Have you finally decided to have your own home? Have you had enough with the landlords? Or moving frequently? Are you trading renting for owning? If so, let me congratulate you first! This is probably one of the most important decisions you can make. And one of the best ones, may I add. Because if you add up all the money you’ve paid for rent in Orlando over the years you’d see that you could’ve bought more than one house for yourself! However, let the past be past. And let’s focus on how much it costs to buy a home in Orlando FL. After all, that’s why you came here!
Buy a home in Orlando FL without making this mistake
To buy a median-priced house in Orlando FL the minimum salary you’d need to earn is $43,243.95, according to HSH. This is good news because it puts Orlando FL at the lower half of the top ten most inexpensive metro areas to buy a home in the United States! However, that’s not all it’s going to cost you to buy a home in Orlando FL.
Many people think that the only cost when buying a home in Orlando FL is the cost of the house or apartment itself. And that’s the most common mistake people do when they start considering buying an Orlando FL home. I can’t stress enough how important it is to know all the costs before you go to some real estate agency.
And don’t get me wrong, no one is judging you. It’s perfectly normal that you forget about these costs as it was your landlord’s duty to pay them. So without further ado, here’s a list of some of those “hidden” cots:
- homeowner association dues
- property taxes
- repairs and maintenance
Some of those cots will be explained later on in the text. But if you’re still not sure what those things are and why you should pay for them, you can always ask your friends and family who have their own houses or apartments to fill you in. Or if that’s not enough and you want someone professional to tell you about those costs you can go to your realtor for more information.
Short on time?
It’s really important that you don’t rush this part of the whole buying process. Because I don’t have to tell you that buying a home in Orlando FL is a big investment and a mistake can cost you greatly. If you have to leave your home before you buy a home in Orlando FL, the best solution is to rent storage Orlando for your belongings. Your belongings will be safe there until you are ready to move into your new home. And you will have enough time to go through all the information about buying a home in Orlando FL.
Closing costs and buying a home in Orlando FL
Closing costs include various fees that are above the price of the property. Those fees are, for example, an attorney, a title search, title insurance, taxes, lender costs, homeowners insurance and so on. And even though both buyer and seller share closing costs some of those costs are negotiable, like lender’s fee. So it’s worth a try to lower the price wherever you can but you should still be prepared to pay even a few thousand for closing costs.
The size of your loan and tax laws in that area dictate how much you’ll have to pay in closing costs when you’re buying a home in one of the best places to start over – Orlando FL. Usually, closing costs vary from 2 to 5 percent of the purchase price. That means that closing costs would range from $3,160 to $7,900 for an average housing price of $158,000.
What you need to know about property tax before you buy a home in Orlando FL
When you buy a home in Orlando FL try not to forget that you will also have to pay property tax. This tax can be included with the loan payment, but it can also be paid separately. The national average for property tax is currently 1.08%. But before you start to sweat, we have great news for you! Property tax in FL ranks below the national average since the rate is at 0.98%. So the typical homeowner in FL pays $1,752 annually in property taxes. However, keep in mind that this number varies greatly between counties.
Some would think that school ratings are low and crime rates are high considering that the taxes are below the national average. However, that’s not true. If you have children they would be going to some of the highest-ranked schools in the country. And as for the high crime rates, that’s just not true and a lot of statistics can confirm that.
Homeowners insurance in FL
Homeowners insurance is something you should be extra careful about when you’re buying a home in Orlando FL. First of all, you need to know what homeowners insurance is. It is a form of property insurance that covers losses and damages to both your house and its assets. It also provides liability coverage against accidents in the home or on the property.
The second thing you have to keep in mind is the climate in Florida. Hurricanes and floods are common occurrences in FL and those are not the things that homeowners insurance usually covers. So you need to get a supplemental policy for damage caused by natural disasters.
A few more words before you buy a home in Orlando FL
Now that you know how much it costs to buy a home in Orlando FL it’s time you found a real estate agent to show you some properties. A good real estate agent will show you properties that fulfill all of your wishes, they will deal with the legal aspects of purchasing, liaison with the mortgage broker, the connection of all services, arranging the final occupation licenses and so on. Once you’ve found your dream home, it’s time to hire affordable movers Orlando to help you out with your move. And finally, all you are left to do is to enjoy your new home!