If you’re a homeowner, you likely remember the closing process that transferred your new home from the builder and/or mortgage lender to you.
You probably also remember the closing costs. They’re sizable, and planning ahead makes paying them a much smoother experience
The same goes for the ongoing costs of homeownership. Buying a home requires significant costs and so does maintaining one. Wear and tear is inevitable as a home ages, and it’s the owner’s responsibility to maintain it, plus pay annual taxes, insurance and possibly HOA costs.
If you’re a first-time buyer, you may be deep in preparation and budgeting for that first home purchase, and not focused on down the road. So we at ICI Homes are here with a few future tips.
Read on for more about the ongoing costs of homeownership.
Taxes and insurance
Don’t be surprised by an annual bill for property taxes on your new custom Florida home. The amount will depend on the components of those taxes, and the website for your local property tax office is a good place to start.
Property taxes generally include the size and value of your home and its lot, the county and town where it’s located, and other factors such as millage rates (Google it).
Homeowners insurance is another annual requirement. As with property taxes, the amount will depend on the size and components of your new custom Florida home and its location.
HOAs and memberships
Your new community may have a homeowners association, which is resident-run and has rules that ensure the community’s upkeep and appearance. These typically require monthly, quarterly or annual dues to fund that upkeep and use of any resident amenities.
Your community also may offer, or require, memberships to certain amenities such as golf courses. Check with the HOA for that information.
Monthly utilities and expenses
These are a constant too. Those electric, natural gas, garbage and recycling, water and high-speed WiFi services are costs you’re likely already familiar with. It’s smart to factor those expenses in with each month’s general living expenses in your new home.
Repair and maintenance costs
If you rented before you bought your first new custom Florida home, there’s no landlord to call if the heat pump goes out. It’s now you!
Fortunately your new ICI Homes home is built to last with all the latest materials and residential technology, but eventually you’ll need to do paint touch-ups and replace air conditioning filters.
Feel a little intimidated? Don’t! The joy and opportunity of owning your home is well worth all the research and effort. If you can navigate the buying, building and closing processes — and sell your existing home or exit a lease — you can tackle the discipline, budgeting and solid financial habits that will help you plan for, and navigate, the ongoing costs of homeownership.
You probably also remember the closing costs. They’re sizable, and planning ahead makes paying them a much smoother experience
