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Expense Calculation on a Villa Purchase in Hilton Head Island SC

Expense Calculation on a Villa Purchase

Approximate Expense Calculations for a

 2 bedroom, $400,000 Villa in Sea Pines.

Important to Note:  this calculation does not include  mortgage expenses of principal and interest.  The picture changes dramatically if you calculate monthly mortgage expenses into this.

Annual Operating Expenses

2014 Property owner Assoc. fee $999.00

Monthly regime/condo fee $350.00×12=$4,200.

Estimated Insurance $ 2,500.00 sometimes included in Regime fee, if the monthly regime fee is higher than $400, typically the insurance is in the monthly fee.  Needs to be verify by complex.

Estimated Contents Insurance: $ 1,000.00

2014 Estimated Taxes: $ 4,000.00

2014 Estimated personal Property tax:  $575.00

electric $1,800 ($150 per month)

telephone & DSL $960.

cable $720.

 Landscaping (included in regime)

Pest Control (included in regime)

Pool Maintenance (included in regime)

Trash Collection (included in regime)

Water & Sewer (sometimes included in regime)

Total Annual expenses:  $12,754. (Not including mortgage)

If you rent on the vacation rental market…..

Rental Projection–Cash Flow of Property

Gross Rental Income (Approximate) $ 22,000.00

Management fee approx. 25% $ 5,500.00

weekly cleaning fee (-$150. X 20 weeks) $ 3,000.00

Annual Net rental income to owner $13,500.00 (this does not estimate any additional fees charged by rental company for maintenance or repairs while renting.)

Annual Expense Budget $12,754.

Annual Cash Flow + $ 746.

 

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