monthly fee. These monthly association fees usually comprise of repair and maintenance costs of common exteriors and landscapes.
Mobile houses: These are pre-fabricated houses built on factories and are then taken to the build site. Normally, mobile home owners are solely responsible for their own maintenance expenses that include electricity, water service, and sewage and garbage disposal. Mobile houses can also be located in mobile parks. Some parks charge homeowners for a fee to lease the land they locate in.
Single-Family Home: Also known as detached houses, maintenance costs of these houses are solely the responsibility of the homeowners. Single-family homes may also be located inside a community or a village though homeowners will still be responsible for all costs such as maintenance and repairs, lawn upkeep, electricity, water and sewerage services 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.
Whether you're interested in a town home or a single-family house, there will be several costs involved with home ownership and maintenance. When you're searching for the right fit, consider making a checklist or worksheet that lists all of the different home options and related fees. Having a side-by-side comparison of the total costs involved can help you make the most informed decision for your new home purchase.
Certain types of homes incur neighborhood association fees or extra taxes and fees imposed by the town or city government; knowing what these fees are in the early stages of your new home search can help you make the best decision given your budget requirements or limitations. Here is a basic breakdown of maintenance costs associated with different types of homes:
Condominiums: Condos or flats are increasingly becoming popular for first time house buyers. Condominiums are a form of real property wherein individual units in a multi-unit complex or building may be owned but each owner has access to common facilities such as hallways, main entrances, stairs and elevators. As such, you'll need to pay fees depending on your stake in the building.
The total expenses of the building is divided by a resident's percent of ownership to arrive at the maintenance cost for each resident, explains Ilyce Glink, author of the book '100 Questions Every First-Time Home Buyer Should Ask'. This cost also includes a payment for a building's emergency reserve fund, which varies over time.
Town homes or row houses: The fees associated with town homes are the same as any independently owned homes incur. Some town homes reside in a homeowner's association wherein every member pays a monthly fee. These monthly association fees usually comprise of repair and maintenance costs of common exteriors and landscapes.
Mobile houses: These are pre-fabricated houses built on factories and are then taken to the build site. Normally, mobile home owners are solely responsible for their own maintenance expenses that include electricity, water service, and sewage and garbage disposal. Mobile houses can also be located in mobile parks. Some parks charge homeowners for a fee to lease the land they locate in.
Single-Family Home: Also known as detached houses, maintenance costs of these houses are solely the responsibility of the homeowners. Single-family homes may also be located inside a community or a village though homeowners will still be responsible for all costs such as maintenance and repairs, lawn upkeep, electricity, water and sewerage services 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.
Whether you're interested in a town home or a single-family house, there will be several costs involved with home ownership and maintenance. When you're searching for the right fit, consider making a checklist or worksheet that lists all of the different home options and related fees. Having a side-by-side comparison of the total costs involved can help you make the most informed decision for your new home purchase.
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Are you a new homebuyer looking for homes for sale in Minnesota? Searching online using the Minnesota MLS is an excellent way to find the type of home you're looking for.