Sarasota Condo Fees

Perhaps one of the most misunderstood aspects of purchasing a condo in Sarasota seems to be the monthly fees. Although condos make more sense, lifestyle-wise, for our seasonal and part-time residents, they are often off-put by the condo fees. But condo fees provide real benefits and often SAVE you money over a single family homes fees.

Condo fees generally include:

1) Public insurance on the property - this covers the structure and outside of the unit, and most often the roof. This insurance would need to be acquired individually on a single family purchase, and the economies of scale in a community often make more sense. If you are purchasing waterfront, insurance is tough to get - but the condo complex insurance is already in place. Keep in mind - the insurance is often a large chunk of the condo fee - and waterfront properties are the most exposed to wind and water - so direct water front WILL have higher fees, generally due to insurance.

2) Pool / recreation facilities- Condo fees will include upkeep of any recreational facilities, which will vary from property to property. It is rare, however, that a pool is not included; tennis courts, fitness centers and clubhouses are other common amenities.

3) Maintenance of the grounds/Security - Fees will include upkeep of all grass, plants, trees, flowers, sidewalks, streets, gates, lakes and such - keeping up property values across the complex. Depending on the property, your condo fee may also go towards gated or manned security systems.

4) Reserves - Many condos set aside monies every month for repairs and upgrades to the complex, greatly reducing the need for assessments and unexpected out of pocket expense. Its a budget plan that allows for upkeep without hurting the homeowners financially.

5) Utilities/Maintenance - although less common, many condo associations will include basic cable, electricity, water/sewer and general maintenance repairs inside the unit.

When considering a condo, it is important to understand that if we add up the costs of all of the above to a homeowner, the condo fee may in fact be a fantastic value!

NOT COMPLETELY CONVINCED? Many single family home communities offer maintenance free sections that will allow for yard and grounds upkeep and recreational facilities for a low fee - but leave the insurance and utilities to you!