Regime Fees Explained to Hilton Head Condo Buyers!
While navigating the Hilton Head Island real estate market, you may encounter something known as a regime fee. But what exactly is that?
These types of fees are usually collected monthly and include exterior insurance, structural maintenance, and upkeep of the common areas. This includes such on-site amenities as poosl, tennis courts, and other assets owned by the condo complex.
Most of these fees also include interior and exterior pest control as well as garbage pick-up.
Typically these fees are managed by an outside management company that the Board has hired.
So Why Are These Fees Only Connected With True Condominiums?
Because, condominiums - unlike townhomes and single family residences - don't have a unique identity as a structure.
After all, these units share walls both side by side and up and down. Thus, condo ownership is limited to the space that is inside of your condo. Meanwhile, you share ownership of all of the common areas, even down to the hallways and green spaces.
Should I Be Concerned at What These Fees Are?
Often, regime fees concern people because they may seem expensive. But if you look at all of the fees associated with owning a complex and splitting that cost between owners, it might not seem as expensive.
After all, these are the same expenses that you would have to pay out of pocket if yo lived in a single family home or a true town home.
And because of these fees, when something does need repaired or resurfaced, you as the condo owner will not likely have to pay much of anything (if anything at all), because the money will already be there.
A Couple More Important Notes
Some villa complexes are fee simple, which means no maintenance of the building, just like a single-family home. So make sure to ask specific questions to know what your complex does.
Also, remember that you and only you are responsible for the maintenance of the interior of your unit!
Get Help Navigating the Hilton Head Real Estate Market
Please note that this is all general information about regime fees. Each condo association has different covenants and restrictions and so it's important to work with an experienced Hilton Head real estate expert who is going to be able to decipher for you what you can expect from a community.