HOA Fees Hidden in Lakewood Ranch
Hidden HOA Fees in Lakewood Ranch: A Real Risk
Quick Answer
You risk losing thousands if you overlook HOA and CDD fees in Lakewood Ranch. Florida Statute 720 governs HOA disclosures, but many buyers don’t realize these fees can dramatically alter affordability. For instance, HOA fees can range from $100 to over $500 monthly, while CDD fees can add $1,200 to $3,500 annually to your tax bill. Discovering these costs late can force you to renegotiate or even walk away from a deal. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
The HOA Approval Bottleneck
The problem often arises when buyers underestimate the complexity of HOA approvals, governed by Florida Statute 720. During one transaction, the HOA’s delayed approval almost cost my client their dream home because the seller was unwilling to extend the closing date. This bottleneck can lead to contract termination and loss of earnest money if not managed proactively.
Mike’s team is definitely focused on doing what is right for the client! They took my phone calls directly or promptly returned them. When I asked for additional information about a listing they had it ready before they promised that they would. (When do you see anyone getting things done today before a promised deadline?) These guys are great. Not only do the know the market well, their greatest strength is that they are not “pushy” sales folks. It became evident very quickly that Mike has the entire team understanding that they work at the pace of the customer and that they do not “push”. If you are looking for a “seasoned” real esate team, one who knows the market, and one that has the customer’s interest at heart, Team Renick is the one!
– thomasbellaney, Zillow Review
CDD fees, which finance infrastructure like roads and water management, are often overlooked because they appear as non-ad valorem assessments on property tax bills. In one case, a buyer was shocked to find an additional $3,000 in annual fees, discovered only after the lender’s underwriting flagged it. This late discovery forced the buyer to bring unexpected cash to closing or face losing the property.
Where It Usually Blows Up
These issues typically surface during the final stages of underwriting or at the closing table. The timing is brutal because buyers have already invested emotionally and financially in the property. When these hidden costs are revealed late, buyers may face forced renegotiations, unexpected cash demands, or even contract termination, risking their deposit and the entire deal.
What I Tell Clients Before They Risk Money
- Verify HOA Fees: Request a detailed breakdown of all HOA fees and any master association dues.
- Check CDD Assessments: Use the Manatee County Assessment Search tool to confirm CDD fees on your tax bill.
- Review Florida Statute 720: Understand your rights and obligations under HOA regulations.
- Demand an Estoppel Certificate: This will confirm any outstanding fees or pending assessments.
- Consult the Property Appraiser: Verify all non-ad valorem assessments that could impact your tax bill.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What are CDD fees, and why are they on my tax bill?
CDD fees are Community Development District assessments that fund infrastructure improvements like roads and water management. They appear on your property tax bill as non-ad valorem assessments, which can surprise buyers who only focus on the listed HOA fees. Understanding these fees is crucial to avoid unexpected financial burdens.
How do HOA fees impact my mortgage approval?
Lender underwriting considers all monthly obligations, including HOA fees, when determining your mortgage approval. If these fees are higher than anticipated, it can affect your debt-to-income ratio, potentially leading to loan denial or requiring a larger down payment. Always verify these costs early to avoid last-minute surprises.
When my husband Mike and I bought our condo at Seaplace212 in 2018, we were fortunate that we had the Renick Team on our side. Eric & Mike are very Professional and honest with full disclosure. I am a licensed Real Estate agent in Florida. I feel comfortable referring my clients to Eric and Mike. I know that they will receive competent representation.
– Marge Nuzzo, Google Review
What To Do Right Now
Request an estoppel certificate from the HOA to confirm any outstanding fees or pending assessments before proceeding with your purchase. This document will provide a clear picture of your financial obligations and help you avoid unexpected costs at closing.
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