FEES & RULES

Because of the large size of the building and the most common space seen for a condo building, the regime fee for The Bristol is the same for all size condos. This year and for the past several years the fee has been $860 per month. Once a year the homeowners bid out the insurances (wind & hail, flood, liability for board and building) and this fee comes due in March. In 2020 the fee was $1587 - obviously, this is an amount that changes year to year, but it has never exceeded $2000 for the year since the building was built. 

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REGIME FEES - WHAT ARE THEY? AND WHY DO THEY MATTER?

 

'Regime fees' is a common term in southern states, and more specifically here in South Carolina, but they are the same thing as the terms "HOA" and "condo association fees" which are more widely used elsewhere.Condominium association fees are typically charged on a monthly basis to the owners of condos to reflect a combination of two costs: the Reserve Fee & Budget Items.

This regime fees often includes building liability insurance, board insurance, flood insurance, wind & hail insurance, but in the case of The Bristol, these fees are not included in the Regime, but just due once a year when they are payable. 2020 = $1587 due in March. This will be prorated at closing as you only pay for what you use.

The Building Supervisor salary, the property management fees, contracts for gardening, garage cleaning, and maid service for the common areas are probably the biggest chunk of the Regime Fee. This includes upkeep of the common areas inside and out, maintenance of amenities owned by the condo complex (for example, the pool, the exercise facility, and the meeting rooms), interior and exterior pest control for the common areas, as well as garbage pickup. Basic cable is provided for the homeowners through Comcast and there is wi-fi in the Bristol Entertainment Room and pool area. Your water bill is included in the regime. 

This may seem like a lot of money every month, but remember that these fees are factoring in all the costs associated with owning the complex and splitting the cost among all the owners. These expenses are usually what homeowners pay out of pocket. When it comes time to replace the roof in a building, it may cost the condo owners little or nothing to have it done as the money is probably already in the Reserve to do that. The Reserve is part of this monthly regime fee!  Regime fees at The Bristol are the same throughout the building due to the large amount of common space being maintained.  In 2020, this cost is $860 per month with $260 set aside keeping the Reserve which is 100% fully funded for future planned upgrades or replacements. There is a Reserve study done every year or two to make sure that this list of items is up to date. This is a huge building but only 54 condos, so quite exclusive.

A lock & leave property is a major plus for owning a condo. There is a property manager on site to handle most issues that might occur.

CHARLESTON PROPERTY TAXES ARE BASED ON YOUR SALE PRICE OF THE HOME

The base price of the assessment of the home will rise to the sales price at the closing, so your property taxes will be based on that new assessed value. 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 provided there is not a huge change in the market one way or the other.

IS THERE FLOODING IN THE BUILDING?  This is a question that is asked a lot. Clear and simple, no. Because there is an abundance of parking on two levels under the building, all cars are moved to the higher level for storms, but experience indicates that it has not really been necessary. This does not mean that the parking levels do not get wet from high winds and rain entering from the open sides of the parking ramps, but flooding from the high tides has not been an issue to date. This means that there are no elevator repairs after a storm or problems with the garage storage. It is also good to note that it is still quite easy to find an unflooded path/street to the airport if needed.

Classic Charleston Properties /843.478.6287  / m@classiccharlestonhomes.com / © 2020 by mCharleston

FOR THE BUILDING SUPERVISOR CALL 843.200.4518

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