So what does it cost to own a condo??

[Woz]

Hey

Well i am going to be in the market for a condo in the near future and am looking for what the "real" costs of the place would be. I am looking at condo's in the 250-300k range in the newer area's of the northwest (2 bedroom 800-1000ft^2 size).

Look for information such as:

heating costs (both gas or radiant heat for winter and summer, depending on what you have.)

electrical bills

taxes

insurance

Condo fee costs

I want to get a bearing of if i can actually afford this or if i should wait a bit because i don't know much about these costs other then what a mortgage would be.

Any help is appreciated.

Scott

[Masked Bandit]

Well the first thing is that you will have fewer costs than you think. Generally speaking the condo fees will include the heat, water. The taxes can just be thrown in with your mortgage. The condo fees will vary from one building to the next but budget about $250ish. The electric will probably be about another $40 to $50. Your mortgage, well we can't really help you there. Good luck.

[JAYMEZ]

My condo is almost 300,000..

Condo fees - around $300
Shaw junk - $96
Electricty - $80


mort .. thats up to you , same with insurance .

[FiveFreshFish]

^^^ Don't forget property taxes.

[Woz]

So it's pretty much the same as an appartment with just a bigger mortgage and the condo fees pay the heat and water? That's not bad then.

What are the taxes on a condo usually? Let's assume a condo "worth" 250k.

[kaput]

.

[FiveFreshFish]

Originally posted by kaput
I think property taxes in Calgary are 0.8% of the property's appraised value so in your case $2000/year.

It's based on the assessed value which is considerably lower than what is would appraise at.

[JAYMEZ]

Originally posted by FiveFreshFish
^^^ Don't forget property taxes.

I have to hunt down what i pay.. ill check tomm.

[kaput]

.

[Woz]

Thanks

Yeah i live in an appartment now ad i don't want to be shell shocked with all of the extra costs.

[Watcher]

I think a duplex might be cheaper than some condos.

This was a few years ago so the prices wont seem real, bu I was looking at an apartment style condo, with underground parking - $160k for 1200sq feet 2 bedrooms, and a 2nd underground parking spot(10K) and the condo fee was $500 per month.

So I bought a $145K Duplex 1375 square feet ( plus about 600 sq feet of basement.), a 2 car garage, no condo fees. The utilities might be as much as the condos fees during the winter, but they are less than the condo fees in the summer. And my outside maintenance costs me $300 per year.

Anyway, I was a bit disappointed in condos.

Perhaps, it is my fault - I thought that a condo might allow me to save money for a house - I guess its mostly a lifestyle choice.

[Woz]

yeah that is what it looks like for me as well. I always thought of a condo as a cheaper place to live but when you add in the condo fees it can get pretty close to the actual cost of a smaller home.

[R-Audi]

Here's Mine..
800sq ft., 2 underground stalls, right off 17th Ave DT

Tax: 135/month
Cable/int.TV 150
Electrcity 50
Condo Fees 500 (includes water and heat)
Mortgage..... 1200

My condo fees are a little on the high side.. but that should give you a rough idea

[bigboom]

Originally posted by R-Audi
Here's Mine..
800sq ft., 2 underground stalls, right off 17th Ave DT

Tax: 135/month
Cable/int.TV 150
Electrcity 50
Condo Fees 500 (includes water and heat)
Mortgage..... 1200

My condo fees are a little on the high side.. but that should give you a rough idea

damn $500 in condo fees? any idea why it's so high?

[yellowsnow]

i have a 600sq/ft condo in the nw with an underground parking spot and storage and i pay
$640 mortgage
$170 prop tax
$400 condo fees
$100 cable/internet

[nonsane]

I have ~700ish sq ft condo apartment and i pay
650 mortage
100 tax
200 condo fees(includes heat, electric, water, underground parking)

shaw 38$ (I only have the internet)
phone 20$

also keep in mind for the mortgage and tax, I bought in january so the purchase value is different.

[dodger97]

Just another FYI...I used to work at a property mgmt co and the inside info - check the condo's reserve account balance and any future structural repairs. Check the budget and find out when the fiscal year end is. It is not unusual for condo fees to skyrocket to balance the budget at the year end. It also is not unusual for there to be a "cash call" or demand for money from each owner to repair costly problems such as roofs, balconies, etc. Find out who the mgmt company is and contact them...see how long they have managed, the current fees, etc.

After working in the industry...I would not ever buy a condo but that is my humble opinion.

Hope this helps...

[yellowsnow]

^^ that's exactly what happened to me. I purchased my condo a couple years ago, and the condo fees were around $200/mth.

Then they decided their reserve funds were getting low, and the building's elevator needed to be repaired. so my condo fees doubled around the 3 or 4th month of owning the property.

stupid condo managers! i'll have to double check what their business name is called again, but there were lots of pissed off residents cuz of them

[Woz]

Only reason i would live in a condo is because at the current time a house is out of reach. Maybe in a year it will be possible. My parents have always been against condo's but i just would rather pay into something that is mine then piss it away with rent.

Seems like most condo fees contain heat and water. That is good as the one expense i was really worried about was natural gas costs.

Also, what a wide range of condo fees...wow.

[Watcher]

Originally posted by R-Audi
Here's Mine..
800sq ft., 2 underground stalls, right off 17th Ave DT

Tax: 135/month
Cable/int.TV 150
Electrcity 50
Condo Fees 500 (includes water and heat)
Mortgage..... 1200

My condo fees are a little on the high side.. but that should give you a rough idea

I dont mean to single you out but thats some nasty numbers, even when your condo is paid for, it will still cost you about half the cost of renting,

Have you ever read Robert Kiyosaki? He tries to point out that owning a house is not an "asset" unless it is generating a net positive cash flow....

Makes me wonder if you should move into a rental , then take out a mortgage on a revenue property(ie house).