Category: News and Information

Your mortgage payment is just the beginning

You finally did it! After looking at dozens of homes with our Orlando Realtor, you’ve traded in renting for owning. So what now? If you haven’t found out yet, you may be surprised that there are a lot more expenses involved with owning a home than you thought. The nice thing about renting is that the expense of maintaining a property is the responsibility of the landlord.

Now that you’re the homeowner, these expenses become your responsibility. Homeowner association dues, property taxes, insurance, repairs, and maintenance are now yours forever and ever until death do you part….or until you sell. It’s a good idea to consult with your Orlando Real Estate Agent so that you have an idea of what expenses you will be responsible for.

Here’s a breakdown of expenses you should expect to face as a new homeowner starting from the day you close.

Closing Costs

Although these fees are usually shared by both buyer and seller they can still add up to thousands for each party. Buyers will typically try to include these costs with their loan so they don’t have to come up with the cash at the closing.

Property Tax

There’s no escaping Uncle Sam…property taxes are the main source of income for counties and school districts. In Orange County, FL an average of 0.97% of the property’s assessed value is collected. Property taxes are typically included with the loan payment but may sometimes be paid separately. It’s important to know how much you will pay in property taxes to avoid being sent into shock when you receive a property tax bill you weren’t expecting or prepared for.

Private Mortgage Insurance

If you paid less than 20% of the purchase price as a down payment, you’ll have to buy private mortgage insurance aka PMI. This type of insurance helps homeowners to buy a home with a smaller down payment. It protects the lender in case the new homeowner defaults on the loan. Once there is sufficient equity in the property PMI can be canceled.

Homeowner’s Insurance

Unless you pay cash for a home, there’s no getting around this one…and that’s not all. Here in Florida, we get hit with Hurricanes and floods which means that you’ll need a supplemental policy for damage caused by natural disasters. And… If you have a lot of jewelry and other expensive items you may want additional protection for them as well.

Maintenance and Repairs

This one’s a doozy!… If you bought a home that’s in need of some major repairs then you pretty much knew what you were getting into. But if you buy a newer home thinking that you’ll never have to spend money on maintenance and repairs think again…If your home is relatively new then you probably have a while before having to do any major work to your home. However, sooner or later you’ll be faced with a major repair like replacing a roof or an AC unit that will cost you several thousands of dollars to replace. It’s best to keep a separate bank account for unexpected home repairs so that you don’t get caught with your pants down.

It’s important to keep your home well maintained because chances are that one day you’ll end up selling it and moving on. In order to sell it for the highest price, it will have to be in good condition.

This is a stunning 2,032 sq ft 3 bedroom, 2 bathroom home complete with bonus room which can easily be used as a spare bedroom or an office. This property is located in the highly sought-after community of Waterford Lakes. It features gorgeous hardwood floors throughout, with ceramic tile in the bathrooms and utility room. Outback there’s a huge fenced-in yard with a porch to enjoy those backyard BBQs. Beautifully trimmed trees and landscaping make the outside of the home as attractive as the inside.

The home has been meticulously maintained by the current Owners since 2005. All Stainless Steel Appliances in the Kitchen look and work like new and are included. The Washer And Dryer in the utility room are also included making it an easy transition for the lucky new Home Owners. The AC unit was replaced in 2010.

Resort Style Living…

This is a Great Buy in a Fantastic Location! Hurry, this home won’t last long. Call me at 407-902-7750 today to schedule your private showing or visit https://orlandorealtyconsultants.com/

This Community has so Much to Offer!… Amenities include a Community resort-style pool, Tennis courts, racquetball courts, Baseball fields, Soccer fields, jogging and walking trails, Dog Park, and a huge playground for the kids.

By hiring a reputable home inspector, you’re protecting your investment. Most potential home buyers have their homes inspected before buying. The question is… who is the person doing the inspecting? We’ve all heard of those shady, so-called “home inspectors” that try to tell you about problems that aren’t really there just so they can offer to do the repairs for you. Or what about the ones that just don’t care and end up missing major issues with the house because they were in a rush to get out of there.

Orlando Realtors claim that the problem with the home inspection industry is that it’s not closely regulated and it’s seriously lacking in the quality control department. It’s important to ensure that the inspector you choose is licensed, insured, and experienced. Remember… this is someone you hired to help you decide if you’re going to commit to buying this home or not… which is one of the biggest financial commitments you’ll make in your lifetime.

To make sure you hired a true professional these are some tips on what to expect when you’re inspecting your inspector.

1. Certification- Make sure that your home inspector went to a reputable school that requires annual re testing for all active licensees.
2. Insurance- Your home inspector should be fully insured including liability, workers comp and E& O [errors and omissions] Insurance. If your inspector can’t provide you with proper proof of insurance, then it’s time to keep looking.
3. Guarantee- A good home inspector will have no problem backing up his findings with a written guarantee.
4. Conflict of Interest- It’s never a good idea to hire a home inspector that’s also a contractor. He could end up trying to make a career out of your house. First he’ll charge you to do the inspection, then he’ll want you to hire him to fix everything. Be sure to hire a home inspector that works as a home inspector full-time.

When you’re ready to hire a home inspector, ask your Orlando Realtor for a recommendation. Your agent should be able to provide you with at least 2 or 3 good ones.