What Would I Pay If I Buy A Condo in Daytona Beach Shores or in Ponce Inlet?
Simple answer: Maintenance (Association) Fee, Unit Owner Insurance, and Property Tax.
Maintenance fee does not depend on whether you are renting the unit out or not. It usually covers everything outside of the unit (upkeep of the grounds, common electric, elevators, pool, security systems, basic cable) and it includes water, so you pay separately your electric, telephone, and cable if you add some extra programming. For a modest 2 bdr/2 baths condo expect it to be in mid $300 to $400+ a month.
Insurance for the condo unit was not mandatory until just recently. Now you have to buy one, or the association will buy it and bill you for it. Because the major part is taken care by the association and the only goal is to protect the interior and content of theunit itself, it is not really too expensive. you can find a policy starting form under $200 to several humdred dollars a year. Read more here: Buying Condos In Daytona Beach Shores or in Ponce Inlet. Insurance
Property taxes in Florida are not included in the Maintenance Fee. Property tax is about 2%-2.2% of the value, but this is not the exact number, which will be calculated by the County Property Appraiser.
If you live in this unit 6 months plus one day, this is your primary residence, and you can get Homestead exemption, which will significnatly reduce your taxes and, what is even more important, lock the increase in taxes to no more than 3% a year. When the market heats up, the values go up double digits, so this becomes extremely important.
In some of the condo buildings in Daytona Beach Shores the manager would do rentals for the owners, but even if they offer that, you are not obligated to use them and you can use anyone, any agent, or do it yourself.
If you enter a rental management agreement, it will spell out the details how they operate, and what they charge. It usually depends on whether it is short term or long term rental. If you have questions about rentals, Vadim in our office can be a better source of information, as he is handling rentals of couple of dozen of condos, and knows it better than me. His phone #386-405-2156. E-mail: zolavadim@msn.com .
So, does it make sense to buy a condo in Daytona Beach Shores or in Ponce Inletnow? You bet. It makes sense not because of the maintenance fee, which is pretty much the same in buyers' and Sellers' market, but because of the price, a very low price of the units today. For more information on buying condos on the beachside, call me at 386-405-4408.
Here are a few links to a more recent information about Ponce Inlet: http://activerain.com/blogsview/1234881/evening-in-ponce-inlet-fl
Here's another very recent one: http://activerain.com/blogsview/1228638/early-september-sunday-on-the-beach-in-ponce-inlet-fl
And here is one from August: http://activerain.com/blogsview/1219029/magic-of-the-atlantic-sunday-in-ponce-inlet-
Comments(11)