Do Your Homework First Before Signing on the Dotted Line


do your homework first before you sign on the dotted lineThere are several factors to take into consideration in purchasing a Brevard County Florida home

Obviously, the price of the home will be one of the biggest considerations. 

The next question typically is how much will my taxes be? You can visit the Brevard County Property Appraisers Website. There you will find a property tax estimator that will give you an idea of what your property taxes will be. But, be sure that you understand that depending on the time of year that you purchase the home, the taxes may be computed based on last year’s assessed value of the property.  Properties are reassessed each January, however the tax bills do not go out for the year until November, thus taxes are paid in arrears.  So, you may be buying a property today, and paying the taxes on it based on an assessed taxable value from January 2008, which is common. But be sure you know what that tax figure is.  Be aware that you must also take into consideration whether the home currently has homestead exemption on it.  If you live in the home as a primary residence you can file for homestead exemption which gives you a discount of $450 on the first $25,000 of assessed value and then about $240 on the second $25,000 of assessed value. I just recently wrote a post on homestead exemption.

Buyers are always interested to find out how much their insurance costs will be.  The state of Florida has done some major restructuring over the past couple of years on our insurance industry.  What kind of insurance will I need?    A good place to start is by checking online at the Florida Insurance Information Institute. This site reviews the basics of the 4 different types of insurance and what each of them cover.

To give you a starting point and an approximate figure on what Florida homeowners insurance may cost you may visit the Florida Office of Insurance Regulation Website.   Here you can shop and compare insurance. However, the most accurate indication of what insurance on a property will be is through a local insurance agent. They must be provided with a specific property address and they can give you an estimate.  You may also want to check Citizen’s Insurance Website as they continue to write new policies throughout the state of Florida.

And remember, here in Florida if a property has an updated roof, windows, garage door, and/or storm shutters you can have a wind inspection done on the property. It costs about $100-$150. It can save you $300 or more on your homeowners insurance. I just recently wrote an article about this.

As a buyer, it is important to do your research upfront,  before you make an offer on a property.  This way there will be no surprises.


This article is authored by

Sandy Shores, Brevard County Real Estate

Brevard County Real Estate Investing

Melbourne Florida Real Estate News


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