Buying a Florida Home: What You Should Know
Are you planning on buying a Florida home? Then you need to know about a few things, like:
- Current market conditions
- Home inspections
- HOA communities
- Insurance
- Closing costs and other associated fees
Finding a good real estate agent you can trust is important since they can help fill you in on all of these topics.
1. Florida’s Current Market Conditions
The housing market has been on the rise for the last couple of years. Market conditions, however, fluctuate regularly. As the saying goes, the only constant is change. This is especially true for real estate, not just in Florida but all over the US. No matter what the economic conditions look like, buying a house at the right price is the key.
2. Homeowner’s Insurance in Florida
Florida is a beautiful coastal paradise state. Don’t let the picturesque weather trick you, however. Our state is not exempt from terrible weather. Floods and hurricanes do happen in Florida. Buying a Florida home that is made to withstand high force winds is one of the best ways to prepare for these kinds of disasters. You should also invest in the right homeowner’s insurance. Make sure to factor the estimated additional costs for insurance into what you can afford every month for your mortgage.
If you get a house that was built after 2002, the insurance usually will be lower since it was built to the latest building code regulations. It’s always a good idea to call insurance companies and ask after the homes you are interested in. An insurance agent will be happy to give you a brief cost comparison whenever you are stuck between two different properties.
3. Don’t Underestimate the Value Of Home Inspections
You have found the home of your dreams? Great! Now you need to have a thorough home inspection conducted before anything is finalized when buying a Florida home. This helps keeps you from purchasing a home with too many issues. You will be left with no legal options against the seller if you skipped out on this step and the home turns out to be defective.
4. Do You Want To Live In A Deed Protected Community?
A deed-restricted community is a neighborhood is that is governed by a homeowner’s association. All owners pay regular fees. The association, in return, maintains certain rules and community maintenance. There are plenty of these in Florida.
This is ideal in some cases. Make sure to read the fine print to ensure the local rules before buying a Florida home in a deed-restricted community. You don’t want to agree to rules that you can’t live by. For example, the homeowner’s associations can enforce laws regarding:
- How many people live in your home at a time
- If you can rent out your home
- What kind of pets you can have
- How the property is allowed to be used
There are unique property laws in Florida that can protect your home against foreclosure, even when filing for bankruptcy. If you purchase a home in an HOA community, however, you might lose this right since the homeowner’s association has the right to foreclose on your home.
5. Closing Costs and Other Expenses
Florida is considered a “High Closing Cost” state. This means, in simple terms, that it is more expensive to close on a house in Florida than most other states.
6. Find a Quality Florida Real Estate Agent When Buying a Florida Home
It is always highly recommended that you hire a real estate agent. It doesn’t matter if you are buying a Florida home or selling. There are many things for you to consider when getting a property in Florida and hiring a reputable real estate agent will make the whole process easier. It will also help prevent people from taking advantage of you.
Affiliated Home Solutions does more than just help you find the perfect home. We are here to help you with every step of the process. From home inspections to securing a great mortgage rate, we will be there. We have the knowledge and connections to make home-buying easier for you than ever before. Call us today to start your journey towards buying a Florida home!