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Friday, October 29, 2010

Home Buyer Tip: When Buying a House The Only Thing You Can Control

When shopping for a house or condo the most important consideration is price.   There are some choices a buyer makes like location, age of the structure and size.

But after all those choices have been made there are the issues a buyer can not control but should take into consideration such as....
  • Taxes.  They will likely go up and you will have little say in the matter until the next election.
  • Homeowner Association Dues.  Sure the association members control the association in accordance with the by laws but just as taxes are not directly controlled association dues are at the mercy of the member voters.
  • Condo Dues.   The number of condos, insurance requirements, reserve funds, common area improvements all are issues that cost money.  The number of vacant/foreclosure units as well as delinquencies.  The association funding requirements continue even when the funds are slowed.
  • Special Assessments.  Associations as well as municipalities always have this as an option to cover a need.
  • Insurance.  If you are buying on the barrier islands, on the beach, in a flood zone or any place for that matter, the cost of insurance will likely rise, especially if there is a hurricane.
Taxes, association dues, and insurance are pretty common regardless of where you purchase in Brevard County.  However, keep in mind these are often only known as of the time of purchase.

If you are buying your first home this is not meant to scare - only to educate!

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