# Leasing a Condo - Costs in Addition to Advertised Price?



## Lambert2 (Jul 30, 2008)

Hi - we're 2 UK citizens with a long and happy history of sunny Florida vacations in winter. Now as we pass our 55th birthdays, and with such an awful English winter, we're looking into the possibility of splitting our future years and spending some winter months in Florida and summers in the UK. 

We both have tourist visas and do not intend or need to work in the USA and we will make sure we have adequate health insurance.

Buying a property is tempting. Currently there are some great bargains to be had. But we're curious about leasing too and this is an option we know very little about.

So we're looking or any guidance on the cost of a lease condo over and above the headline price in the ads. I'm not talking about a vacation rental but about a condo that we can furnish and decorate to our taste. 

If I see a headline price of say $2000 a month for a condo lease, what additional fees will I need to pay? Will GST be added on to the lease costs? Will I have to pay HOA or management fee in addition? I expect to have to pay utilities and cable costs. And are there any property taxes (maybe like UK local authority rates) that will need to be paid as well?

I'd appreciate any advice or sources of info on this.

Thanks.


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## Davis1 (Feb 20, 2009)

Condo buying is a no no in Florida ... at this time 
as they get abandoned with the current bad times ... the management fees get stuck to less and less owners ..until eventually the whole condo is empty 

For your time of visit its far cheaper just to rent on each visit ...
and you can change areas


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## Lambert2 (Jul 30, 2008)

Davis1 said:


> Condo buying is a no no in Florida ... at this time
> as they get abandoned with the current bad times ... the management fees get stuck to less and less owners ..until eventually the whole condo is empty


I hear you on that! My question though is about understanding the lease economics. Can you help there?


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## Davis1 (Feb 20, 2009)

Lambert2 said:


> I hear you on that! My question though is about understanding the lease economics. Can you help there?


I see no point in it ... especially for your use ...I would not recommend it 
for tourist ... with leases you have a serious legal aspect ..sign those and you can be stuck with something .. you would need a lawyer to check it very carefully first 
Florida is not called the scammers state for nothing


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## Lambert2 (Jul 30, 2008)

Davis1 said:


> I see no point in it ... especially for your use ...I would not recommend it
> for tourist ... with leases you have a serious legal aspect ..sign those and you can be stuck with something .. you would need a lawyer to check it very carefully first
> Florida is not called the scammers state for nothing


Thanks for your opinion. Noted. Now how about answereing my questions.


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## Davis1 (Feb 20, 2009)

Lambert2 said:


> Thanks for your opinion. Noted. Now how about answereing my questions.


Its not a question you can answer ..every lease can be different 
there is not a fixed lease contract ... they everybody uses


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## Lambert2 (Jul 30, 2008)

OK I guess my questions haven't come across clearly. So let me try again with a couple of examples.

First example - I know how the UK property market works. I know that if I see a house for sale at £200,000 that I'll have to pay stamp duty on top, And I know that each month I'll have to pay my rates to the local authority. Stuff like that.

Second example - from research I know a bit about buying a property in the USA. So I know about HOA fees and I know about property taxes. Stuff like that.

But I don't know about leasing. So I'm asking for input on general stuff about what taxes and fees I might _normally _expect to pay in addition to the advertised monthly lease cost.


Hope that makes it clearer and somone can help with some input. Thanks.


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## Fatbrit (May 8, 2008)

Lambert2 said:


> Hi - we're 2 UK citizens with a long and happy history of sunny Florida vacations in winter. Now as we pass our 55th birthdays, and with such an awful English winter, we're looking into the possibility of splitting our future years and spending some winter months in Florida and summers in the UK.
> 
> We both have tourist visas and do not intend or need to work in the USA and we will make sure we have adequate health insurance.
> 
> ...


If you want to lease a condo, then I can guarantee that you will not be expected to separately pay any sales taxes, HOA or management fees or property taxes. The reason for this is that they will be a lien against the property, not yourselves. Of course, how someone decides to write the lease is totally up to them. If you're unhappy about possible liability, just scrawl at the bottom:
_Lessee not responsible for payment of any sales tax, HOA dues, property management fees or property taxes._
before you sign it.

If you pay the full amount up front, don't be surprised if the condo is repossessed a few weeks into your lease. At least if you pay by the month, there's a limit to what you will lose.

The utility and cable costs could go either way. Expect it to be more likely to be your problem than the lesser's


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## Lambert2 (Jul 30, 2008)

Thanks FB.


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## twostep (Apr 3, 2008)

Lambert - are you talking about renting which is her called leasing as the general terms are 6-12 months or purchasing?


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## Lambert2 (Jul 30, 2008)

twostep said:


> Lambert - are you talking about renting which is her called leasing as the general terms are 6-12 months or purchasing?


Yes twostep - I'm talking about leasing / renting an unfurnished place for many months. Stocking it with our own choice of furniture and household items and having it available for us to use whenever we want. All without the capital risk of buying. This will be for our exclusive use - we do not want to rent out to anyone else.

I know what is involved in buying and I want to explore leasing as another option.


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## twostep (Apr 3, 2008)

Lambert2 said:


> Yes twostep - I'm talking about leasing / renting an unfurnished place for many months. Stocking it with our own choice of furniture and household items and having it available for us to use whenever we want. All without the capital risk of buying. This will be for our exclusive use - we do not want to rent out to anyone else.
> 
> I know what is involved in buying and I want to explore leasing as another option.


Management companies use their leasing contracts. They are approved by in-house legal counsel and protect their rights. All you can do is read the small print. All of it. Scribbling over does not void anything. The agent will not accept the contract. The lease amount will go up every year. You will have standard additional expenses such as utilities/insurance. Maybe you can for a nominal charge work something out so management will check your rental on a regular basis.


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