Native Montrosian Posted November 17, 2006 Share Posted November 17, 2006 Also, by being in a condo association that has a professional management team, I actually SAVE money on insurance because I can be a part of an umbrella policy that isn't normally available to single family home owners. A quick caveat for condo owners: confer with your insurance agent to be certain that your own condo owners policy limit is sufficient to cover all improvements & betterments. Most association policies only cover up to the finished walls & ceilings/common elements. Also, be sure to take the loss assessment endorsement if you have a shared responsibility for common element damages - the maximum my agency's markets will write is $50,000 for only about $15-$20 a year. Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted November 19, 2006 Share Posted November 19, 2006 It's all about choice. You have the option to purchase the townhome for less psf but currently you are choosing to stay there. you MUST like it and therefore must be willing to pay the extra fees to do so. Smartass... Quote Link to comment Share on other sites More sharing options...
Urbannomad Posted November 19, 2006 Share Posted November 19, 2006 I agree with jdbaker... I live in DC now, but I'm considering a move back to Texas and the condo fees there are outrageous. Even the higher-end condos here in DC, which is really all they build, you would never be stuck with a condo fee over $400 at most, unless it covers ALL utilities which usually only the older, not individually metered condos do. From looking at what is covered by the fees it's typical stuff and pretty much the same both places. Then you have to add onto that the property taxes that are quite a bit higher on condos in Houston as well. At least you don't have to pay state income tax which will be a bonus but doesn't make up the difference in higher property and sells tax. Maybe it's because there are so many condos in dc as compared to houston... I dunno? Long story short, the fees have made me start looking at midtown townhomes and bungalows in the heights since you get so much more for your money, and better (only slightly with townhomes) resell value. So confusing, I'm glad I'm not the only one who noticed this though. Quote Link to comment Share on other sites More sharing options...
bach Posted February 22, 2007 Share Posted February 22, 2007 Niche is correct. A few buildings (including Bayou Lofts) are exempt from city taxes for approximately 10 more years. I believe the city of Houston tax rate is around .06% so the exmeption knocks off about 20% as compared to non-exempt buildings. It' significant, but not a deal maker/breaker.The city and county have historic tax exemption programs. If you take a historic building and renovate it, they can abate your taxes for 14 or so years. If it's converted to residential, only the city will do it. If it's converted to just about anything but residential, the county goes in, too. Quote Link to comment Share on other sites More sharing options...
jdbaker Posted February 22, 2007 Author Share Posted February 22, 2007 (edited) The city and county have historic tax exemption programs. If you take a historic building and renovate it, they can abate your taxes for 14 or so years. If it's converted to residential, only the city will do it. If it's converted to just about anything but residential, the county goes in, too.Not necessarily. The Bayou Lofts have the city exemption, but none of the other downtown loft buildings have the city exemption as far as I know. Perhaps someone else can shed more light on this? Edited February 22, 2007 by jdbaker Quote Link to comment Share on other sites More sharing options...
nmainguy Posted February 22, 2007 Share Posted February 22, 2007 I've been living in the Bayou Lofts for the past 6 months, and would love to buy the unit I'm leasing except that the condo fee's are way too high to make the numbers work. And it's not just my building, it seems the typical maintenance fee for a downtown loft/condo is around $.40 psf, which seems really high. I know that it's a lot higher than a typical Washington, DC condo fee. So, the question is, why are the prevailing fees in Houston so high?I suppose it comes down to what you are willing and able to pay. If you have an issue, perhaps you may want to invest in a fee-simple dwelling. At least you'll know when you pay your own taxes and insurance you'll only be carrying your own weight. It's hard to give you solid advice when we don't know your income so based on my lack of knowledge, I suggest you take the conservative approach and purchase your own dwelling free and clear. Then you only have to deal with your taxes and insurance once a year instead of wondering what might happen with you and your fellow share holders. Unless you are disgustingly wealth of own the property I'd advise you to jump ship. Quote Link to comment Share on other sites More sharing options...
KinkaidAlum Posted February 22, 2007 Share Posted February 22, 2007 Not necessarily. The Bayou Lofts have the city exemption, but none of the other downtown loft buildings have the city exemption as far as I know. Perhaps someone else can shed more light on this?Commerce Towers has the exemption as well. A few of the listings on HAR also make the claim for the exemptions at the Franklin Lofts, Hermann Lofts, and Keystone Lofts from what I can remember. I would assume the other buildings would have them as well. Quote Link to comment Share on other sites More sharing options...
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