Are you weighing a condo against a single‑family home in Weston and trying to figure out which truly costs less to own each year? Sticker price rarely tells the full story. Between insurance, taxes, HOA fees, maintenance, and potential assessments, your monthly and annual costs can look very different from the listing price. In this guide, you will learn how to compare line by line for Weston, where many homes sit in HOA communities and condo buildings vary widely by fees and reserves. Let’s dive in.
What “true cost” includes in Weston
Your annual ownership cost is more than your mortgage. A complete comparison should include purchase and loan terms, property taxes, insurance, HOA or condo fees, utilities, routine upkeep, and risk items like special assessments.
Purchase price and financing
- Condos in Weston often have lower prices than single‑family homes, but higher monthly association fees can narrow the gap. Inventory also differs, which can affect resale timelines.
- Condo financing can require extra steps. Lenders often review project reserves, owner‑occupancy ratios, and litigation. If you plan to use FHA or VA financing, confirm whether the condo is on the approval list through HUD’s condominium resources.
- Closing costs are similar for both, although they scale with price. Florida charges a documentary stamp tax on deeds that is commonly calculated at about $0.70 per $100 of consideration, plus title, recording, lender fees, and prepaids.
Property taxes in Broward County
- Property tax is generally assessed using local millage rates and the property’s assessed value. You can review rates and parcel details through the Broward County Property Appraiser, and see payment information with the Broward County Tax Collector.
- If the home will be your primary residence, the Florida homestead exemption can reduce the assessed value. The Save Our Homes cap can limit future assessment increases while you maintain the homestead.
- Quick formula: property tax equals assessed value multiplied by millage rate divided by 1,000.
Insurance in Florida’s market
- A single‑family home typically uses an HO‑3 or HO‑5 policy that covers the structure, contents, and liability. A condo unit typically uses an HO‑6 policy that covers interior finishes and contents. The condo association carries a master policy for the building and common areas.
- Premiums in Florida have been volatile. Rates vary by age of structure, roof, wind mitigation features, deductible choices, and carrier availability. Review consumer guidance and market updates from the Florida Office of Insurance Regulation, and obtain quotes early.
- Ask your agent to explain hurricane deductibles and any loss assessment coverage that would apply if your association must cover a master policy deductible.
Flood risk and coverage
- Weston is inland compared to Broward’s beaches, but parcel‑level flood risk varies. Lenders typically require flood insurance for homes in Special Flood Hazard Areas.
- Check your specific address on the FEMA Flood Map Service Center and discuss National Flood Insurance Program and private market options with a local insurance professional.
HOA and condo association fees
- Condo fees are often higher because they may include exterior maintenance, roof, landscaping, amenities, and building insurance. Some include utilities like water, trash, cable, or internet.
- Many single‑family neighborhoods in Weston have HOAs too, usually at lower monthly costs and with different responsibilities.
- Review the governing rules under Florida law. Condominiums are governed by Chapter 718 and homeowners’ associations by Chapter 720 of the Florida Statutes. Healthy reserves and clear budgets can reduce the risk of special assessments.
Maintenance and utilities
- Single‑family owners should budget roughly 1 percent to 3 percent of the home’s value annually for upkeep. Age, systems, pools, and South Florida’s climate can push costs higher in some years.
- Condo owners usually spend less on direct maintenance, but they pay association fees and can face special assessments.
- Condos often have lower electric and water usage due to smaller spaces and shared walls. For rate and usage planning, see Florida Power & Light resources.
Illustrative cost comparison
These examples are for illustration only. Use them as a template and swap in current quotes for Weston.
Example A — Condo (illustrative)
- Purchase price: $400,000
- Monthly HOA: $600 (covers exterior, roof, landscaping, amenities, building insurance, reserves)
- Property tax at 1.2 percent assumption: $4,800 per year
- Condo owner insurance (HO‑6) with loss assessment: $600 to $1,200 per year
- Mortgage principal and interest with 20 percent down, 30‑year at 6 percent: about $18,400 per year
- Utilities and other: $1,800 per year
- Interior maintenance: $1,000 per year
- Approximate total annual cost: $34,100
Example B — Single‑family home (illustrative)
- Purchase price: $700,000
- HOA: $150 per month equals $1,800 per year
- Property tax at 1.2 percent assumption: $8,400 per year
- Homeowner insurance (HO‑3): $2,500 to $6,000 per year
- Mortgage principal and interest with 20 percent down, 30‑year at 6 percent: about $32,300 per year
- Utilities: $3,600 per year
- Maintenance reserve at 1 percent of value: $7,000 per year
- Approximate total annual cost: $57,100
Interpretation: lower condo prices and reduced maintenance can offset higher HOA dues. In some buildings, special assessments or rising insurance can change the math. Always run updated quotes and association documents before deciding.
Risk factors and how to manage them
- Hurricane deductibles and repairs. Ask insurers to model different wind deductibles and mitigation credits for shutters, roof certification, and updated systems.
- Special assessments. Review the association’s reserve study, budgets, and meeting minutes. Ask about past or pending assessments and the master policy deductible.
- Building age and inspections. Florida increased scrutiny of older multifamily buildings. Review recent structural reports and confirm compliance under applicable sections of the Florida Statutes.
Due diligence checklist for Weston buyers
If you favor a condo
- Request financials: budget, balance sheet, reserve study, and insurance certificates.
- Read meeting minutes for the last 12 to 24 months and ask about planned capital projects.
- Confirm what the master policy covers vs your HO‑6. Ask about loss assessment coverage.
- Verify leasing rules, owner‑occupancy ratio, and any litigation.
- If you need FHA or VA, check project status through HUD’s condo resources.
If you favor a single‑family home
- Inspect roof, HVAC, electrical, plumbing, windows, and any pool or exterior elements.
- If there is an HOA, review the documents, fees, rules, and upcoming projects.
- Ask about drainage and any flood history. Verify flood zone and insurance needs through FEMA’s map tool.
For both options
- Get local insurance quotes before finalizing price. The Florida Office of Insurance Regulation offers consumer tools and updates.
- Check millage rates and estimate taxes via the Broward County Property Appraiser and Tax Collector.
- Have your lender model full payments with escrow for taxes and insurance.
- Review opportunity costs and cash needs for down payment and closing.
Resale and lifestyle factors in Weston
- Inventory mix. Weston has more single‑family homes than condos. This can affect days on market and buyer pools.
- Buyer preferences. Single‑family homes often attract those who want a private yard and more space. Condos appeal to downsizers, first‑time buyers, and some investors. Leasing restrictions in some condo communities can affect rental demand and resale.
- For market trend context and reports, review resources from Florida Realtors.
How to make your decision
- Build two annual cost models using current quotes. Include mortgage principal and interest, property taxes, insurance, HOA or condo fees, utilities, and maintenance. Add a line for potential special assessments and an annualized opportunity cost of your down payment.
- Stress‑test your numbers. Model a 10 percent to 20 percent change in insurance premiums or HOA fees to see your comfort level.
- Weigh lifestyle and time. If low maintenance is a priority, condos can save time. If a private yard and more control matter, a single‑family home may be worth the higher cost.
- Compare resale flexibility. Review leasing rules and likely buyer pools in your target communities.
When you are ready to run the numbers on specific Weston communities, connect with a local expert who can help you compare HOA budgets, insurance quotes, and neighborhood trends. For personalized guidance and a clear side‑by‑side plan, reach out to Linda Hoyt for a one‑on‑one consultation.
FAQs
What costs should I include when comparing a Weston condo and a house?
- Include mortgage principal and interest, property taxes, homeowners or condo insurance, flood insurance if required, HOA or condo fees, utilities, routine maintenance, and a contingency for special assessments.
How do Broward County property taxes work for primary residences?
- The homestead exemption can reduce your assessed value and the Save Our Homes cap can limit annual assessment increases; review parcel data and guidance with the Broward County Property Appraiser.
Are HOA and condo fees in Weston worth it?
- Fees that fund exterior upkeep, reserves, and amenities can reduce your direct maintenance, but review budgets and reserves to understand special assessment risk and what services you actually receive.
Will insurance cost more for a house than a condo in Weston?
- HO‑3 policies for houses usually cost more than HO‑6 condo policies because they insure the entire structure; verify current premiums and wind deductibles with quotes and check updates at the Florida Office of Insurance Regulation.
Do I need flood insurance in Weston if I am inland?
- Some areas face flood risk even away from the coast; check your specific address on the FEMA Flood Map Service Center and follow lender requirements and risk tolerance.
Can I rent out my Weston condo after purchase?
- Leasing rules vary by association and can include minimum lease terms, waiting periods, and investor caps; confirm in the condo documents and review Florida condominium rules in the Florida Statutes.
