Buying a condo in Hilton Head -- HOA and insurance fees (Beaufort: townhouse, transfer)
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Hi, we are moving from NJ to Hilton Head. We live in a house in NJ and are interested in moving into a condo, villa, or townhouse. Can someone tell us, approximately, what kind of fees we would be be looking at in terms of monthly/annual cost? Is the HOA fee a separate fee from flood insurance and/or condo insurance? I am just trying to get a handle on all these monthly fees and insurance costs for let's say a 400k condo/villa to see what I can afford. Just ballbark as to what I should be looking for/asking about, etc.
I know, aside from the fees, that the average cost of living on the island will vary according to what kind of life style you want to live, but for those who already live there, if you want to give me what you think is the average cost of living per month, that would be great info as well!
Location: livin' the good life on America's favorite island
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We are closing on a Villa This month in a prime location in Palmetto Dunes. Paying about $258/sf ~$500k. HOA $1800/yr
Regime $412/m
Flood/hazard thru Regime $197/m
HO6 condo insurance (walls in) $700/r
4% county tax resident, 6% non resident which I pay as I live in Charlotte. I’m paying around $4800/yr.
I figure all my fees, taxes, utilities cost about $19,000yr.
When you say that the flood/hazard is thru the regime, do you mean that the 197 is part of the 412, or is it on top of the 412? I will be a resident, so I guess I'll save a bit on the county tax. So, as far as taxes...you will be paying Fed, State, County, and property tax? Or, is the county tax part of the state tax? Thanks! 19 k seems reasonable for all taxes and your utilities. 500k is right about what I am looking for in the area. Walking distance to the beach????
Location: livin' the good life on America's favorite island
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Quote:
Originally Posted by hockeyp21
Great info, ZN
When you say that the flood/hazard is thru the regime, do you mean that the 197 is part of the 412, or is it on top of the 412? I will be a resident, so I guess I'll save a bit on the county tax. So, as far as taxes...you will be paying Fed, State, County, and property tax? Or, is the county tax part of the state tax? Thanks! 19 k seems reasonable for all taxes and your utilities. 500k is right about what I am looking for in the area. Walking distance to the beach????
The 197 is in addition to the 412. They separate the two but you pay Both to Regime. Beaufort county tax is property tax.
On the home purchase there is a 1/2% transfer fee (purchase price) paid to Palmetto Dunes and 1/4% transfer fee to HHI.
8 min walk to beach, stone’s throw to tennis courts and golf club.
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