Property In Florida Has Costs You May Not Be Expecting
Buying property in Florida can be one of the most substantial purchases that you will make in life. You know you will need to pay the mortgage and insurance for the home, but did you know about all the other little expenses?
If you’re focused on the big picture, you may forget all the little costs that can add up quickly.
Here are some things you need to factor into your monthly budget.
Property taxes are a significant part of your ownership costs.
Many people have them put into escrow, which simply means they pay the taxes and insurance along with the mortgage each month. However, if you don’t escrow these costs, then you will need to make sure you send a check to your city at least twice a year.
Most property taxes are on a bi-annual payment plan, but you should check with your municipality to see how their tax program works.
Most areas will send you a bill, but you need to make sure these are paid on time. They can foreclose on a house for property taxes, even if the mortgage is paid.
Utilities are a major expense that is required to keep your home livable.
Think about all the money you spend on electricity, gas service, cable, water, trash, and sewage costs.
It’s easy to see that you can spend hundreds of dollars each month just covering these expenses.
Landlords sometimes pay for your water bill/gas/electric, so having to pay it may come as a surprise when you don’t pay attention to how much you use.
Do you pay attention to how much water you use to care for your lawn?
Artificial grass is more low-maintenance and comes with other benefits besides lowering your water bill.
Don’t forget about these costs and overextend your budget as a result.
If you need to improve the overall budget of your home, then turning out the lights and limiting water usage can greatly help.
Maintenance and Upkeep
You should have some money in reserve for home maintenance and upkeep.
As a homeowner, you no longer have a landlord who you can call for repairs.
If your HVAC goes on the fritz, which happens quite a bit with property in Florida, then you could spend thousands of dollars in repair or replacement fees.
Also, you need to set aside a budget for things like lawn upkeep, cleaning the gutters once a year, having palm trees pruned, and other upkeep items.
A rainy-day fund can certainly take the pressure off you when maintenance issues arise.
These things are important to take care of, as failing to do so can result in lasting damage.
Owning a property in Florida is one of the biggest blessings in life.
Having a place to call yours and putting down roots is something that happens only in some people’s dreams.
However, with a home comes major repairs and upkeep costs.
You must ensure you know all the unexpected costs associated with owning property in Florida before you sign on the dotted line.
If you’re ready to sell your house quickly, contact us to see how we can help!