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To give you a cost breakdown of how buying a home and buying a condo is different, take this hypothetical: A condo priced at $200,000 and a single-family house priced at $300,000 using a 30-year fixed-rate mortgage at 4.375%. Let’s assume a down payment of $20,000 on each.
Assuming the condo costs $1.6 million, this is how the breakdown would look like: Securing the OTP – $80,000, or five per cent of $1.6 million Signing the Sales and Purchase (S&P) agreement – $240,000, or 15 per cent of $1.6 million.
How much does condo insurance cost in each state Condo insurance premium costs differ from state to state for a variety of reasons. If a state has a lot of major cities and more densely populated areas, it’s more likely to have higher premiums, as home and condominium values are generally higher.
The average cost of condo insurance is $478 per year, but it varies widely from state to state. According to data from the National Association of Insurance Commissioners, the difference in cost between the most expensive and the cheapest states for condo insurance is $720 per year.
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The average condo insurance cost nationwide is $389, for $60,000 in personal property coverage, with a $1,000 deductible, and $300,000 in liability protection – the limits of a typical policy. But that’s based on just one of the 75 coverage sets provided in the tool below.
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How much does it cost to remodel a condo? October 26, 2018 / in Condo Renovations / by Justin When it comes to remodeling a condominium , the exact cost of the project will depend on several factors including the size, location, building permits, financing fees, the existing condition of the unit and the cost of contractors.
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The liability portion of condo insurance is the cheapest and can cost around $20 a year for $300,000 in liability coverage, says Ben Schuam, a product manager at Mayfield Village, Ohio-based Progressive Insurance.