Fees or Costs

When you buy

Closing Costs are to compensate the closing agent, your title insurance and of course government taxes.

Cash transaction closing cost will be more or less 0.70 % (percent) of the purchase price.

Financing transactions can vary from 2.0 to 5.0 % (percent) based on the purchase price. The costs include additional government and recording fees plus supplementary points or profit to your mortgage company.

When you own

Maintenance fees are related to condominiums and town homes only. They cover the cost of security, common area utilities, amenities  and repairs. The age of the building, the quality of the condominium board, the luxury level and the quality of the building construction are contributing factors to the amount you pay.

Here general guideline for a newer construction. The dollar amounts are calculated on the size of your home:

• 2-Star quality: Your costs are $0.30 to $0.40 per sqft.
• 3-Star quality: Your costs are $0.40 to $0.50 per sqft.
• 4-Star quality: Your costs are $0.50 to $0.80 per sqft.
• 5-Star quality: Your costs are $0.80 to $1.20 per sqft.

Example for a 4-Star condominium with 1,100 sqft. (100 square meters) you calculate 1,100 x $0.60 = $720.00 per month.

Real estate or property taxes vary from state to state and from county to county. In most of Miami and the Beaches your taxes will adjust over time to your purchase price and then assessed yearly by the government. If you permanently and legally reside in South Florida, you will need to claim your “homestead” exemption which allows for certain benefits.

Property tax revenues are levied by the following taxing authorities:

Miami-Dade County
Public Schools
Cities/Municipalities
South Florida Water Management District
Independent District

The total yearly percentage is approximately 2.75 % (percent) and is charged on your property’s assessed value.