Florida Property Q & A - Trulia Voices Question 4

Below is a question raised by a prospective buyer, owner or seller of Florida property and the advice we were able to give:

Question:
Hello, can anyone give me a rough approximation of monthly running costs for a 3 bed pool home? It is approximately 1,500 sq ft, no really high ceilings. We will be using a Management Company (not decided which one yet), but am more interested in estimated utilities, average annual maintenance etc. Our home will be used for short term rentals as well as personal vacations. We are looking to go to contract in the next week, so prompt answers would really, really help! Many thanks
Answer:
It all depends what you classify as "running costs", but even so, you are wise to pay careful attention to this aspect of buying, to make sure no costs have been "forgotten" by over-enthusiastic sales people!

Based on my property management experience, I'm happy to give you an estimate, but please understand that costs can vary widely. With that caveat, I'd expect it to be around $1000 to $1100 per month . . . . that covers all expenses including property management fees, property taxes and insurance but it doesn't include:
1. Maintenance - age of house and state of repair make this impossible to quote accurately.
2. Home owners association fees - the lowest I know of is $30 per month and the highest more that $1000.
3. Cleaning costs - varies with number of rentals.
4. Monthly loan payments.
Hope that helps and good luck with your purchase.

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