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Ruth, Home Buyer in Cypress Trace, Safety...

WHAT ARE MAINT FEES (HOA FEES )?

Asked by Ruth, Cypress Trace, Safety Harbor, FL Mon Aug 13, 2012

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Hi, Ruth. I see that you were asking spcifically about Cypress Trace in Safety Harbor. As the other agents have said, the fees vary depending primarily based on the size of the unit and what amenities/services are included in the monthly fee. I currently have a very nice 2/2 condo for sale in Cypress Trace and the monthly maintenance fee is $380.00.

Please call me if you would like more information or would like to see any of the condos currently for sale at Cypress Trace.

Sincerely,
Rachel Friesema
Prudential Tropical Realty
727-481-4757
rfriesema@verizon.net
0 votes Thank Flag Link Wed Aug 28, 2013
Ruth,
Here in the Safety Harbor, Clearwater and Palm Harbor areas of Florida, these fees and what they cover can vary greatly. What is provided to the homeowner through these fees also varies significantly.

For instance, with condo type ownership, a gulf, inter coastal or bay front, maintenance fees typically exceed $350+ monthly due to the high cost of maintaining waterfront buildings. Inland properties can be as low at $150 monthly. The amenities such as pool, fitness center, office and meeting facilities all add to the maintenance costs.

A secondary consideration that MUST be explored is the level to which the reserves are funded. Some associations have adopted a "Pay as we go' model and this results in an assessment of the owners for any maintenance that is required.

More common are those associations who have a scheduled maintenance and replacement schedule and is adequately funded through the monthly maintenance fees. This may include scheduled replacement of roofs, exterior painting and paving of the lots.

There are hybrids that collect fees for scheduled maintenance and replacement regarding common areas including the pool and recreation center. However, the owner is responsible for the exterior and roof of their property.

You can not know the details of what is covered until you read the association documents. Sometimes, the owner does not truly know the facts.

Be prepared to pay or budget for the replacement and maintenance costs related to property ownership. Your real estate professional will be able to guide you with life expectancy data that you should find useful.

You may find it very beneficial to request my Florida Condo Buyers Guide that will provide the information needed to evaluate an associations reserves.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Mon Aug 13, 2012
one last comment, HOA fees usually always go up never down....something to think about..
0 votes Thank Flag Link Mon Aug 13, 2012
Depending on the property HOA fees may also include the building ext, roof, water, cable.

Some HOA fees are very small, $50.00 per year or as high as 600-700 a year.

Home Owners Association is a covenant placed on the deed by the contractor who developed the sub division your property. It makes you a member and subject to the by laws of a group of home owners in your sub division. They charge a fee to maintain things like flowers on the parking strips, a neighborhood swimming pool, or other amenities. The fees also go to pay for the cost of going to court to enforce the covenants on people who are contravening them.

Some associationso get to tell you what color your house can be painted, when to mow your lawn, what type of shrubs and flowers you can have, if you can park an RV on your lot, etc.

If you fail to pay the HOA fees, they place a lien against your house for the fees, and can wait until you sell the house to collect from the proceeds of the sale, or they can file a suit in equity and sell your house at sheriffs auction to collect the fees. Currently most HOA's are opting for the second option because of the chance the bank will foreclose.

It is important to know several things when it comes to HOA. The strength of the Association, whether they have escrow reserves, which could be included inthe HOA as well.Most important is also what the fee covers. If the fee covers a pool, spa, fitness center, tennis courts, water,sewer,bldg exxt, roof ground maint, roof, gate,cable, then it may be pretty high but it covers a lot., no water bill for you or o cable bill..

It depends on the Association . HOA means Home owners Association. Realtors are well versed in this area and can help you a great deal when purchasing a home with an HOA fee, whether its a condo,town house or single family in a community. Your personal Realtor will be the best one to help you ...Thank You
Maryann Spearman 72-709-2374 Century 21 Coast to Coast
0 votes Thank Flag Link Mon Aug 13, 2012
HOA (home owners association) have fees that cover the upkeep of common areas and usually the landscaping. Common areas include the pool and gym.
0 votes Thank Flag Link Mon Aug 13, 2012
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