Costs Associated with San Mateo Home Ownership
In addition to the purchase price and closing costs, all real estate has costs associated with its upkeep. In the case of a San Mateo single family home you have to pay for repairs and maintenance, sometimes unexpectedly, such as, painting and lawn care, out of pocket or by the sweat of your brow. In the case of the San Mateo condominium, the fees are simple, on a schedule and never involve putting you on a ladder to fix a problem or heading to an all night hardware store.
What Do HOA Dues Cover?
The monthly condo fee (also known as HOA dues or HOA fees) pays for upkeep and maintenance of common area property. Generally, it covers exterior maintenance, insurance, cost of amenities like pools and clubhouses, and utilities. However, all San Mateo condominium complexes are not alike. That, in and of itself, is an important reason to employ a San Mateo condo specialist. Before you write a check, find out exactly what the fees are and when they might increase.
Buying in San Mateo Usually Costs More than Renting, But…
The worst part about buying your first San Mateo condo is that buying a condo usually costs more than renting an apartment. While buying often costs more per month than to rent, most or even all of that extra money can come back to you at the end of the year in the form of a tax refund. Because the tax laws allow for the deductibility of mortgage interest and property tax, the effective after tax costs may be the same or less than what you are currently paying in rent.
Silver Lining: Your Mortgage Payment Will Not Increase Next Year
Best of all, next year your fixed rate mortgage payment will be the same amount and your debt will be reduced. With an apartment your money is gone and your rent will surely be increased. By the time you add up the expenses that San Mateo condo fees include, you’ll often find that condo living is a real bargain.
Do Your Research before Buying a San Mateo Condo
Before deciding to buy a San Mateo condo, it is important to do your research on the legal, financial and practical aspects of owning a condo in San Mateo.
To help you start, we’ll be presenting several classes and webinars to address the legal, fiancial and practical aspects of owning a San Mateo condo and the new condo financing guidelines, which will go into effect February 2010. To learn how these new financing guidelines will impact your purchase, check out our Class Schedule page for an upcoming condo buying class or webinar.
Ready to Get Started Now?
Check out our unique Buyer Representation Program to learn how our Buyer Representation Program is All About You! Then, call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a no obligation consultation.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
