![]() Like any other homeowners, types of insurance coverage, amount in savings/reserves, and condition of the property vary greatly. It is very important to remember that each condo association has different covenants and restrictions. Remember, you are solely responsible for the interior of your unit! The condo regime takes care of all the irritations outside the four walls of your unit. The major upside to purchasing a condo or villa is the lack of attention required by the unit owner. This cost is passed on directly to owners, based on your unit size and location. The insurance assessment (if there is one) may vary from year to year. Important Note: Some condos will charge insurance assessments on a quarterly or annual basis to cover any increase/difference in the insurance costs without adjusting the monthly regime fee. When it comes time to replace the roof or resurface the tennis courts, it may cost the condo owners little or nothing to have it done.the money is oftentimes already there! These are the same expenses homeowners have to pay out of pocket should they live in a single family home or true townhome. However, think of the regime fee as factoring in all the costs associated with owning the complex and splitting the cost (based on unit size) between all the owners. The initial reaction to a regime fee payment is often “Wow, that’s a lot of money every month!” You may think regime fees costly since this will become an additional expense that must be paid. Most condos share walls - side by side (if you are not in an end unit) and up and down.This means that condo ownership is only applicable to the inside space of your condo and you share ownership of common areas such as hallways, green spaces, the fitness center (if there is one), and the parking area with the other condo owners. Why is a regime fee charged only in true condominiums? Because, condominiums - unlike townhomes and SFRs (Single Family Residences) - don't have a stand-alone identity as a structure. The majority of regime fees also include interior and exterior pest control, as well as garbage pickup. It often includes exterior insurance, structural maintenance, and upkeep of the common area grounds including any amenities (pool, tennis courts, etc) owned by the condo complex. ![]() What is a Regime Fee? Regime Fees are typically payable on a monthly basis. Although HOA and condo association fees are the more widely used terms throughout the states, use of the term “regime fee” is common in southern states, particularly South Carolina. Regime fees are condominium association costs charged on a monthly basis to the owners of condos. ![]() This article is meant for general education only. Searching for real estate in South Carolina - particularly in the Hilton Head Island area? Below is an explanation of what a Regime Fee is, as well as POA fees and the difference between them. We just like the word villa more in the South! What's the difference? For the purposes of this article, the word “condo” also means “villa” when referring to Hilton Head Island/Lowcountry real estate.
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