Condo Fees: What Are You Paying For?

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Today we're going to further explain what goes into condo fees. We know as well as anyone that these fees can get expensive, so we think its important to take the time and explain why.

What most people don’t realize about condo fees in this area, is that a part of the cost covers the insurance for the exterior of the building. This often includes wind and flood coverage, which is important given the island’s varying weather conditions.

Some complexes may choose to charge a little more each year or each quarter, and put that money towards a reserve. Or, the association may issue a special assessment during the year, and put this money into the reserves fund for a specific maintenance project.

We know it can be a little overwhelming when you hear about the complexes and how they vary in costs and coverage. Don’t worry, buyers in Florida have three days to review all condo documents, and if you find something that you're not happy with, you can pull out of the contract and get your deposit back.

We hope this information helped in understanding what goes into condo fees. If you have any questions about a specific condo complex on the island, please don't hesitate to contact us.