Early on into my planning and research of moving into a new home I also did some number crunching to see if condo living would be financially feasible. I live very small and modestly and do a lot to keep my overall expenses low each month so I was rather surprised with the results of my calculations. Especially given that condos come with homeowner association (HOA) fees, which I currently do not have.
Most HOA fees cover the exterior and common area maintenance and upkeep, water, sewer and trash, hazard insurance as well as landscaping and snow removal. Some, for a higher monthly fee, also include heating (you pay electricity and internet) while others include all utilities. I decided when I crunched the numbers to look at both – with and without utilities included.
As a homeowner I pay for everything – water, sewer and trash, electricity, internet, insurance, maintenance and upkeep both inside and out, repairs and replacements of whatever fails or wears out, and it all adds up. Even though I am a do-it-yourselfer and I am super thrifty when it comes to my utilities and my projects I was really surprised by the results of my calculations.
It turns out that regardless of whether I choose a condo with basic amenities and lower HOA fees or a condo with the works and a lot of inclusions with the higher HOA fees I will be able to cut my monthly living expenses literally in half. And! The lower HOA fees versus the higher ones made very little difference overall. Knowing that makes it easier for me to go into choosing my next home without worry. Not to mention my do-it-yourself responsibilities would be greatly minimized.
As with any home purchase I will be asking a lot of questions and reading the fine print. I won’t be going at this blindly. It is nice to know all of the particulars ahead of time, especially the financial ones. So once again, condo living is making more and more sense to me. Now I just need to find the right one. In the right place…. Hmmm, sounds a bit daunting doesn’t it?
Have you already decided what city you will move to? I am mulling over this very decision even though I know that taxes would eat up so much of the profit from selling my home. I can envision a time in the future where my shoulder pain will not withstand yardwork and such. ):
ReplyDeleteA few are in the running, but nothing has been decided.
DeleteMove in with you BFF. 😂
DeleteI like my freedom & independence.
DeleteSo exciting!! Can't wait to see where you land. It's very surprising to me thst your costs will be so much lower in a condo, great news!!
ReplyDeleteOwning your own home in Boise, Idaho is expensive, especially with the rising costs and property taxes.
DeleteOh my gosh, I completely agree. I’m a homeowner in Boise too and everything is crazy expensive (except Capitol Water, it’s super cheap.). Maintenance costs are ever-increasing, especially in older neighborhoods with old trees. I play janitor constantly around my yard, not to mention the need of routinely (every few years) hiring pricey help to prune or remove unruly growth. Not just for aesthetic reasons, but bc homeowner’s insurance policies will threaten to drop coverage if you have large limbs overhanging rooflines. Ask me how I know. A condo sounds like a fantastic option for you! Good planning and number-crunching!
DeleteThank you Teresa
DeleteI think condo living makes a lot of sense. Not having to be responsible for the outside work alone is worth it.
ReplyDeleteAmen!
DeleteMy property taxes in Nebraska are $4500 a year. My homeowners is $2400. It is insanely expensive to live here, but our cost of living is low. A house in California for 1 million you could buy here for $500,000. We have a lot of wealthy people in our city.
ReplyDelete