Is it cheaper to own a waterfront condo than a single famliy home on the water in St Petersburg Tampabay?

Pin It

Is it cheaper to own a waterfront condo than a single famliy home on the water in Treasure Island, St. Petersburg Tampabay?

 

Own a condo verses a single family home in Treasure Island, Saint Petersburg Tampabay

There are a lot of things to be said about the difference between buying a condo or a home but for now we will just focus on the monthly cost of homeownership here in St. Pete.

A 2 bedroom 2 bath waterfront condo around 1000 square feet usually comes with a condo maintenance of fee of $350 to $550. (Yes, we also have huge luxury waterfront condos that have a maintenance fee of $700 or $1000 per month.) Each condo association in Treasure Island, St. Petersburg is different.

 

The numbers below are for a single family home here in St. Petersburg. When you compare this to a condo fee of $400 or $500 you will see that the monthly condo association fees aren’t so bad after all.

 

Don’t forget, you also have to pay taxes.

In my example the home value on both properties is $500,000 and they have the same property taxes.

Expenses for a single family home in Treasure Island, Saint Pete.

 

Electricity                                                                                         average of $250 per month

Water                                                                                               average of $100 per month

Lawn service                                                                                    average of $100 per month

Inside pest control                                                                             average of $50 per month

Outside pest and weed control                                                           average of $100 per month

Pool service                                                                                     average of $70 per month

Sewer                                                                                             average of $30 per month

Trash                                                                                                 average of $ 40 per month

Basic Cable & internet                                                                     average of $80 per month

Replacing sprinkler heads                                                                 average of $40 per month

Insurance                                                                                        average of $250 per month

Painting outside every 5 years                                                          average of $70 per month

Resurface your driveway & pool every 10 years                               average of $50 per month

 

With the above mentioned expense you are looking at $1200 per month for a single family home here in Treasure Island, St. Petersburg Tampabay.

 

Most or nearly all of these services are included in your monthly condo association maintenance fees.

 

Now, compare this to a condo fee of $500 or $600 per month.

Please keep in mind every condo and every single family home that you buy will be a little different but I believe this will help you understand where the money goes.

 

If you have more real estate questions for St. Petersburg Tampabay check out our local real estate website

Leave a reply