Sarasota Condo Fees

Question of the Week: Why do condo fees exist, and why is there such a huge difference from one condo to the next?

Sarasota is a great residential town. There are terrific amenities, a fantastic school system, and ample sunshine for us year-round residents. But the fact remains that Sarasota is also a part-time community. Traditionally a "snowbird haven" for our retired residents who prefer spring, summer and fall up north, we now add to their ranks many who see the opportunity to own a piece of paradise for their own vacation getaway, regardless of age. Home prices have dropped to a level that many see their chance to grab their retirement place a bit early - as early as 20 years ahead of schedule!

Because of the part time nature of so many of our residents, condos are an attractive option. A condo allows for major maintenance to be handled by the association, so that all a resident need do when leaving for the season is turn off the lights and lock the door.

Condo fees represent the collective costs of the association, spread out amongst its members. The fees can be as simple as including common grounds and maintenance, to recreational facilities, cable TV, roof care, reserves,and the like. The more a condo provides in amenities, the more costs they need to cover. However, probably the largest piece of the condo fee, especially in coastal Florida, is the insurance. While there is value in having your insurance provided through the organization, the rates will vary greatly from community to community. This is due to many factors, including proximity to water (necessitating added flood insurance), as well as wind zone information. Condos located on the Bay will generally have higher insurance (and hence higher fees) than an inland condo.

Another option for folks are single family homes in maintenance free communities, where the landscaping/lawn issues, as well as other aspects like painting, roofs, etc, may be covered by the association fee.

The fees involved with buying a condo or maintenance free home need not seem prohibitive- often, when one considers retaining a pool service, a lawn service, and obtaining their own insurance, they see that the fees are actually a good bargain and make life alot easier for the homeowner. A Sarasota buyer agent is uniquely qualified to help you find a property with the level of amenities that make sense for your situation.