Fort Lauderdale Condos | Whats does monthly maintenance fees cover?
As part of buying a Fort Lauderdale Condo, the monthly maintenance fees are a big part in the decision. Monthly condo fees are always questioned and what is included in the fees. Dale Palmer Group would like to break down the Fort Lauderdale Condo fees as much as possible for prospective buyers.
Most Fort Lauderdale condos cover the following items as part of their maintenance fees:
- Insurance (Liability, Windstorm (for Hurricanes) and Flood if required)
- Water, Sewer & Trash
- Pool Maintenance (if there is a pool)
- Lawn
- Common areas (Laundry Rooms, Club houses, Theatre Rooms, etc… )
- Elevators
Optional items that are included in some buildings (this is not a full list, just some of the more common ones):
- Cable TV
- Wireless Internet in common areas
- Reserves (To pay for replacement of major items like roof, painting of building, seawalls, etc.. )
Reserves are special accounts that are setup and built up over time. - Electric for AC (A few of the older buildings include the electric for the AC units in the condos)
- Valet Parking
The largest percentage of the maintenance fees are usually insurance. The insurance covers the building only for liability, windstorm (hurricane insurance) and flood insurance if the building is in a flood zone. The condo owner would only need contents insurance to cover their personal items along with the items within the four walls including drywall, kitchen, baths, flooring, etc… Condo owners also have the option to purchase separate liability policy to cover again injury to guests and neighboring units.
Reserves – Although not required, It is very important that condo buildings have reserves these days. Lenders are getting very strict about buildings that do not have adequate reserves and sometimes deny a loan on a property because the building does not comply. Again, reserves are accounts that are setup for larger maintenance items that need to be ether replaced or maintained every so many years. Examples are: roofs, pool resurfacing, elevator replacement, balconies, painting of the building, etc. A portion of the monthly maintenance is added to these separate accounts for each and built up over time so these items can be paid for in full and no special assessments are required.
Please allow one of our Dale Palmer Group agents to help you in your search for real estate.
Call 954-895-8999 or contact us today.