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.

Single-Family Homes or Condos?

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A lot of our buyers here in Sanibel & Captiva are stuck between choosing single-family homes and condos. This can sometimes be a tough decision for our buyers, and we're here today to explain the advantages and disadvantages of these types of properties.

Homes will provide you with a lot more space as they have yards, garages, and generally more square footage. As far as privacy goes, you will also have a little more space to yourself, and this can be very important when deciding between the two properties. Here in Sanibel we have ground level and elevated homes, but we'll be speaking about this in another video.

Condos usually provide fabulous views, they're usually on or near the beach, and many offer great amenities. 

Some important considerations you need to make in respect to the city of Sanibel is that there are rental restrictions in place which limit rental periods for homes and condos. Homes have to be rented for a minimum of 28 days, and condos have a minimum of seven day rentals. However, some condo associations place limits on how many times per year a property can be rented out.

Additionally, there are a few condo communities that have been grandfathered in to allowing one-day rentals to take place. This improves cash flow for these properties because they're easier to rent out, especially in the off season. 

Many people also assume condos are less expensive than homes, but this is not always the case because when you purchase a condo, the potential revenue from renting is often factored into the sale price. This makes them more expensive to purchase because the seller knows how much can be made off of rental charges. 

If you're still debating whether to buy a home or a condo, please don't hesitate to contact us. We would be happy to consult with you to reach a good decision.