Condominium Fees – What are They and How Will They Affect Me

September 8, 2009 Book, Employed Persons, First Time Home Buyer, Interest Rates, Pre Approval No Comments

Condominium fees (often referred to as condo fees) are the monthly fees that people who own a property within a condominium complex.  These funds are used to cover the common use areas of the facility.  Condo fees can range quite a bit in what they cover and how much the fees can be.  Speak with a qualified Realtor to find out all about these fees and  how they may affect you.

When people purchase or refinance a condominium property one factor we have to work into our qualification ratios, GDS and TDS, is the condo fees.  Each of these ratios include a provision for condo fees.

So when we pre qualify people who are considering purchasing a condo it is best to get a sample of the range of what the monthly condo fees are for the properties you are considering.  Because these number potentially have a large effect on what you qualify for it is important to be very conservative in these estimates used in the pre approvals.

What I often tell my customers is that if the condo fees are 10% more than what I put into the pre approval application then give me a quick call or email and I will run the numbers for them so we can be 100% sure that they will qualify with the new condo fees.

My services are complimentary so use me to help you get peace of mind.