Villa buying season officially starts this weekend on Hilton Head Island.  The season kicks off as property owners and vacationers arrive for Memorial Day Weekend.  These visitors have been scouting for bigger or smaller places on the internet and will be on Hilton Head Island finally to see their selection in person.  This villa season, buyers are going to snag up some of the best properties ever offered.  Below are the top questions Hilton Head Villa buyers often ask.
Top 10 Villa Questions Hilton Head buyers often ask
  1. What is a Regime Fee? ~ A regime fee is typically a monthly charge that can cover landscaping, common area maintenance, exterior maintenance, pool maintenance, trash removal, pest control, building reserves and sometimes insurance.  Ask your agent for a copy of the villa regime report and have them call to verify the fee.
  2. Are there any Assessments? ~ Regimes will sometimes pass assessments on to the owners for roofs, decks, siding, staining and working capitol.  Ask the seller or your broker if there are any current or pending assessments.
  3. Do you know the Restrictions? ~ Does the regime allow pets?  Can an owner do exterior improvements like adding a deck.  These are the 2 most common questions we get from buyers when they are considering a villa.
  4. Will it Appraise? ~ If recent comparables are available, than an appraisal contingency may not be required.  However if there are no recent comparables (greater than 6 months), you may wish to add a contingency subject to the property appraising for at least the selling price.
  5. Is it Fee Simple or a Condo? ~ There are condos and than there are fee simple townhomes where the owner owns the land and is responsible for the exterior maintenance.  Find out if you are looking at a condo or a fee simple town-home.
  6. Are there any transfer fees? ~ Transfer fees are popping up in the gated communities on Hilton Head Island and there is a possibility that you may see a transfer fee for a villa.
  7. Is there a rental agreement/lease in place? ~ If there is a tenant, find out what the term of the lease is.  If the property is on the vacation rental market, buyers must honor the rentals(and of course receive the rental income) 90 days after closing.
  8. What is covered on the exterior? ~ Some villa regimes take care of the windows, others do not.  When buying a villa find out what the regime maintains on the exterior.
  9. Is there bank financing available? ~ Most villas have no issues with this one, but from time to time banks may tighten or change the rules.  Ask your realtor or a local lender for a list of villas that the bank approves.
  10. Is there a time line for the complex? ~ Villa regimes have a board.  Some of these boards have established a time line for improvements for the next several years.  Ask the sellers agent to provide a timeline (if its available)
Ready, Set, Shop for a Villa on Hilton Head 

For the next 12 weeks starting in June we will busy showing villas and homes on Hilton Head Island.  If you are interested in searching villas please click here, if you would like to see a sample rental proforma Cost Analysis Estimate, if you would like for us to show you a few of our favorite Hilton Head Villas, please click here.  The villa market on Hilton Head Island has never offered a better selection, interest rates or locations.