Home Buying Maintenance Costs for Different Types of Houses

First time homebuyers should understand the fact that each kind of home has different maintenance costs associated with them. Knowing what these costs are can certainly help buyers make an informed decision.

Some MN homes for sale are imposed with special fees such as neighborhood association fees and even additional taxes depending on the town or city government. These fees must be factored in when buying any home especially if you are working on a budget. Below is a list of the common maintenance fees for each type of houses.

Condos: Condos are a very popular choice for first time buyers. Residents of a condominium have shared access to living spaces and facilities. As a result, you'll be responsible for paying association fees and maintenance fees that are based on a percentage of ownership of the building.

The total expenses of the building is divided by a resident's percent of ownership to arrive at the maintenance cost for each resident, explains Ilyce Glink, author of the book '100 Questions Every First-Time Home Buyer Should Ask'. This cost also includes a payment for a building's emergency reserve fund, which varies over time.

Townhouses: Townhomes, also known as 'row houses', are independently owned homes that typically don't incur fees beyond your regular expenses. Some MN townhomes reside in a homeowner's association wherein every member pays a monthly fee. Being part of an association requires an owner to pay monthly association fees for the overall maintenance expense of the association including taking care of common yards and shared areas.

Mobile Homes: Homeowners of mobile and pre-fabricated homes shoulder all fees in operating and maintaining their homes. This includes the cost of sewage, water, cable and other utilities. Mobile houses can also be located in mobile parks. Some parks charge homeowners for a fee to lease the land they locate in.

Single-Family Home: Detached home maintenance costs are typically the responsibility of the homeowner. Typical maintenance costs come from yard upkeep, house repairs, water, and other utilities. You will also be responsible for all real estate taxes and government fees.

If you are considering to get a loan, remember that some lenders might package some of these maintenance fees into your loan. Make sure you have an accurate assessment of total costs from the realtor and then approach your loan officer with all of the details to make the most of your loan and pay for only what you can afford.

Any house, whether it is a single-family home, a condo or a mobile home, has several implicit ownership and maintenance costs. When you're searching for the right fit, consider making a checklist or worksheet that lists all of the different home options and related fees. Compare and contrast the costs for each house by pitting them side by side with the use of a simple table or chart. Practicing this will help you arrive at an excellent decision.

Buying a First Home - What to Check on the Second Showing

Buying your first home can be full of challenges and you will need to conduct extensive research without the help of a real estate agent in order to make the best decision. One of the most important steps to buying a home involves the showing; ideally, you should set up at least three showings per house to get a really good feel for the home and ask all necessary questions. The second showing is the best time to check the house for simple physical defects and make note of all the drawbacks as you examine each area of the house.

Ilyce Glink, author of the book "100 Questions Every First Time Home Buyer Should Ask" encourages first time home buyers to reconfirm all the things they found appealing during the first showing and to try and spot problems as early as this stage to save time and money later on the home buying process. Some of the key things to look for during the second showing include:

Check the roof. Ask the property owner or the agent how old the roof is, and if there have been any renovations or repairs made to it. The cost of having to place a new roof or repair an old one is quite expensive, so knowing what condition the roof is in can prepare you for any future expenses that you may have if you decide to continue with the purchase.

Inspect the wear and tear of the interior. The things that you can look out for are wall cracks, creaky floorboards, shaky stairs, peeling paint and other similar defects that may not cost too much to fix, but need to be planned for.

Checking the mechanical systems. Are the water heaters and furnaces functioning? What type of insulation has been installed throughout the home? Ask the agent or home owner to provide details on the mechanicals so you're not left with any surprises later in the home buying process.

Assess the area. Go to the front and back area of the house to look around. Are the views to your liking? What is the noise level? These significant details can only be assessed doing an on-site inspection, and give you an idea of the environment that you will be living in.

Check for pests. Do you see any tell-tale signs of rats or termites? Are there roaches or other bugs? Find out if the house is infested with pests and if the property owner has done any pest control so that you won't be walking in this kind of problem unprepared.

Visualize yourself in the house. Imagine yourself in the house doing your daily activities. Does the furniture you have go with the house? Try to see yourself living in this house and see if it will truly be fit to be your home.

The second showing is your opportunity to conduct a preliminary self-inspection and make some basic decisions on whether this is truly a good match for you. Take the time to make a checklist of things you need to review so you don't miss all of the important details.

When looking for Minnesota homes for sale, the internet is an invaluable resource. New homebuyers can use the MN MLS to view active listings of homes and real estate throughout the state.