Condo Maintenance Expenses

[Don Bradley]

Hello,

I am new to investing and am in the process of buying my first investment property which I will live in and rent out. My question is I know most HOA's cover the majority of the exterior maintenance expenses for condos. That being said on average what % of rental income should be budgeted for CapEx and Maintenance expenses? I have seen a number of people saying they budget 8-15% for maintenance and 5% for CapEx but that was for multi family units.

Thanks in advance for your input.

[Jeff S.]

What does it cost you to recarpet and paint the place? Are going to replace fixtures or cabinets, new windows? Is there a special assessment on the horizon?

I have a condo that I just rented and I am not budgeting anything as the potential expense isn't large enough to worry about. 

What would a complete remodel cost? Expect that since your renters could wreck it to the point where it is required.