What is condo declaration?
Generally speaking, the declaration is the document that creates the condominium. (It gets its name because it “declares” that the condominium has been created.) To make it legal and operational, it is recorded in the land records in the county where your condominium is located.
What is the average HOA fee for a condo in Florida?
On average, the monthly HOA fee will be in the $100-$300 range. However, in more affluent communities it can be higher. HOA fees are used to cover the cost of maintaining common amenities like the community pool, landscaping of public grounds, activity center, etc.
Who pays for condominium resale in Texas?
Regardless of who pays (buyer or seller) the resale certificate typically comes at a cost. Most home owner associations are managed by management companies. The resale certificate will cost typically no less than $150.00. The money must be paid in advance.
What is Condominium state?
A condominium (plural either condominia, as in Latin, or condominiums) in international law is a political territory (state or border area) in or over which multiple sovereign powers formally agree to share equal dominium (in the sense of sovereignty) and exercise their rights jointly, without dividing it into ” …
Is it cheaper to live in a condo?
A condo is usually less expensive than a free-standing house. Condos are much smaller in square footage, and maintenance is typically cheaper because you’re only responsible for the interior of your home. Keep in mind that the fewer amenities the condo complex has, the lower the HOA fees should be.
At what age should seniors downsize?
Older Americans planning to downsize should brace for sticker shock. Homeowners age 65 to 74 who downsize sell a $270,000 home and purchase one for $250,000, on average. Home values have gone up 8.7 percent over the past year and are expected to rise another 6.5 percent within the next 12 months.
How much do I need to retire if I own my home?
One rule of thumb is that you’ll need 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you’ve paid off your mortgage and are in excellent health when you kiss the office good-bye.