If you haven’t bought a home in a long time or you’re about to buy your first home, there are a few things you should know.
First, remember that things are going to break. It happens. You have to have the reserves in place so that you can maintain your property properly. On the bright side, many large expenses can be avoided with proper maintenance.
For example, your air conditioner will last longer if you change your filters and have it regularly serviced. When you set up your budget, make sure that you have the money to invest in your home and make the necessary repairs.
Secondly, the property taxes that the seller is paying right now will probably be readjusted. This is especially important for you to keep in mind if you are new to Florida.
How do you know if your property taxes will be adjusted? It’s an easy formula. Take a look at what the property is assessed at, which is the amount the seller pays property taxes on, and compare it to the market value. If there is a huge difference between the two, then you need to set money aside so that you will be able to pay the adjusted property taxes.
Finally, there’s the home inspection. What does the home inspection cover, and what does it leave out?
The inspector will spend two to four hours at the home prior to closing. They are only going to be able to acknowledge any issues that they notice on that day, so the inspection is not a true guarantee. After all, an issue could arise the next week. However, it’s still very important that you have the inspection done. You need to look at the age of appliances and the mechanics in your home so that you can budget properly for the maintenance of your property.
Keep these three things in mind before you purchase your home. Whether you are buying your first home or buying your first home in a long time, we are here to make the process easier for you.
If you have any other questions, please don’t hesitate to give us a call or send us an email. We would be happy to help you!