Tampa Real Estate Info
Gurvich Group
813-205-1802
About Us
Categories
- Channelside Market Updates
- Downtown Tampa
- Downtown Tampa
- First Time Homebuyers
- Hillsborough Property Tax
- Home Inspection Tips
- Home Staging
- Homes For Sale in Tampa
- Keller Williams
- Mortgage Rate Watch
- New Projects (Condos)
- News on Interest Rates
- Seminole Heights Homes
- Short Sale Information
- South Tampa
- South Tampa Neighborhoods
- Tampa Condos
- Tampa Florida
- Tampa Florida Real Estate
- Tampa FSBOs
- Tampa Home Buyer Tips
- Tampa Homes
- Tampa Luxury Homes
- Tampa Market Reports
- Tampa MLS
- Tampa Neighborhoods
- Tampa Real Estate
- Tampa Realtor
- Tampa Waterfront Homes
- Things To Do In Tampa
- Tips for Sellers
- Uncategorized
- Westshore
Archives
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- May 2006
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.
4 Responses to “What Do Condo Fees Cover?”
Leave a Reply
Also Noteworthy
How's The Market In Your Neighborhood?
[...] 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: [...]