First-time homeowners are often caught off guard by unexpected increases in mortgage payments after the first year of purchasing their homes, particularly when buying newly built properties. A recent survey from Real Estate Witch revealed that nearly three-quarters of recent homebuyers expressed regrets about their purchase, with property taxes being the most common source of surprise for 33% of new owners. Here are some important points to note from the text:

– Nearly 75% of recent homebuyers had regrets about their purchase, with property taxes causing surprises for 33% of new owners.
– New builds lack a tax bill initially, leading mortgage lenders to use an older tax rate or an estimated rate to calculate monthly payments.
– Property taxes for newly built homes can change dramatically after purchase, catching homeowners off guard as initial rates are often based on estimates.

You can read this full article at: https://papersourceonline.com/buyers-of-newly-built-homes-can-face-a-property-tax-surprise/(subscription required)

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