When buying Miami real estate, often buyers start online through the process by setting a budget and online searches. When purchasing property, the devil is in the details. Often these details cannot be seen through the online searches, and they can be big ticket items that can hit your pocket each and every month after you close.
You need to make sure you are working with a local professional who can guide you through these important details.
4 Things That May Hit Your Pocket Monthly When Buying Miami Real Estate
- Taxes: The taxes listed on the MLS listing will most likely not the be the taxes that you will ultimately pay. Taxes are often reset based on the new purchase price, other factors and ultimately some of the deductions you may or may not be able to take.
- HOA fees: Is the property located in a neighborhood that has an HOA? If so, how much is the fee and will you still qualify for the loan you seek with this extra cost? The difference between several hundred dollars can often make or break some financing.
- Insurance: This is a biggie. Shopping for insurance is critical once you go under contract. Is the property in a flood zone or not? Are there any significant insurance items updated?
- Repairs: Budgeting for repairs is essential. Some buyers are into making repairs, while others are not. You need to figure out your tolerance level for repairs and buy a home within that tolerance. If a home requires a lot of repairs after closing, you have to make sure you have the monthly budget.
When buying Miami real estate, there is a lot to know. Please feel free to call us for an honest evaluation. 305-793-8965.