The Unexpected Expense You Need To Prepare For After Closing On Your Home

The day you close on your home is one of the most exciting days of your life. You’ve finally found your dream home and now it’s yours!


But, what happens when you move in? You may notice some unexpected expenses that come with buying a home. Here are 3 things to expect after closing on your home:

1) Know Your Exact Monthly Payment

Before you buy a house, make sure you know how much money you will be paying each month. The interest rate and down payment play a huge role in determining this number.

2) Know That Your Taxes Will Likely Go Up

When buying a home, taxes are often overlooked as an expense that will increase after closing. However, it’s important to note that when you buy a house tax rates can go up or down depending on where you live and whether or not there have been changes within the community recently.

3) Know That Home Insurance Can Go Up

Home insurance premiums can go up over time due to changes in your policy or coverage limits. Most policies require regular updates so make sure to review yours annually for any potential updates or changes to your coverage limits.

What you can do to stay within budget

When buying your home, don’t max out your maximum preapproval monthly mortgage payment. This will prepare you for potential increases in your taxes and potential increases in homeowners insurance premiums. Try to keep your monthly payments 2 to 3 hundred dollars under your monthly maximum preapproval amount. This will act as a buffer and prevent your budget from becoming overextended.

Also, you can apply for homestead tax exemption. In the state of Florida, a $25,000 exemption is applied to the first $50,000 of your property's assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes. You can go to the Florida Department of Revenue for more information. 2nd, you can shop for your insurance, or use an independent insurance agent to shop multiple providers for you. 

If you would like to obtain a personalized total cost analysis showing a before and after scenario message me down below. 

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. 

Today’s market requires you to have a skilled negotiator and consultant, like me, helping you and the people you care about right now.

Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity. 

Or visit us at https://www.TreasureCoastHomeLoans.com