Daytona Beach Area Homeowner Fees

Our part of Florida has a lot of condo complexes - many with stunning oceanfront units on white sand no-drive beaches.  What a life! And the prices are such bargains, you can buy now to retire later at square foot costs unimagined a couple of years ago.

But along with a condo comes a Homeowner Association which will charge dues for maintenance (no lawn for you to mow, remember?).  Here are a few tips on what to consider when you find what the association charges and what they do for the homeowners.

1.  How is the fee determined?

On new construction, developers must obtain state approvals before their projects can be offered to prospective buyers. Part of the submission process for developments with an Owners Association is the creation of a detailed budget for the operation and maintenance of the common area and the provision of necessary services.  The developer will be paying the Association fees on all unsold property within the Association, and is not the one benefiting from high fees.

On existing buildings, an association has been formed with an elected board and usually a management company reporting to them.  The board will annually set the fees based on the income and expense budget submitted by the management company.

2.  What does the fee cover?

Amenities vary widely from condo complex to complex.  Some have only common grounds, like the mail area and walkways.  Others have fitness centers, pools, rooftop tracks - just about any amenity you can think of.  One of the responsibilities associated with real estate ownership is the obligation to maintain and protect the improvements from deterioration, damage, weathering - since this is not your own responsibilty, the association is charged with maintenance.

The common areas such as a lobby, pool, gym, or even hallways, need to be cleaned regularly, maintained occasionally, painted often, and replaced over time.  Are utilities included? Are water, sewer, electric, gas, trash and cable billed individually or are some paid collectively through the Association? 

The management company also will charge an annual fee which will be part of the HOA.

3.  Is the fee reasonable for letting someone else do the maintenance? 

Add it all up and see if the economies of scale allow for a high level of service at a true cost lower than you could do it yourself. Factor in convenience, security, and time saved.

Realize you would be paying for services at a volume discount, meaning the number of units in the building will force economies of scale.  You are protecting your investment and may be getting tax benefits. 

4.  Is the building right for you?

All the amenties may not be what you want in a maintenance-free home.  You may not want to pay for someone else's use of a pool, or playground, or fitness center.  Be sure you will not only use the amenities but that they will give you value for your investment, and be helpful when you resell.

Our Daytona Beach and Ormond Beach areas have a condo complex for about any taste and price range.  Use the RealBird widget below to search for condo homes for sale - it is set up for Oceanfront within 30 miles of Daytona but you can change those filters to suit your search.  Contact me for ideas on how to find your home at a price you can afford.