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.