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Old 05-26-2007, 01:11 PM
lee lee started this thread
 
91 posts, read 383,623 times
Reputation: 63

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HI Guys,
My wife and I currently live in England but intend to move to the Naples area when our green cards come through in about 2 years.

Originally we had intended buying a single family home but I am amazed at the cost of home insurance in SW Florida so I was just wondering, would we be better off buying an apartment or townhouse where your home insurance is included in your HOA?

We will be looking to buy a 3 bed 2 bath property and I wondered if anyone could give us an idea what the avarage HOA fees would be.

I know this would just be a ballpark figure as I asume that location and facilities play a large part in the overall cost but any advice would be grately apreciated.

Many Thanks

Lee
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Old 05-26-2007, 10:23 PM
 
17,290 posts, read 29,281,475 times
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It really depends on the particular development how much your HOA will cost!

TYPICALLY, townhome HOAs will include "outside structural" insurance for the townhome block. You will then be responsible for "inside" insurance.....

I had a townhome in NW Florida and paid around $185/month for HOA (front yard maintenance, structural insurance, highspeed internet, pool, clubhouse, tennis court usage, etc. etc. etc.) and about $450/year for inside insurance.
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Old 05-26-2007, 10:42 PM
 
Location: So. Dak.
13,495 posts, read 37,317,556 times
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You may want to consider a townhouse over a house. Not sure if you're aware of it because I wasn't until recently~many communities with houses also have what I believe are called CDD fees. I also understand that they can be quite high in some areas.
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Old 05-26-2007, 11:15 PM
 
Location: Jax
8,200 posts, read 35,335,304 times
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Hi Lee,

Yes, neighborhood amenities will play a big role in your HOA fees.

You can find a nice new/newer neighborhood with few amenities and pay as little as $200, $300, $400 a year. Conversely, plunk the same house down in a neighborhood with many amenities and the HOA cost can easily triple, quadruple, etc.

The insurance issue can be a little different. Even if you were to save money on insurance by buying a condo instead of a single family home, there's nothing to stop the condo insurance from going up in price, being non-renewed, etc.

So......I would buy what you want. If you want a single family home, buy one, don't buy a condo just in hopes that the insurance or HOA issue might be easier, it can actually end up being more complicated.

At least with a single family home all the decisions are made by you alone, I think that's a real bonus.
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Old 05-27-2007, 09:09 AM
lee lee started this thread
 
91 posts, read 383,623 times
Reputation: 63
Thanks for the info guys.

Jammie can you confirm what CDD fees are as I dont seem to have come across them before.

We really love Florida especially the Naples area but I'm just a bit worried about the additional costs of home ownership.

Do you think we may be better off just putting our money in a high interest account and renting?

Once again thanks for all the help.

Lee
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Old 05-27-2007, 09:16 AM
 
Location: So. Dak.
13,495 posts, read 37,317,556 times
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Lee, I wish I knew what the market would do and then I could answer your last question. BUT IMHO renting would be the best option for now. The things I've been seeing with real estate show that it's slumping and will continue doing so. But renting or buying is actually a personal choice.

I'm hoping that someone who pays CDDs will come along, but this is what I know about them.

When an area is being built, they have to come up with $$ for roads, schools, etc. Then when homes are sold, the homeowners have CDD fees to pay. It's kind of a payback for the things in your community. I understand that some areas have low CDDs and some are extremely high. I really have no idea what areas have that and what areas don't, but it's something you'd want to be sure of before you'd buy a house.

Just wanted to add~I LOVE a British accent.
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Old 05-27-2007, 11:35 AM
 
Location: Jax
8,200 posts, read 35,335,304 times
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You've got it right Jammie.

Lee,

The easiest way to think about it is when you are looking into a neighborhood, will you be looking basically just for a nice house in a nice neighborhood or are you looking for a master-planned community which will have a community pool, clubhouse, maybe a golf course, etc.?

A new/newer home in a nice neighborhood in Florida will likely have the HOA fees, it's hard to avoid those. The HOA is only going to cover things like your entranceway landscaping, lake maintenance, maybe a little kids playground (a 'tot lot') and maybe a few other little things. These fees should be fairly cheap and it's a once a year fee (again, $200/yr; $300/yr...something along these lines).

A new/newer home in a master-planned community in Florida will likely have the HOA fees AND CDD fees. In a Master-planned community you'll have a community pool (high maintenance, liability, insurance), a clubhouse (staff), maybe it's a gated community (maintenance again, maybe staff too), some communities are large and there may be a school inside the grounds, a library......some of these communities are built to resemble little towns (whether they are sucessful or not at this is subjective).

So how does the bigger, amenity ladden community pay for all those extras? The HOA fees will cover some of it, but other parts, such as the schools and libraries are public enitities that cost money to build and run and may in time need additions/expansions/repairs. This is done through bonds and the bond money, at least in part, comes from the community through CDD fees.

So, while it can be very nice to have all the amenities, make sure you can use them, because you will be paying for them. In the bigger communities, those schools are public and children from outside the neighborhood go there are well, they also use the libraries, etc. - they are public.

There are exceptions, of course. One community I looked at had a pool and was gated and the HOA was only $80/month.......but the homes were in the high $400's (probably in the $500's now), so the developer was getting the money another way, and in all likelihood those HOA fees will go way up.

I prefer HOA only. It is cheaper, the cost is more easily controlled, and I know I won't make use of the amenities in a master-planned community. If I want a pool, I'll put one in my own backyard, I don't want to share one with hundreds of other people (call me a germaphobe, but I think it's kind of yucky).
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Old 05-27-2007, 02:55 PM
lee lee started this thread
 
91 posts, read 383,623 times
Reputation: 63
Thanks Jammie & Riveree you have both helped alot.

Buying and living in a property in the US is so much more complecated than the simple system we have in England its just something we are going to have to get used to.

Even though the Florida property market has it's expensive drawbacks I cant wait to join you guys in what we think is one of the greatest states in the US
(despite what a lot of Floridians say)

By the way Jammie I'm glad you like the English accent, I'm hoping to trade it in for a southern drawl when I come over what do you think?

Lee
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Old 07-12-2010, 06:23 PM
 
1 posts, read 9,553 times
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Hi Lee:

I am also from the UK and have been living in the US for many years. We currently live in S. Texas near S. Padre Island. However we are moving back to Florida to be near our son and family in Naples due to my husbands health. Was really shocked at the cost of HOA's in Fl. We live in a gated golf course community here w/24 hour security, pool and clubhouse and our HOA is $480 per YEAR. The ones I have researched in Naples range from around $200 - 800 Month depending on the facilities and the area. If you want a single family home go for it, because most of them also have HOA fees. Insurance is higher than in the UK but you will pay a lot less for your house here. Also beware of anything that looks too good to be true, because anything built between 2001 and 2007 can have chinese drywall.

Cheers
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Old 07-13-2010, 12:18 AM
r_k
 
Location: Planet Earth
836 posts, read 2,180,419 times
Reputation: 453
There are several reasons HOA fees can be high, both good and bad.

The good is that they can include essentials, like maintenance, insurance, and reserves. This last is some money set aside each month to cover future predictable costs such as painting the complex, replacing the roof etc. every few years.

The bad is they can reflect a high percentage of delinquent owners, i.e. owners who are not paying the HOA dues in time, and the others have to pay more as a result. This can be quite a problem in some large complexes, so best to check this aspect carefully.

On balance you're certainly better off renting for a while, not only to save money, but also to learn about the area, so you can make a wiser choice when the time is right.
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