Make three simple budgets
- Cash to buy: the down payment, closing costs and bills paid ahead of time. Plan when the deposit is due. Count any deposit credited at closing only once. Include the money needed to start any tax and insurance escrow account.
- Bills after closing: mortgage, taxes, insurance, HOA dues, utilities and normal upkeep.
- Cash to keep: moving, repairs, insurance deductibles and surprise costs.
Your lender may collect some bills with the mortgage payment through an escrow account. You may pay others yourself. Count each bill only once. Dividing a yearly bill by 12 helps you plan, but does not change when it is due.
Estimate your taxes, not the seller’s
The seller’s tax bill may include tax breaks you will not receive. Start with the property appraiser’s new-owner tax guidance.
Use the official tax estimator for each home. Check the tax district, value, year and tax breaks that may apply to you. Do not assume the seller’s homestead exemption passes to you.
The Tax Collector explains the bill. It can include both value-based taxes and separate charges for services. Keep the estimate and the assumptions you used.
Get a quote for the home
Give a licensed insurance professional the home’s roof, system and building details. Explain how you plan to use it. Compare the coverage, deductible, exclusions and any work required, as well as the price.
Use Florida’s insurance shopping guide. Most homeowners policies do not cover flooding. Check the FEMA map and ask about flood coverage and lender rules.
A map, a quote and a home inspection answer different questions. Get each one while you still have time to review the home.
Find out what the HOA or condo fee covers
Ask for current dues, budgets, rules and plans for major repairs. Check for special assessments, which are extra charges beyond normal dues. Some homes have more than one association.
Ask who pays for the roof, outside walls, yard and insurance. Keep private-club fees separate. Confirm whether a club membership is required, available or transferable.
For a condo, have the right professionals review building records and loan eligibility. A quoted payment is not the full answer.
Compare homes with the same worksheet
| Cost | What to get | What to compare |
|---|---|---|
| Loan payment | A loan estimate | Same loan type, down payment and pricing date |
| Taxes | New-owner tax estimate | Yearly amount and how you pay it |
| Insurance | Written quote | Coverage, premium and deductible |
| HOA or condo | Current dues and planned charges | HOA costs and separate club charges |
| Utilities | Provider details and available past bills | Your expected use and service choices |
| Repairs | Inspection and repair quotes | Work needed soon and savings for later |
A lower price does not always mean lower monthly costs. A larger down payment also leaves you less cash. I help you compare both sides.
Separate help at closing from future bills
A lower price, seller contribution, commission rebate and lender credit work in different ways. I help you compare the choices that fit the offer and loan. Seller agreement, lender rules and program eligibility still apply.
A lender credit can mean a higher rate for lower upfront costs. It is separate from the commission rebate. Neither removes future taxes, insurance or repairs.
Use the payment and cash planner for estimates. Then replace the assumptions with actual quotes and documents. Cash buyers still need a budget for taxes, insurance, dues and upkeep.