Question for HOUSE owners from a condo dweller.

[GovernorARNOLD]

My condo fees just went up and I'm considering purchasing a house.

i have a 950sq feet 2 bed + den condo with parking and locker.
I pay $491 in condo fees. Covers everything, heat, water etc.
Taxes are 220 per month,

my monthly costs are $711 before my mortgage.

If you don't mind me asking, what are your monthly expenses heat? water? taxes etc. just doing some research. Just hit me up with some actual numbers. Thanks!

 

[rbt]

Costs fluctuate significantly depending on where you want to live (municipality) and the age of the house.

I.e. how soon does the roof need to be replaced, windows replaced, etc.

A typical brand new 2500 sqft house in Bruce County would run $350+ in taxes, $100 in electricity, $50 in gas, $75 in water/sewer, and say around $150 + time in upkeep.

Upkeep items tend to come in bulk. Over a 10 year period you might rebuild now rotting the deck at a cost of several thousand or even retop the driveway. Lawnmower, snow blower, perhaps even a power washer, etc. Plants every spring. Perhaps you hire a window/gutter cleaning service.

I've purposefully left out carpet replacement and that kind of thing since you would experience those in a condo as well.

If you buy a house with the same amenities (pool, home gym, security system, etc.) as your condo likely has ($400+ for a 2 bedroom is very high for a basic condo building) then you can add significantly to the above total. Heck, a heated pool can require several hours work per week and add $250/month to the cost.

 

[Urban Shocker]

Since having my water and hydro metered, those costs have more than halved.

 

[rbt]

Since having my water and hydro metered, those costs have more than halved.

The meter reading fees are often a very large percentage of my total bill. Quite annoying but oh well...

 

[Urban Shocker]

If you live alone there's no point in having anything other than metered.

 

[alafleur]

When it comes to the whole house vs. condo thing I think it comes down to lifestyle. Owning a condo means a maintenance free life style and usually also has some great perks like location, amenities, and a view. Owning a house means giving up the perks but also means owning a real piece of property and the ability to do whatever you want to that property whenever you want to do it.

One thing to keep in mind is yes, your maintenance fees will disappear if you buy a house, but, how much will the house you are thinking about buying cost and will this mean an increase in your mortgage payments?

Utilities and upkeep costs will always vary with the house. e.g. New home vs. 100 year old Victorian.