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Reply to "$450k condo on $110k salary"
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[quote=Anonymous]Based on a 30-year $350K mortgage at 4%, you'd be looking at about $1700/month in mortgage, plus property taxes and homeowners (so add ~$300 for escrow?), plus $500 for condo fees. Can you swing $2500/month (plus any utilities not included with the condo fees) comfortably? Our first home was a condo, and the fees and special assessments are what kill you. This is particularly a problem for buildings that were converted to condos rather than being built as condos because the building will be much older than the reserve fund, and they'll be in make-up mode to built the reserve up. We also lost the first contract on our condo ~8 years ago when we sold because the homeowners' documents presented an upcoming special assessment in the worst-case scenario and very differently than what had been described to the homeowners. We ended up selling at a slight loss, even though it was a desirable area and walking distance to a metro.[/quote]
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