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What Do Condo Fees Cover?
March 15th, 2007 categories: Tampa Condos, Tampa Real Estate
We’ve assisted many buyers and sellers of Tampa area condos over the years. First time condo buyers usually have quite a few questions and the most often asked is “What do the condo fees cover?”
When you purchase a condominium in Tampa, you usually purchase your own private space in fee simple and the rest of the building and the common areas are owned by all of the owners within the building. That’s why the legal description of a condo usually looks something like this:
THE BELLAMY ON THE BAYSHORE A CONDOMINIUM UNIT 2004 AND AN UNDIV INT IN COMMON ELEMENTS
The owner owns the unit and an undivided interest in the common elements. Common elements are the hallways, parking areas, fitness rooms, pools, etc.
Each owner pays a monthly fee to the “condominium association” made up of all of the owners. So here’s what the fee typically covers:
- Insurance–The Association purchases and maintains the property hazard insurance and the flood insurance if required. Each owner pays his/her portion of the insurance in the condo fees.
- Building Exterior–Each owner pays a portion of the monthly cost to maintain the exterior of the building.
- Grounds Maintenance–Owners also pay their share of the cost to maintain the grounds, landscaping, pool maintenance, etc.
- Water/Trash Removal–The cost of the owners’ water use and trash collection is a component of the condo fees
- Pest Control–The Association pays for pest control in the common areas and the owners pay monthly for this service as well.
- Reserves–A portion of the monthly condo fees goes to a reserve account to pay for future roof replacement or large, possibly unforeseen expenditures that may not be covered by insurance.
- Security–The cost of any on site security will be reflected in the condo fees.
- Cable/Electric–Sometimes, but not usually, these services will be purchased by the association and the costs will be passed on to the unit owners.
So if you are in the market for a condo in Tampa, make sure you are aware of what the monthly fees are, and what they cover. Condo fees are paid monthly to the association and are not paid as part of your monthly mortgage payments.
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[...] The exterior units feature tall, arch topped windows that provide for a very bright setting with lots of natural light. The interior units face an open courtyard that features a pool and common area. Fees aren’t too bad either. Expect about $210 for 1000 sqft unit initially. (See: “What Do Condo Fees Cover?”) [...]
[...] The exterior units feature tall, arch topped windows that provide for a very bright setting with lots of natural light. The interior units face an open courtyard that features a pool and common area. Fees aren’t too bad either. Expect about $210 for 1000 sqft unit initially. (See: “What Do Condo Fees Cover?â€) [...]
[...] Read more about condo fees: [...]
[...] Read more about condo fees: [...]
[...] that we list for sale. For instance, we’ll be able to enter more information about what condo fees cover, more information about a home’s community, as well as more information regarding how other [...]
[...] around $600 annually. This is a cost that would be separate, and in addition to the portion of the condo fees that covers the association’s master policy. Most condo owners already maintain these [...]