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 MN homes for sale 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:

Condos: An increasingly popular choice for first-time homebuyers, living in a condo means you have access to shared living spaces and amenities. As such, you’ll need to pay fees depending on your stake in the building.

Ilyce Glink, who is the author of the book ’100 Questions Every First-Time Home Buyer Should Ask’ says that each owner must pay maintenance fee equal to his total share of ownership in the condominium. This is calculated by first getting the total expenses in operating the building and dividing this to an owner’s percentage of ownership. This cost also includes a payment for a building’s emergency reserve fund, which varies over time.

Townhomes: The fees associated with town homes are the same as any independently owned homes incur. Some MN townhomes 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: Mobile home owners and pre-fabricated homeowners are usually responsible for all fees involved with maintaining and operating their home. This includes the cost of sewage, water, cable and other utilities. But some mobile home parks do charge a fee for renting land space. In addition, each park has specific requirements and rules that a homeowner must first agree to.

Single-family detached homes: Detached home maintenance costs are typically the responsibility of the homeowner. Typical maintenance costs come from yard upkeep, house repairs, water, and other utilities. You will also be responsible for all real estate taxes and government fees.

If you are considering to get a loan, remember that some lenders might package some of these maintenance fees into your loan. I advise that you first talk with your realtor and determine the maintenance costs for the house you’re interested in. Only then should you deal with a lender so that you can get the best possible loan package that is within your budget.

Any house, whether it is a single-family home, a condo or a mobile home, has several implicit ownership and maintenance costs. It is better to know more about these costs while you are still searching rather than be surprised by every fee you have to pay after you bought the house. Compare and contrast the costs for each house by pitting them side by side with the use of a simple table or chart. Practicing this will help you arrive at an excellent decision.

 


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