Contributed by Bart Whiteman, Realtor®
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Welcome to the world of condominium living, where the term "villas" adds a touch of coastal charm to your home. If you're considering purchasing a condo in our vibrant coastal area, understanding the ins and outs of condo ownership is key to making a well-informed decision. One crucial aspect of condo ownership is navigating the monthly fees and responsibilities associated with condo associations. Let's dive into the details to demystify what these fees entail and how they impact your ownership experience.
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With condominiums, often called “villas” in this area, there is a monthly fee, which generally covers exterior maintenance, pest control, garbage removal, landscaping, amenities such as pools, and often insurance. But who is responsible to fix what area of a condo building? A good way to think about it is that the owner is responsible for everything “walls in” and the condo association/condo fee covers everything “walls out”.
A portion of the monthly fee is also set aside for capital improvements that take place periodically for large projects, such as repaving a parking lot, replacing roofs, or perhaps resurfacing a swimming pool. If there’s not enough funds in the capital reserve, there is often an assessment. This assessment is usually spread over a couple of years and Owners typically either have the option to pay monthly or, perhaps, get a discount and pay it off all in one sum.
Before you purchase, it’s a good idea to have your realtor check with the condo association to see if there are any upcoming assessments. That way, you can negotiate with the seller prior to signing a purchase agreement.
The amount of the fee is based on square footage, so for example, a one bedroom might have a monthly fee of $400, a two bedroom might have a monthly fee of $650 and a three bedroom might have a monthly fee of $800.
Since we are in a coastal area, that is prone to periotic hurricanes, insurance is going to be much more expensive than inland areas. Insurance always goes through the condo association and as mentioned before sometimes it’s part of the monthly fee and sometimes it’s billed separately, always a good idea to check on that before you purchase.
Windows and doors are almost always the responsibility of the owner and not the condo association. Decks and patios, are generally covered by the association, but not always so it’s good to check on that as well.
Each condo association has a board of directors, composed of property owners. The board of directors hires a property management company to oversee and administer funds to the respective contractors, landscaping, pool, pest control, etc. if the board of directors is not satisfied with the performance of the property management company, they can switch, it’s usually a yearly contract.
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Villa ownership offers a blend of convenience and community, with Regimes taking care of exterior maintenance, amenities, and certain insurance aspects. However, it's essential to grasp your responsibilities as an owner, from interior maintenance to being proactive about upcoming assessments. By working closely with your Realtor® and staying informed about the workings of the Regime, you can confidently navigate the villa ownership landscape and enjoy the coastal lifestyle to its fullest.
