Somehow my posts about The Plaza Resort & Spa got some people confused. I am getting quite a number of requests regarding Plaza Resort, and here are many questions and concerns regarding the Association Fee, Maintenance, Taxes & Insurance.
Q. What is the monthly Maintenance (Association) Fee?
A. Maintenance Fee is $528.50 a month. There are condo-hotels in Daytona Beach area with nearly half of that maintenance, and where your rental income is not enough to cover maintenance fee and taxes.
Q. Does it mean that Plaza Resort & Spa with their higher maintenance would cost you money to pay towards maintenance and taxes.
A. No, it does not. Oceanfront and oceanview units are in the black (mortgage is not taken into consideration)
Q. What are the property taxes?
A. Can't give you the exact amount. The Buyer's taxes will not be the same that the Seller's taxes. There are several factors affecting the taxes, and purchase price is one of the most important. Just to get the idea, use 2.1%-2.3% of value.
Q. Will taxes for the buyer be higher that what the Seller was paying?
A. Today it most probably is the opposite. The Sellers paid much more for the units. If you buy for significantly lower, you tax should reflect the loss of value.
Q. Do Canadians have to pay higher tax?
A.Property tax will be the same for US citizens and for Canadians (and for everybody else). But Canadians will have to pay 10% to IRS when they sell the property (FIRPTA Withholding)
Q. Do we need to have the insurance?
A. The insurance on the Building is part of your Association Fee. However, if the unit is on rental program, you have to have liability insurance for inside the unit. The way it is done in Plaza Resort & Spa is that they take care of insuring the units for the owners at $16.41 a month.
If I have not answered all questions, please call or e-mail and I will either write another blog, or simply send you the answer by e-mail.
If you think you are ready to leap from the theory to getting a unit in Plaza Resort & Spa in Daytona Beach at just fraction of a fraction of the original price, call me at 386-405-4408.
Check my mini series of short blogs about condo-hotels.
Check my other blogs about the Plaza Resort & Spa:
Plaza Resort & Spa in Daytona Beach. Premiere Condo-Hotel in Times of Crisis
Will Phoenix Rise From Ashes? Tough Luck For Developers of Plaza Resort & Spa In Daytona Beach
Plaza Resort & Spa in Daytona Beach... 4th of July Weekend
Plaza Resort & Spa in Daytona Beach. Maintenance, Taxes & Insurance...
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