Owning a new build holiday home in Florida
Typical holiday home running costs…
- Maintenance & Utility Costs – Power, water, TV/Internet/Phone, pool service, pest control, etc. As an owner of a new build holiday home you can expect less maintenance in the first 5 years of ownership compared to a resale property and with new advancement in building materials and home appliances energy costs should be less as well.
- Property Insurance – To insure against storms, fire, theft, etc. you should carry (with a mortgage will be required to carry) property insurance covering your structure and contents. Liability insurance is also standard in many policies.
- Property Taxes – Property taxes are paid yearly and average just under 2% of the property’s current assessed value.
- Rental taxes (Resort Tax) – If you intend to rent your property as a holiday home to others you will be subject to Resort taxes. This tax averages around 14% and are paid by the guests when they book a stay in your villa. Typically your management company will collect these and pay the county on your behalf.
- Management fees – Management fees for a new build holiday home are around $150 per month and management company commissions on bookings range from 5%-25% depending on how the booking was earned.