You have found your dream home in Jacksonville and now you want to make an offer. While in some markets you must act quickly to purchase your dream home, in others, you may have a little more time to carefully think through your actions. Regardless, there are a few financial matters you should consider before you sign any papers.
While your mortgage payment may seem within reach, there are other monthly payments you must think about to ensure you truly can afford your dream home, such as the amount of property taxes you will pay. Before you make an offer, you can reach out to a local tax assessor for an estimate. Your tax rate will depend on where you live as well as the value of your home.
Homeowner’s Association Fees
A homeowner’s association has many benefits including performing maintenance or repairs in the community. However, it can also mean large monthly fees. If you are considering moving into this type of neighborhood, find out how much you can expect to pay each month, as well as how much you can expect these fees to increase every year. You will want to ensure you have enough in your monthly budget to cover these additional costs.
While you may love the look and feel of a home, it may cost you a significant amount each month. There are several reasons for high utilities including the size of the home, its energy-efficiency, location, and even your own personal use. If you are worried about how much you may pay on utility bills each month, ask the current homeowner or your real estate agent to gather that information for you.
Owning a home can be costly. Many unexpected repairs and maintenance costs arise that can hurt your budget. As you prepare for a down payment, consider many of the projects you will want — or need – to complete in the home. If it is more than your budget allows, you may want to keep searching or keep that in mind as you make your offer.
Earnest money shows the seller that you are a strong candidate for buying. When you make your offer, determine how much earnest money you are willing to put down. Typically, it is between 1% to 3% of the home’s purchase price. The more you put down, the better position it puts you in with the seller.
Buying a home in Jacksonville requires numerous decisions and options. Taking your time and carefully looking through all your options will help the process move a little more smoothly and put you in a better position to buy the home of your dreams.