Profile picture for bk real estate

When buying an investment condo what fees should i plan on spending a year?

I'm looking to buy an investment condo have found a two places I'm considering. Both do not have rental restriction and have association fees of about $220 and property taxes of about $1,890. What other fees should I plan for? what repairs are covered by the condo and what repairs i'll have to make need be? 
  • January 25 2013 - Hamden
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Answers (3)

Profile picture for Bonnie And Melinda
We think you have received good advice, but just to recap: First, you want to know what you, as the unit owner, are responsible for vs. The Association. Who is responsible for things like windows, decks, etc. Second, you want to know how well the complex is managed - professional management or self managed. Are there any special assessments in the works or planned. Third, you want to look at the financials - are there sufficient capitol reserves for future maintenance - roofs, siding, etc. Finally, you want to know if the complex is FHA approved, or at least qualifying. If it does not meet the FHA criteria, it could be problematic when you go to sell the unit down the road. So review the Resale Package carefully, and you may want to contact the Management Company for additional information. Good luck with your purchase!
  • January 28 2013
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Hi--Besides the common charges and taxes and some repairs--depending on the age of the building and how much money they have available I their budget--assessments can up occasionally for capital improvements like new roofs, new siding, etc. Therefore it is very important to look over their financials before you buy along with all the other documents. I would have an attorney look this over for you. Checking insurance coverage is very important as to make sure the complex is adequately covered especially if the buildings are adjacent to water. Remember in a lease there is usually a repair clause which says that the tenant will be responsible for repairs up to a certain amount which could be anywhere from $75 to $150 depending on the norm for the area. Generally repairs on the inside are the responsibility of the owner of the unit and repairs outside are the condo association. Windows and doors can vary so you have to check the condo docs carefully. And do an inspection. Hope this helps. Mary Ann
  • January 25 2013
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Profile picture for AchieversRealty
1. Plan on having added insurance coverage that insurances you in case a plumbing fixture breaks (like a shower valve in the wall) and causes damage to your unit and other units - shop around, maybe $50/mo?
In addition, require your tenant to get renter's insurance and double check the coverage of the HOA for "common wall" issues like plumbing and roof.
2. Plan on regular unit maintenance (i.e. carpet, paint, interior repairs).  I estimate 5% on my units per year, but I think you have to consider the age of the building and the age of interior.
  • January 25 2013
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