New Orleans Condo Buying
When you’re thinking about the pros and cons of buying a New Orleans condo, one of the items on your due diligence list needs to be condo fees.
How much are the monthly fees?
When calculating your monthly ownership costs, it’s more than just the principal and interest on your mortgage loan. Taxes, insurance and condo fees all add to the amount that living in a condo will cost you each month.
We’ve seen monthly condo fees range from a low of $125 per month to a high of over $3,000 per month in a luxury building.
What do the fees cover?
Here are some of the questions you need to ask about your coverage:
- Is exterior insurance included?
- Is the common area maintenance (landscaping, patios, pool, tennis courts, fitness center) included?
- Are security fees included?
- Is flood insurance included?
- Is sewerage and garbage pickup included?
- Are there any special assessments pending?
- How many months in advance are you required to pay at closing?
We can help you navigate the covenants and restrictions that are unique to each New Orleans condo development. Call us today at 504-327-5303.