Although Regime Fees sometimes scare people, having lived in both condos and single family homes, the cost is similar annually or in most cases, cheaper to live in a condo. People who have never experienced this kind of living are often shell-shocked by the monthly fees. Don't be, just consider it insurance for the future maintenance. Do beware if the Regime Fee seems too low. In Charleston, the Regime Fees include the Flood Insurance & Insurance for the Liability of the Building, so that cost will make the fees seem higher than other parts of the country, but flood insurance is needed for homes as well. As a condo owner, you will need to get HO6 insurance which insures your personal belongings along with any expensive upgrades that may not be covered through the condo insurance.
In the Tides, there are some perks that you may not see in all condos. The water and cable are covered by the HOA in addition to sewer and trash disposal. Your additional fees may include more channels or faster service fees. You will be responsible for your electric & gas bill which will be considerably less than living in a home because of the insulation factor of the building.
RULES & REGS for TIDES 1-2-3
RULES & REGS for TIDES IV
for a $900k CONDO
HO6 Insurance =
$400-600 this really depends on how many valuables you have and whether you have done significant upgrades to the property - your HOA insurance will cover a build-back to the original specs - this is an annual fee.
$3566 for a full-time owner ANNUALLY
REGIME FEE =
$945 based on 2000 sq. ft.
< $175 based on 2000 sq. ft. @ double occupancy per month
AVERAGE MONTHLY =
$1460 for this scenario - of course, food is not included, but this is reasonable when you think of what your utility bills alone cost in a single family home, not to mention the increase in homeowners insurance.
Here is more information on those costs listed that you can expect: