Property Taxes: Condo owners pay property taxes at the same rates that owners of houses do. Summit Condo owners have reported to us that they pay between $1200 and $1500 each year. This amount may decrease significantly if you qualify for a homestead exemption.

Owners Association Dues: All condo owners are also part owners of the Summit Condo Owners Association, which oversees the care of all common elements and concerns at The Summit. Many of the expenses that you would normally have to pay for by yourself with a house such as Insurance, Lawn Care, Cable TV, etc… are pooled together and purchased at bulk rates by the COA. The COA divides these costs up among the owners based on square footage of the units owned and bill quarterly.

Summit COA dues are currently 5.5% lower than the Tuscaloosa average:

Contents & Liability Insurance: The Owners Association dues cover the majority of your insurance needs. However, most owners do take an additional insurance policy to cover any loss of personal property (e.g. a flat-screen TV mounted on the wall, clothes) as well as liability for any legal claims stemming from your ownership of the property (e.g. a friend slips and falls inside your home.) Cost depends on a number of factors, but most owners report paying between $80-$120/year for this coverage. Consult your insurance provider for details.

Insurance on the buildings as required by law
Professional Management of the Association
On-site Property Manager Monday-Friday
Exterior Pest control
Landscaping contract
Reserve for Repair and Replacement of Common Elements
Gate Repair and Maintenance
Weekly grounds cleanup
Common area/breezeway repairs
Dumpster Service
Pool maintenance
Fire alarm system maintenance
Power for parking lot lights
Poolside Wi-Fi
Water bill for sprinkler system
Sprinkler system upkeep
Property Taxes for common areas and amenities
Common area furniture (pool chairs, etc…)
Termite warranty bonding
Postage and printing for meeting notices, other correspondence
On-site management
24hr fitness center equipment maintenance
Accounting services & yearly tax filings

No, in most cases condo ownership is cheaper and much easier than owning a house. Condo Owners Association dues cover many of the costs you have to pay out of your own pocket when owning a traditional house. Also, since COAs buy services in bulk, they can often get needed services at a discounted rate, and those savings are passed on to the owners.
As an example, lets compare the cost of COA dues for a 2BR condo versus the costs of some the same services when owning a comparably priced house:

*Some subdivisions charge mandatory Homeowners Association dues of up to $50/mo. For this example though, we'll assume that the comparable house is in a subdivision that does not charge mandatory dues.
**Based on total yearly cost of $480 ($40/mo for six summer months)

Even when only looking at a few of the costs that COA dues cover, many people still pay less each month owning a condo than what they were paying out each month owning a house.

Depending on your situation, your initial investment could be as little as 3%, although most buyers put down between 20%-$25%. Visit our Financing Page for more information.

Owners are issued gate remotes (similar to a garage door opener) to open the gated perimeter fencing. There is a also a key code punch box with a code that is rotated quarterly for your guests. Finally, there are punch-code sidewalk gates for entry if you decided to go for a stroll or walk the dog.

Click here for more information on the Summit’s safety features.

Owning a condo at the Summit can be a profitable investment. The main difference when buying an investment condo is that you may need to use different financing programs which require a more standard intial investment. We have condos available for sale that are already leased for the year and income producing. In fact, you even have the option of letting the on-site management team manage your unit. For more information, please visit our investors page.

You should always consult an insurance professional for advice in these matters. The master policy included in your Condo Onwers Association dues is designed to cover most of your risk. In addition, most owners purchase contents insurance to cover their personal property and any improvements they have made to their unit, and liability insurance.

The Summit has wood and steel frame construction with a brick and vinyl siding exterior. This combination was chosen for its appearance, durability and low upkeep. The interior features crown molding, carpet and ceramic tile floors, and laminate countertops. The appliance package is sleek black from Kenmore, except for the Full Washer and Dryer combo, which is white.

As owner of the unit, you can make any changes to the interior of the unit as you please. This includes changing interior paint colors, flooring, plumbing fixtures, appliances, and just about anything else. However, changes to some areas of your unit that are viewable from the exterior must be OK’d by the COA.