text: 12 Extra Costs to be Aware of Before Buying a Home – Miami's Community News
  By: Commissioner Felicia M. Brunson |March 8, 2018
  "The last thing you need are un-budgeted financial obligations coming up hours before you take possession of your new home."
  Whether you're looking to buy your first home, or trading up to a larger one, there are many costs – on top of the purchase price – that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can budget properly. Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home. Read through the following checklist to make sure you're budgeting properly for your next move.
  Your lending institution may request an appraisal of the property that would be your responsibility to pay for. Appraisals can vary in price from approximately $300-$450.
  When you have found the home you are interested in purchasing, it is important to hire a certified home inspector to perform a thorough personal home inspection on the property for you. This inspection will provide a piece of mind to you as a home buyer as to all major aspects of the house including but not limited to plumbing, roof, air condition, appliances, etc. The cost for an inspection can vary between $250-$450 depending on the size of the property.
  When the home you purchase is a resale (versus a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700- $1,000.
  Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan. Depending on the year, location and protective attributes (shutters, impact windows/doors, security system, updated electrical and age of roof).
  • 10-20% higher during peak demand seasons.
  Some condos, townhouses and single-family homes (located within a gated community) charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. This fee may also include external property insurance, ask your realtor verify fees and what they cover prior to signing a contract. Fees may very depending on size and location of the property.
  If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property's taxes.