Quote:
Originally Posted by spazzyfry123
What ongoing costs will you see with the condo? I'm assuming you do the expansion at your current residence and you're done (maybe a slight uptick in taxes if you go that route?). With the condo, are there monthly/annual HOA dues, taxes, maintenance in addition to the $220k?
For value, I have to imagine for you to add an additional 550 sqft (assuming that's what you get with possible roof pitch allowing much less or knee walls), the $/ft will be much higher than the 1400sqft you get for $220k. $160/ft ain't bad turn-key.
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$100 per month HOA dues and when I asked the owner about their variability he expects them to go down over the next few years as he gets more occupants and higher HOA revenue base, but long term (10+ years out) they will go up as maintenance costs go up. The plan is for 10 condo buildings and only 3 are built so far. Current estimated county tax rate is $1800 per year per condo.