Owning Island Real Estate
When you start considering what type of island property would be the best fit for you there are several things to consider.
Condominium Ownership
Some people prefer the convenience that condominium ownership provides with the ability to “lock and leave” a unit with very little preparation. With condominium ownership the master insurance policy is maintained by the association. In the event of a disaster such as hurricane or fire, this policy would typically repair or replace any damage to the unit from the sheet rock out. The condominium owner would then carry an additional contents policy to replace any furniture and interior finishes including flooring, cabinets, paint, etc. Another plus that has made condominium ownership popular with some absentee owners is the fact that the association management will handle the maintenance of common areas including lawn care, pool service, and recreation facilities when applicable. With condominium ownership many of the services that a homeowner would pay for individually are shared by the association and are covered by the condominium association’s monthly dues. For a typical association the condominium dues cover water, sewer, trash, pest control interior / exterior, lawn service, pool care, and management fees. Some associations’ fees also cover cable television while other associations offer cable t.v. for an additional fee but at a discounted rate negotiated by the association. Usually it would be the owner’s responsibility to pay for electricity, phone/internet service, repairs and maintenance to the interior of the unit. Associations may elect to save a portion of the association fee in a reserve account to offset the cost of maintenance projects. This avoids the need for unexpected assessments to owners to cover the cost of routine maintenance to the property and the exterior of the buildings. Before purchasing a condominium unit it is advisable to ask to review a copy of the association’s budget and minutes from the last annual meeting. These will help you to assess the financial health of the association and also determine if there are any improvements to the grounds that have been discussed and may need to be funded in the future.
Home Ownership
For some people ownership of a private single family home makes more sense. With a private home you often get “more bang for the buck” in terms of size for the money. In effect you are trading proximity to the beach and/or Gulf views for increased square footage. Homes can be a great alternative for large families or people with multiple or large pets. Because homes on Sanibel are governed by the laws of the city and their home owners association (where applicable), there can be fewer restrictions than with a condominium association. Homes on Captiva are not part of the city of Sanibel so they are under the jurisdiction of Lee County. One of the biggest differences between homes and condos is the ability to rent. Condos on Sanibel are typically weekly rental or longer with a few exceptions. In the case of condos, the rental restrictions are established by the condominium documents. With homes, however, Sanibel limits all rentals to periods of not less than one month. Therefore homes on Sanibel are rented by the month seasonally or on an annual basis. Homes on Captiva can be rented by the week because they are not part of the incorporated City of Sanibel.
The costs associated with ownership of a home on Sanibel may include (where applicable): lawn maintenance, pool care, home watch service, pest control, electricity, water, sewer, phone, cable, insurance (wind storm, flood, hazard), and association fees. The association fees for a home tend to be significantly lower than those for a condo because home owners are individually responsible for many of the expenses that condominium owners pay collectively. For a typical home, lawn care can run $155 - $250 and pool care can cost approximately $85 - $150. For absentee owners who wish to employ the use of a home watch service, the cost of these can vary widely depending on the scope of the work required.
Our family has a long list of service people that we have used personally or our clients have recommended to us over the years. If you have any concerns about which service providers are the most reliable, we would be happy to recommend a few names of licensed professionals.
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