Transactions & cost planning
Village at Harmony Lake Townhomes: Monthly Budget Beyond the Mortgage
Quick answer
Your real monthly cost is the mortgage plus HOA dues, homeowners insurance, property taxes, utilities and money set aside for repairs. For a Village at Harmony Lake townhome, get the current HOA dues and what they cover from the association, an insurance quote for the unit, and the tax estimate for the new owner — not the seller's current bill. Add them up before you set your price range.
Townhome describes a building, not the governing legal regime
Before budgeting for Village at Harmony Lake, obtain the recorded declaration and deed for the exact property. Confirm whether it is an HOA parcel governed by Chapter 720 or a condominium unit under Chapter 718, and whether another association imposes additional dues. Do not infer ownership or maintenance boundaries from the word townhome.
For an HOA, §720.303(6) addresses budgets and reserve disclosures. Read the declaration and current budget to identify who maintains the roof, exterior walls, paint, landscaping and shared facilities, and whether reserve accounts cover those responsibilities. Chapter 720 is not a blanket promise that every townhome roof is association-maintained or fully reserved.
For a condominium, §718.111(11) provides the association insurance framework; maintenance and common-element allocations still require the governing documents. Compare the association policy, exclusions, deductibles and loss-assessment exposure with an individual quote. Have the insurance professional identify the correct policy form and boundaries instead of automatically labeling all townhomes HO-6.
Add owner-responsible roof/exterior repairs to personal savings goals where applicable; avoid double-counting costs already funded in dues. Obtain reserve balances, planned work and any assessments in writing. No community-specific dues, reserve sufficiency or insurance coverage is asserted without the actual documents.
Monthly budget worksheet
| Line item | Where to get the number |
|---|---|
| Mortgage (principal + interest) | Your lender |
| Property taxes | BCPA estimator for a new owner |
| Homeowners / HO-6 insurance | Your insurance agent |
| HOA dues | Association budget |
| Special assessments | Board minutes, estoppel |
| Utilities | Ask seller for past bills |
| Repair reserve | Your own savings goal |
What HOA dues cover
Ask exactly what the dues include — roofs, exterior paint, landscaping, water, cable, insurance for the building. This changes what your own insurance needs to cover.
Taxes after you buy
Florida property taxes can reset after a sale. Use the Broward County Property Appraiser tax estimator instead of the seller's bill.
Related Mora Realty Davie pages
Sources
- Florida Statutes §720.303 — HOA budgets and reserves
- Florida Statutes §718.111 — Condominium insurance and records