I am often asked by curious folk why the monthly HOA (home owners association) or POA (property owners assocation) fees are so high for oceanfront condos in Myrtle Beach.
The average monthly HOA for a direct ocean front one bedroom condo is $525. Two bedrooms average around $800 and 3 bedrooms usually are over $1,000 per month.
Yikes you say.
Consider this: In MOST cases, the building insurance payment is included in that monthly HOA. In fact, the insurance payment amount can be 1/3 to 1/2 of that monthly HOA fee.
So be aware. If you see a property listed for sale on the ocean front and the monthly HOA fee is substancially less, it could very likely be that the building insurance is assessed separately. Depending on the size and location of the condo, that separate fee can range from $1,800 to $4,000 every year.
Also generally included in that monthly fee are items such as interior electric, exterior building electric of common areas, water, cable, building maintenance, landscaping, pool maintenance, security, pest control, legal and accounting and homeowner management service.
It's easier to tell you what it doesn't usually include. Usually it doesn't include phones and contents insurance.
Also, the homeowner association is entirely independent of the rental manager and the monthly fee has nothing to do with the rental manager.
Don't you feel better now?
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