Buying a home in the United States allows you to access a better quality of life. Also, enjoy the benefits of residing in the country. In addition to a more stable economy based on a solid currency, security and a good horizon for personal and professional development, you can take advantage of living in an area like Florida, with great urban and tourist infrastructure.
What are the costs associated with acquiring and maintaining a property in the area?
Costs linked to buying a home in the United States
If you are looking for real estate in South Florida, for example, in Plantation, West Palm Beach or Miami, you need to analyze the real estate market in the area. Here are some important considerations about the costs associated with housing in the United States, in particular, on the Gold Coast.
Interested in: Why choose Miami to invest?
Market value
According to data from Infobae (2023), the average market value of a house in Miami Dade is USD 570 thousand. For condominium apartments, the price is around USD 400 thousand. In addition, Florida is among the states with the lowest tax rates in the entire country.
Housing in the United States: taxes
Each of the 50 American states has its own fee for paying property taxes. These are the tax obligations for homeowners in the United States:
- Property Tax. This is the most important property tax. While it varies by county, in Florida it amounts on average to 0.98% of the appraised value of the property. It is important to remember that the fiscal value of a real estate is not the same as the market value or price.
- Homeowners Association (HOA) fee. It is a tax that falls on the possession of real estate, specifically in condominiums for sale. On average, in cities like Miami the cost is USD $ 10 per square meter. However, this amount may vary according to the characteristics of the property and its maintenance needs.
Associated expenses
When making a purchase contract, various administrative expenses arise that you need to add to the final sale value, such as.
- Notary fees and stamps.
- Tax appraisals, appraisal studies and commissions of real estate brokers.
- Disbursements for finishes and improvements, depending on the state of the property.
Maintenance and administration
The more amenities the property includes, the higher your maintenance expenses. For example, in gardening, swimming pool, SUM or painting and repairs of common areas.
You also need to factor in administrative costs. For example, the payment of services in common areas, lighting, surveillance system and cleaning. Some of these expenses are usually included in the expenses to be paid for each unit. In conclusion, studying the costs of acquiring a home in the United States is key to making good financial planning and making a better investment decision. Learn more about this topic and let yourself be advised by the experts of real estate in Miami to acquire the ideal property according to your lifestyle.
References
Cedar, Solitude. (2023). Property sales in South Florida fall, but prices remain on the rise. Infobae.
Waters, Sharon. (2023). Florida Tax Guide: What You’ll Pay in 2023. AARP.