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Old 08-16-2010, 12:26 PM
 
33 posts, read 64,650 times
Reputation: 10

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Hi everyone,

I have been doing a lot of research but need help putting some of the pieces together. My fiance and I just acquired a nice home in Sarasota off of Clark and Gant from a family trust and thankfully there is no mortgage on the home. Just an equity loan which is $122 a month.

The home is appraised at 200K I believe and the HOA's are $400 a year, really not too bad. What are property and city taxes like? I am trying to figure out our monthly expenses: equity loan $122, electric(?), water(?), insurances(?), property taxes etc.

Sorry if this post is hard to answer and if my questions are a little silly...

It's not a huge house but is a nice 3b/3br/2 car garage open floor plan with 12ft ceilings, no pool...

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Old 08-16-2010, 02:28 PM
 
Location: Where the sun always shines..
1,938 posts, read 6,262,125 times
Reputation: 829
Based on the info you gave, I would estimate your electric bill to be around $250. This may sound high, but with 12 ft ceilings it's going to be a bit higher than the average. My sisters house is about 2200 sq ft, and they have 8ft ceilings and $250 was thier latest bill. Granted it's been a very hot summer, and they have a teenage daughter. Insurance could run you around 1200 a year. The taxes would worry me though. There is another post here, that was just posted today about taxes increasing by 50%. Id read it. I live in Manatee County so Im not sure if it would apply to you. Make sure you look into applying for Homestead exemption..google it and see if you qualify. It saves you much on taxes, but since the home was left to you, and assuming you already own out of state you may not be eligible.
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Old 08-16-2010, 03:06 PM
 
440 posts, read 1,052,794 times
Reputation: 222
Our taxes actually went down on the bill we received today. Our assessment had gone up slightly on the condo which we purchased in 9/09. Maybe the original OP was looking at his prorated taxes at closing or maybe the seller had a homestead exemption but my understanding is you wouldn't initially qualify for one. It sounds like a very nice home in a convenient part of Sarasota- good luck.
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Old 08-16-2010, 04:22 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,086,723 times
Reputation: 1257
Come on Rachael! You gotta come before that!! ;-) Do you realize how many beers I'll drink by then!! I can't wait that long - I hope you understand!
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Old 08-16-2010, 06:02 PM
 
33 posts, read 64,650 times
Reputation: 10
Big House, I really really wish! lol, this all came on very sudden. I work for a Davids Bridal in management and he works for Lowe's he can transfer a lot faster than I can. The nearest DB is in Clearwater Even if I can find 2 PT jobs in sales (I'm really stressed about finding a job knowing that I have a specific timeframe...) I can take a bit of a pay cut seeing as there is no mortgage. Plus we are getting married up here so I am still tied to the North... a cold beer in FL sounds sooo good
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Old 08-16-2010, 06:05 PM
 
33 posts, read 64,650 times
Reputation: 10
Oobie119 - thank you for the info! Yikes $250 for an electric bill, we are pretty darn conservative with our energy (always leave your appliances unplugged when not using!) and this is so familiar to our heating bills blahh. This is our first home, we have only ever rented! What a blessing, we were stressing on how we would be able to buy a home someday and voila here it is.
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