Aug. 14, 2017
CONDO REGIME FEES - WHAT’S THIS?
IS IT IMPORTANT?
Regime fees are condominium association costs typically charged on a monthly basis to the owners of condos that cover budgeted items. Although the terms "HOA" and "condo association fees" are more widely used, “regime fee” is a common term in southern states, and more specifically here in South Carolina. Every condo property will have a regime fee.
This regime fee often includes building insurance, board insurance, flood insurance, wind & hail insurance, structural maintenance, and upkeep of the common areas inside and out including caring for any amenities owned by the condo complex, interior and exterior pest control for the common areas, as well as garbage pickup. Water and cable are often included, and on occasion gas.
Yikes - this may seem like a large monthly expense, but remember that these fees are factoring in all the costs associated with owning the complex and splitting the cost (usually based on unit size) between all the owners. Actually as a homeowner you probably pay this and more but just don’t see it coming out of your pocket monthly. When it comes time to replace the roof, it may cost the condo owners little or nothing to have it done...the money is oftentimes already there in the Reserve which is also part of this monthly regime fee! Regime fees may be based on the square footage of each condo or a flat fee. They may include the insurances or not - be sure to ask.
The major upside to purchasing a condo is the easy lock & leave nature of the property along with little attention required by the condo homeowner. We love well-managed condos.