Now that you\u2019re the homeowner,<\/a> 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\u2026.or until you sell. It’s a good idea to consult with your Orlando Real Estate Agent<\/a> so that\u00a0you have an idea of what expenses you will be responsible for.<\/p>\n\n\n\n Here\u2019s a breakdown of expenses you should expect to face as a new homeowner starting from the day you close.<\/p>\n\n\n\n Closing Costs<\/strong><\/p>\n\n\n\n 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\u2019t have to come up with the cash at the closing.<\/p>\n\n\n\n Property Tax<\/strong><\/p>\n\n\n\n There\u2019s no escaping Uncle Sam\u2026property taxes are the main source of income for counties and school districts. In Orange County, FL an average of 0.97% of the property\u2019s assessed value is collected. Property taxes are typically included with the loan payment but may sometimes be paid separately. It\u2019s 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\u2019t expecting or prepared for.<\/p>\n\n\n\n Private Mortgage Insurance<\/strong><\/p>\n\n\n\n If you paid less than 20% of the purchase price as a down payment, you\u2019ll 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.<\/p>\n\n\n\n Homeowner\u2019s Insurance<\/strong><\/p>\n\n\n\n Unless you pay cash for a home, there\u2019s no getting around this one\u2026and that\u2019s not all. Here in Florida, we get hit with Hurricanes and floods which means that you\u2019ll need a supplemental policy for damage caused by natural disasters. And\u2026 If you have a lot of jewelry and other expensive items you may want additional protection for them as well.<\/p>\n\n\n\n Maintenance and Repairs<\/strong><\/p>\n\n\n\n
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