FEES & RULES
CHARLESTON PROPERTY TAXES ARE BASED ON YOUR SALE PRICE OF THE HOME
The assessable base 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.
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. 2019 = $1753 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 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 The Bristol are the same throughout the building due to the large amount of common space being maintained. In 2019, this cost is $860 per month with $260 set aside keeping the Reserve 100% fully funded. This is a huge building but only 54 condos, so quite exclusive.
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.