Model the full cost of ownership.
Purchase price is one number in a larger ownership decision. A Brickell residence may add association and service charges, property taxes, insurance, financing, special assessments and furnishing or repair costs. A new development may show projections rather than an operating budget.
Three checks that change the answer.
Request a written settlement or Loan Estimate where applicable.
Include deposits and closing funds on one timeline.
Review adopted budgets and any assessments.
Calculate funds needed to close
Start with deposit and down payment, lender or cash financing choice, title and closing charges, insurance funding, prorations and association application costs. Ask the appropriate closing and lending professionals for actual figures.
- Request a written settlement or Loan Estimate where applicable.
- Include deposits and closing funds on one timeline.
- Keep a separate post-close reserve.
Calculate ongoing ownership
Compare current or projected association charges, post-purchase tax estimates, unit and master insurance, utilities, financing and planned capital work. Stress-test a second home or investment without assumed rental income.
- Review adopted budgets and any assessments.
- Obtain address-specific insurance guidance.
- Allow for furnishings, repairs and future fee changes.
Make the comparison specific.
Use a unit-specific total-cost worksheet; no site-wide estimate can establish the cost of a particular home.
Use a unit-specific total-cost worksheet; no site-wide estimate can establish the cost of a particular home.