Wednesday December 14, 2016
Finding affordable housing in Anchorage can seem like a headache but there is one option many homebuyers overlook. One of the most affordable new home options is investing in a condominium. From apartment style to single-family detached homes, condos come in many sizes and styles. Condos aren’t starter homes either many include luxury finishes and high-end extras like elevators and private balconies. However, homebuyers sometimes shy away from considering a condo because of the misconceptions surrounding condo dues.
Condo dues are part of the package when you purchase a condominium but the fee covers a lot more than you think. Lender regulations now require expenses that were previously covered by the homeowner to be included in the dues. This means condo dues aren’t rising for no reason they’re simply consolidating the same expenses homeowners have always paid into a single fee.
For example, look at one of Spinell Homes’ newest condominium projects. Nadine Park is a duplex-style condominium development with 3-bedroom, 2-bath, 2-car garage, 1,657 square foot units.
Nadine Park monthly condo dues: $360
Water and Sewer: $81/month (traditionally paid separately by homeowner)
Building Insurance: $55/month (traditionally paid along with monthly mortgage)
Maintenance Fees: $180/month
Owning a home requires year-round maintenance in order to keep the home looking nice and maintain its value. Monthly condo fees take care of these costs by covering landscaping, snowplowing (usually done much quicker than city maintenance), sewer and street maintenance, and management fees. Condo dues also include exterior painting, driveway overlay, roof replacement, exterior building repairs and more.
Paying a low, monthly fee for these items makes budgeting easy for homeowners because there are no surprises. Many traditional homeowners find themselves needing to replace a roof or repaint the house when they least expect it and haven’t saved for such a large expense. Plus, let someone else take care of the hassle of coordinating contractors and making sure the job is done right.
For homeowners looking for an affordable and reduced-maintenance home option, investing in a new condominium may be the right fit. By taking a closer look at condo dues and what they cover homebuyers may be surprised to find the monthly fee makes owning a home easy and affordable.