John, Home Buyer in Colorado

What are the maintenance fees ? Do you have to purchase flood insurance ? Thanks, Jjohn

Asked by John, Colorado Tue Feb 3, 2009

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John, Thanks for writing. The monthly maintenance fee of $193.00 per month will include insurance for the building. Flood Insurance is required and will be included in the building's policy. You will want to get a policy as well to cover the interior of the unit you purchase. I have a great contact who is aware of the new insurance rules that became effective January 1, 2009, and she would be able to advise you thoroughly regarding new requirements for condo owners. I see that an agent did mention that there may be upcoming assessments at Ocean Sands. As I have the property listed, I'd be able to tell you about the assessments and any other information you'll need to know to make a great decision regarding a purchase in Ocean Sands. Please call me at 727-510-3054 or email me directly at for more information. Thanks!
0 votes Thank Flag Link Wed Feb 4, 2009
John, if you are on the water or even near the water, rule of thumb is "flood insurance is required" nearly all of the condos already have flood insurance and it is included in the maintenance fee. What you have to take care of is home woners insurance, it ususally runs between $250 and $350 per year (depending on the coverage)
When you sumit an offer, make sure you get a set of codo docs and READ the budget. this will tell you a lot about their financial situation
Have a beautiful day
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0 votes Thank Flag Link Wed Feb 4, 2009
FYI: Be aware of the assessments when purchasing a condo.If I am correct "Ocean Sands" has some coming up.Have your realtor check out the last minutes of the association meeting,budget information ,and Q&A sheet.
Feel free to contact me if you do not have realtor yet.I would be happy to assist....I am pretty familiar with almost all the Condo buildings up and down the beach.
Thank you,
Merle Huber
Keller Williams Realty
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0 votes Thank Flag Link Tue Feb 3, 2009
I have attached the listing from the mls for you to review. The monthly maintenance is 193. The flood insurance is usually covered by the monthly maintenance - you will be required to carry interior insurance especially if you do short term rentals. Many of the condominiums are requiring condominium insurance by the individual owners. This is usually about 300-600 a year depending on what interior contents you are carrying. Please contact me if you need any further information and please see the listing attached with pictures.
0 votes Thank Flag Link Tue Feb 3, 2009
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