buying guide: costings

We are able to give you advice on all aspects of buying a home whether re-sale or new and as each home is individual then each persons costings will be also so please use the figures below as a guide and once you have found the home you wish to buy we can detail things more accurately so there are no nasty surprises. Although buying a home in the US is relatively easy there are some subtle differences to the way the UK market works we can advise you FREE of charge at all times and are licensed under Florida law, we have representatives both here and in Florida who will assist you and keep you updated at all times.

Finances:
How to finance your home is a major factor and there are several ways to do it you may pay cash or have either a UK or US mortgage. We have a good relationship with a major mortgage provider here in the UK who will assist you in obtaining either a US or UK mortgage, the minimum deposit required is 20%, some people put more down and if this is possible it will save a lot of paperwork for you to provide. We can have the mortgage company call you at a convenient time with a NO obligation quote or you may call them as it’s a freephone number.

Deposits:
For new build homes the majority of builders ask for a $5000 deposit this is to hold the lot and protect you from price increases.
At the signing of a contract a further 10% of the final purchase price is paid within 30 days, at this point builders differ some may ask for another 10% 30 days after that or it may be possible to pay the rest of the deposit at closing with the balance.

Example:
Home costing $350,000 will require a minimum 20% deposit
  = $70,000 = £37,838 (using an exchange rate of 1.85 to the pound)

For a re-sale home the deposits can range from between $1-5000 and the home can close in 4-6 weeks so finances need to be in place when putting in an offer.

Closing Costs:
These are the legal fees due on completion of your home and as a guide are approx 4% of the purchase amount, if paying cash these will be considerably lower.

Running Costs:
On average the typical management fee per month is $350 this includes lawn maintenance, pool cleaning and pest control weekly and the admin fee, utilities/cleans are on top and depend on what size home you have approx figures for a 4 bed home with 2 cleans per month $5-600, many things can adjust this figure such as seasons and occupancy so this is just a guide. We are able to give you more accurate figures based on our own homes usage so please ask.

...and of course don't forget the furniture!