Hi I'm Dave Cole with Prudential Colorado Properties in Vail and Beaver Creek Colorado. Today we are discussing resort condominium expenses, such as what condominium expenses will you have besides a mortgage, if any in real estate taxes. There are two types of condominium expenses, rental management expenses and property management expenses. Rental management expenses only apply if you rent the property. So let's assume that you will rent only short term, meaning night to night. Your expenses will be items such as maid service, advertising, credit card commissions, travel agent fees, supplies, linens, and managers profit etc. These expenses will run 35 to 50 percent of your gross rental income.
Property management expenses are recurring items that you are responsible for, even if the property just remains vacant. This covers the expenses of the property just to maintain it include working order. Items in the assessment vary from building to building, but generally include water, sewer, fire insurance, management fee, trash removal, snow removal, lawn maintenance, pool maintenance, elevator maintenance, commonary cleaning, and common utilities etc. Items generally not in the condominium assessment include debt service, if any, contents insurance, firewood, electricity, telephone, heat, cable, television, real estate and personal property taxes.
For further information please call me Dave Cole at Prudential Colorado Properties in Vail and Beaver Creek Colorado. That's at (970) 331-6867 or email me at Dave@DaveCole.com. Thanks!
