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Wednesday, December 08, 2010

Home Buyer Tip: Consider the Association Dues

In Brevard County, Florida house and condo prices are very attractive.  While the listing prices do look very good buyers need to keep in mind is the “hidden” costs – association dues.   As a general rule condo dues will be higher than homeowner association dues.

Actually association dues are not hidden as the sellers are required to disclose them and any other assessments before selling.  Still that list price in the MLS system or the newspaper (do people still read newspapers?) does not tell the entire story.

For example the Sunset Bay condos in Merritt Island are really attractively priced right now.  You are looking in the $20-$40,000 ball park for one or two bedroom condos. Nice for a gated community on the Indian River with pool, exercise room and other amenities.  But the association dues are about $400 a month. 

The Greens at Viera East offer some nicely priced condos as well in the $50-$60,000 price range.  But the association dues are in the $150-$200 month range.  I say range because many listings have a different amount displayed. Again, the seller disclosure will tell the story.

One other example is the Ventura at Turtle Creek condo community.  This newer gated condo complex offers excellent amenities, newer concrete construction at excellent prices in the $110-$130,000 range.  Association dues in the Ventura at Turtle Creek look to be in the $300 a month range although one listing showed $400.  Again, the seller disclosure and condo docs will tell the story.

One other note about condo buying…study the association docs and financial statements. How many unit owners are delinquent in their dues?  What about reserves?  Is there a ceiling on how high the dues may go?

I am not an attorney or CPA and recommend buyer perform due diligence when considering the purchase in any condo complex.

If you are considering relocating to Brevard County, Florida, give me a call at 321-693-3850 or email me if I can assist you in any way.


***Dues referenced here are general estimates. Consult seller disclosures for verifiable dues.

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