These are FAQs, not FACTS! Please remember, these are estimates only and by no means guaranteed. DO NOT make a decision to buy or not to buy based solely on these estimates. These are offered as guidelines and because they are questions frequently asked. If these general estimates sound like a good starting place, and you want to go a step further, call a specialist or contact me and I will walk you through getting accurate quotes.
What will my property taxes be annually?
A good way to estimate what your property taxes MIGHT be is to take the purchase price and multiply by the 2003 millage* which is .012284 in the city and .011625 in the county.
NOTE: Disregard what the current owner pays; properties are re-assessed at market value when the property sells. *Per the Monroe County assessors office 295-5000.
What is hazard insurance?
Hazard insurance includes Flood, Wind, Fire/Homeowners.
How much should I expect my hazard insurance to cost?
Unfortunately, this is very hard to estimate. Figure 1% of the sale price annually; for a more accurate estimate, contact a local insurance company - Key West Insurance at 305-294-1096 or Fuller's Insurance 305-294-6677
How much will my mortgage payment be?
A good rule of thumb is for every $100,000 you borrow at 6%, you will pay $1,000/month for your PITI payment. PITI = Principle, Interest, Taxes, Insurance. To be more specific, use the mortgage calculator (see the link at bottom left) to find your Principle and Interest portion, estimate your Taxes and Insurance using the calculations given and do the math!
What are utility costs locally?
My family lived in a 1750sf cbs (concrete block structure) with central air. Our electric bill in the winter is about $75 per month; peak bills in the summer - mid-June to mid-Sept - are about $350-$500 per month (I love my ac). Our water bill is about $50/month. We have an electric water heater. In Key West, your sewer bill will fairly match your water bill. Up the keys, you’ll have private sewage treatment: either a septic (no monthly fee) or a community sewage treatment plant.
What does is cost to add a pool?
About $350 per linear foot from first shovel to jumping in, including all pool equipment. One contractor suggested that I lay out a garden hose in the shape and size I want, then do the math.
What does is cost to add central air conditioning?
Depends on sf and layout of the house, of course. Adding central air to our square, one story cbs house with a peaked roof (ductwork can go in the attic) was $6,000 for the ac unit (including installation) and $1000 in electrical work.
What do condo fees include?
Each condo complex is different, but many include the hazard insurance, cable TV, pool and grounds maintenance, security, building upkeep, some even include water. Before you make a decision to buy, we’ll find out exactly what the fees include.
What is an “As Is“ rider or contract?
Property here is sold “as is”, meaning don’t expect the seller to repair anything you find during the inspection period, or to tent*. In exchange for this, though, you get an inspection period during which you can have ANY inspections you wish and the seller must make the property available at reasonable times with utility services on. At the end of this inspection period, you have the right to withdraw with no penalty or to proceed with the sale. You will know exactly what you are getting into.
*What is tenting?
The lower keys has flying termites, not underground termites. If termites are found (and they almost certainly will be), your lender will require that you “tent”: the pest company drops a big tent over the house and gasses it. Tenting is usually necessary every 5-7 years. If you have questions about this, please call one of the termite companies in the phone book. We use Gulf Coast 294-3494.
Why do I need a survey?
If you are mortgaging the property, your lender will require a survey certified to you so that your boundaries are insured in the title. If you are not getting a loan, we recommend that you have a new survey done certified to you for the same reason PARTICULARLY FOR OLD TOWN PROPERTIES, which all sport a different POB... (FYI, here's a little known fascinating fact about points of beginnings!)
What is an “elevation certificate“?
An elevation certificate tells you where your first floor is in relation to the “base flood elevation” for your area. Flood maps name the base flood elevation for every area of the keys. This is the elevation at which an area will flood every 100 or 500 years (depending on which flood statistics are followed).
My home is in an area where the base flood elevation is 9’ above sea level. My first floor is at 4.5’ above sea level so, statistically, we will flood every 100 years. Our house in new town got 2" of water during Wilma. Enough to ruin all Hal's ugly shoes and soak the rugs, but we didn't lose any appliances or furniture. Did lose the pool pump...
What is a homestead exemption?
If your new home in Paradise will be your primary residence, you can apply for a Homestead exemption. This will reduce your assessed value by $25,000 and reduce your property taxes accordingly. You want to apply asap after closing! To find out more about the Homestead exemption, call the Monroe County property appraiser’s office at 295-5000.
How do I change the utilities to my name after closing?
After closing, take your deed (the utility companies will keep a copy), your driver’s license or photo id and your checkbook for the deposit to 1) FKAA (Florida Keys Aqueduct Authority) at 1100 Kennedy Drive 296-2454 and 2) KES (Keys Energy Services) at the corner of Grinnell and James 295-1000.
The previous owner may or may not order a disconnect; once you start your service with the deed, the service will be prorated to the day of closing.
The closing agent will take care of the sewer and garbage. If there is gas service, check the tank at the property and contact that company.
Other questions? Please ask!
