Explaining the differences between HOAs, POAs, and regimes in Low Country.

 

In the Low Country, what’s the difference between a homeowner association (HOA), a property owner association (POA), and a regime? Many people are confused by these terms, so today I’ll explain how they’re different. 

 

In our area, HOAs mean you have a home on land you own, while POAs mean you either own a home or some land. Some people only own land in our area because they belong to communities that have many amenities, but they don’t necessarily want to keep a home. These landowners may be billed with a different rate and don’t have to pay the entire POAs fee. 

 

"Taxes are typically 2.8 times more expensive for secondary homeowners than primary ones."

 

 

Regimes, on the other hand, are commonly called condo management fees, and can vary from property to property. They can include amenities, securities, insurance, etc. It’s critical to ask your agent what the true cost of ownership is because that tends to change often.

 

Another thing worth mentioning, especially if you’re an investor who wants to rent out the property, is the tax rate. In South Carolina, we have primary and secondary tax rates. The former is for people who have lived here for over six months, and the latter is for people who have lived here for less time than that. Taxes are typically 2.8 times more expensive for secondary homeowners than primary ones. 

 

If you need more information about this topic or have any real estate questions, call or email me. I’m here to help!