What Expenses Come With a Condo

There are often frequently asked questions concerning the expenses that come with Santa Rosa Beach condominiums. These expenses include Association Dues, Gas, Water, Insurance, Electricity, Taxes, and Internet/Phone. The following is a breakdown of expenses that are typical for a secondary residence along 30a.

Condominium association dues

Association fees vary by condominium but normally include water, sewage, basic cable, insurance for the exterior of the building and common areas, upkeep and maintenance of the condominium and common areas, management, trash pickup, and reserves. Some condominiums provide high-speed internet and/or phone services for homeowners. For most condominiums, the association holds responsibility for the exterior of the building unit while the homeowner is responsible for the interior of their property.

Insurance

The association has a master insurance policy for the building and common areas. However, the condominium owner is responsible for purchasing insurance for the interior of their unit. Condominium insurance for the interior of the unit is commonly referred to as an H06 policy by insurance carriers.

H06 Condominium Insurance

The cost for an H06 policy for one year ranges from $800 to $3,000. The price of the policy depends upon the age, exterior construction and the interior finishes of the condominium. People who wish to purchase a condominium can check with sellers for a better idea of the cost of the current insurance premium, or can contact a local insurance carrier for more information.

I currently have two recommendations for H06 condominium insurance providers listed below.

Insurance Pricing Examples

Adagio

This condo is a lowrise (3 to 4 stories high) with concrete walls. It is a 3 bedroom with 1792 square feet. You would get an H06 policy that will run about $1,850 per year.

Watercolor Condo 28

This condo is 2 stories and made up of 4 condos per building. It is a 2 bedroom with 1300 square feet. The construction is frame (wood). You would get an H06 policy that would run about $1,800 per year.

Villas at Seacrest Beach

This complex is 4 stories and made up of 8 condos per building. It is a 4 bedroom with 1,876 square feet. The construction is Masonry (Brick & Block). You would get an H06 policy that would run about $2,200 per year.

WaterColor Beachside Condo

This condo is a low-rise (4 stories high) with masonry construction (brick & block). It is a 4 bedroom with 3,606 square feet. You would get an H06 policy that will run about $3,000 per year.

H06 Condominium Insurance providers

Brown Insurance

Haley Breitenbach at Brown Insurance is a great contact for H06 insurance policies.
1418 W. 23rd St. Suite 200,
Panama City, FL 32405
Work: (850)215-5350

Coastal Insurance

Coastal Insurance in Santa Rosa Beach is also a great place to get an HO6 insurance policy. Be sure to talk to Kim Shahid.
M: 850-837-4653

Electricity

Most homeowners are responsible for the electricity used in their condominium. Many condominium units have shared walls that insulate them, although the end units are not as well insulated. This typically results in units with shared walls having less expensive electric bills compared to end units. Because the floor plans vary widely in terms of square footage, the electric cost can also vary widely. End units will usually have higher electricity bills because they receive more sunlight and don't share additional walls with other units.

However, if you are looking for an exact estimate you can call the electric company and ask for the average electricity bill for a specific property. Your electricity will be provided by Chelco Power & Gulf Power.

For more information, please call the following numbers.

Chelco Power: 850-892-2111. Gulf Power: 800-225-5797.

Here are some examples of condominium electricity bills for 2014.

WaterColor Condo 28

This is a 2br condo that is frame construction (wood) and 1,300 sqft. This condo has an annual bill of $1,800 that brings me to an avg bill of $150 per month. This is an end unit.

High Pointe Resort Condo

This is a 2br condo that is superior construction (concrete). It has 1,190 sqft. It had an annual bill of $1,800 that brings me to an avg bill of $150 per month. Not an end unit.

Adagio

This example is a 3br condo with concrete walls. It has 1,792 sqft. This condo has an annual bill of $2,100 that brings me to an avg bill of $175 per month. Not an end unit.

A separate example is a 4br condo with concrete walls. It has 2,220 sqft. This condo has an annual bill of $3,048 that brings me to an avg bill of $254 per month. Not an end unit.

WaterColor Beachside

This is a 4br condo with masonry construction (brick & block). It has 3,606 sqft. This condo has an annual bill of $3,480 that brings me to an avg bill of $290 per month. Not an end unit.
Because of the diversity of types of condos in the 30a area electric bills can vary widely.

Property Taxes

Property taxes are roughly 1% of the value of a given property. For example, if a property is worth $600k, one should expect a bill that year from the County's Property Appraiser for a sum of $6k. You can also look up the taxes paid the prior year at the Walton County Property appraiser's website.

Cable, High Speed Internet & Phone

Mediacom is the main provider for internet, cable and phone. Since most condominium associations pay for these services, the only other paid service for new homeowners to consider purchasing is WiFi. This generally costs $10 to $15 per month.

For more information please call Mediacom: 800-239-8411

Disclaimer

All of the expense estimates quoted above are rough estimates, although they are usually accurate. However, it should be noted that this is only a guide. I cannot be held liable for any bills or services that ultimately cost more than the rates mentioned in this guide. If you require an estimate for a prospective property you're interested in purchasing, it's recommended you request a comprehensive list of the prior year's expenses from the appropriate seller.