FEES & TAXES
WHAT ARE THEY? AND WHY DO THEY MATTER?
Regime fees are condominium association costs typically charged on a monthly basis to the owners of condos. 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.
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 any amenities owned by the condo complex (for example, the courtyards at Bee, the exercise facility, and the meeting room) , interior and exterior pest control for the common areas, as well as garbage pickup.
What may seem like a lot of money every month, remember that these fees are factoring in all the costs associated with owning the complex and splitting the cost (based on unit size) between all the owners. These are usually the same expenses homeowners pay out of pocket. 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 at Bee Street are based on the square footage of each condo as are many of the condos in Charleston. Regime fees at The Bristol are the same for all condos because of the vast common space in the expansive building for only 54 condos. Be sure to ask how the fees are determined.
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.
PROPERTY TAXES ARE BASED ON THE
PURCHASE PRICE OF THE HOME or CONDO.
The assessable base of the home will rise to the sales price on closing so your property taxes will be based on that new value, but homes are reassessed about every 5 years in the Charleston area and can go up or down depending on the market. Properties are usually assessed at a lower value than the homes' appraised values, so it is likely your property taxes may go down in the future.