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Things to Consider When Buying A Condo

19 March 2009 by: Frederick Carle No Comment

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If you’re thinking of buying a house, there are many things you need to consider when doing so. First of all you need to go to your bank and sit down with a financial expert in order to designate a maximum price for you mortgage. You need to understand that buying a property isn’t limited to paying your mortgage.

When you buy a house or in this case we are talking condo, there is a welcome tax you need to pay. This is usually around $1200 for a $150,000 property and its a one time fee. Than you have to pay municipal taxes. This is usually around $2400 and it is billed annually but you can always pay it with your mortgage pay it as a monthly payment. It’s not over yet! Now you need to know how much electricity this how consumes. You should be prepared to pay $150 a month for this depending on where you live and how big is the property. You may have a gas heating system so you may pay less for your electricity but you then have a gas bill coming in also.

Now this post is more about the condo side of property purchasing so we need to ad to the total you condo fees. These are paid monthly and average about $150 again depending on the size of the condo. They are charges to pay for landscaping and snow removal and other maintenance fees. If your condo is older condo fees may be more expensive because maintenance may cost more. For example the roof might be in need of a make over. Those fees are split between resident of the building and are included in your condo fees.

One other thing that you cant forget is your insurance fees. These will vary depending on the aria you live in and the value of your residence and your belongings. So expect to pay close to $100 per month for this.

Now lets take a $179,800 condo in Gatineau Canada and ad up all these fees.

Costs’ summary Monthly Annual
Mortgage $990.15 $11881.8
Insurance $80 $960
Electricity $62.50 $750
Condo fees $110 $1,320
Municipal taxes $160.19 $1,922.33
Known costs’ total $1402.15 $16833.8

Now don’t forget to ad the cost of food, telephone, cable and whatever luxury items you have.

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