What are the estimated annual costs of ownership?
If purchased without financing, a unit owner’s annual cost of ownership would be the tax deductible real estate taxes of the property’s fair market value. There will also be a monthly Association assessment for common area maintenance, property insurance, security and related expenses. Association’s set their own fees and can be found in a wide range up to $3000 per month for mega yachts. At Turtle Cove, the estimated monthly association fee is $180 per month, plus real estate taxes. If financed, a unit owner will also be responsible for the principal and interest payments associated with the financing. As noted above, the interest component of the payment would be tax deductible if the loan is structured as either a qualifying home equity or second home mortgage loan. The principal part of the monthly payment would increase the equity of the dockominium unit. The association fee would remain the same whether owning or leasing. Once again, we ask that you consult with your tax advisor
