Most people are familiar with some of the fees that they need to pay when it is time to move into an apartment. They know that they need to come up with the application fee, they will need to pay some sort of security deposit for protecting the spot, and they will need to consider a pet deposit as well. And don’t forget all about the amount that you will pay for your monthly rent as well. But if   you move into a condo, there are a few fees that you need to factor into your budget as well.

Compared to a traditional apartment, condos are going to come with a lot more fees, both when you are first moving in and later when you own it. Some of these include:

# A down payment; Just like if you were purchasing a home, you will need to make a down payment to the mortgage that you will pay when buying a condo. The amount that you will put towards this can depend on the financial situation and the mortgage that you choose. This is often between 3 to 20% of the purchase price.
# Closing costs: In addition to the down payment, there will be a few closing costs to get the sale to be official. You need to pay for appraisals, taxes, fees to lawyers and more in order to get the property in your name. These fees are often somewhere between 3 to 5% of the sales price of the home.

# Inspection fees: You should not move into a condo if you do not get the inspections done first. You never know what is hiding in the home, and sometimes the seller knew it and didn’t tell you, and sometimes they had no idea. You will want to get at least a full inspection done on the property before you decide to move in.

# HOA fees: Condos will have HOA fees. These are used to cover the necessary maintenance of the property or some of the bigger construction projects that everyone wants.

Choosing a luxury apartment is one of the best decisions that you can make. These apartments have more features and amenities than you will know what to do with, and you will be ready to move right in and make it your own. Our   luxury apartments in Davenport are calling your name. With great amenities, the best location in town, and a lot of space to call your own, there is nothing that you will not fall in love with when it comes to some of our great units. Contact us today to take a tour and to learn more.