Are you looking to buy your first house in Florida? Maybe you’re ready to move to the beach, or you want to invest in a rental property? There is some great news coming your way. Florida lives up to the reputation of being one of the hottest states, both in climate and real estate.
In this article, you’re going to discover how to choose top Florida realtors and some secrets on how to navigate the market. Whether you’re a first-time buyer or you’re moving to a new state, these tips will help you survive in the Florida housing market. In any case, finding an agent to help you with the search can make this big life change a bit less intimidating.
Learn About the Local Real Estate Market
Real estate trends vary among states, cities, and even neighborhoods. What’s happening in your hometown might not reflect the housing market in another. Working with a local real estate agent is critical to getting an insider’s take on the market trends. For example, in Miami, FL, real estate agents can point you in the direction of up-and-coming neighborhoods and keep you attuned to local season trends. However, don’t rush to reach out to the local realtor. Make sure you know exactly what you’re looking for first.
Explore What Each City Has to Offer
Relocating for work or school will narrow your options down to a city. But if you’re looking for a property to invest in for rental or commercial purposes, the world is your oyster. Consider the qualities of the real estate scene in different cities in Florida. Research the quality of life, tourist attractions, nightlife, school systems, and stability of the job market. Those indicators will help you understand what kind of property is in demand and what deal you can expect to get.
Decide on the Neighborhood
Regardless of the city, the neighborhood sets the tone for your new property. Whether you’re buying a property for personal use or as a business opportunity, consider what amenities you want in your neighborhood. Look for things like crime rates and commute times. Depending on your need, explore which of the neighborhoods have better schools and kids’ activities, parks or other spaces for your hobbies, trendy restaurants, quirky shops, or thriving nightlife. No matter if you’re looking for a house or a condo, you want the community to match your lifestyle.
Set Your Requirements for the House
After narrowing down your location, think about the main requirements for the property. Keep in mind that the real estate market is tough, and you have to be flexible in your ideas. Have your non-negotiables list ready, like the number of bedrooms, parking spots or garage, spacious backyard, etc.
Don’t be afraid to trust professional realtors. It may feel tempting to search for places on your own, and no one will stop you, but it can be time-consuming. Real estate agents have the resources to effectively navigate the market, negotiate, and, most importantly, can handle the paperwork. The truth is, no matter how big the agent fees might look, it is worth the investment. A professional and experienced realtor can assure a stress-free signing and closing process and will advocate your needs and budget. Real estate companies have access to the database and can easily predict the best time for the sale or investment.
Figure Out Your Finance Plan
Getting a loan, paying a down payment, and covering closing costs are all part of buying property in Florida.
Be Ready for a Down Payment
Depending on your type of loan and your credit report, a down payment in Florida can range from 3-20%. Additionally, you will have to cover closing fees, which can be equal to your down payment. In a competitive market like Florida, having money for these ready to go will help the closing process go smoothly. Unfortunately, sellers won’t wait for you to collect enough money in peak seasons and would go with a candidate that is all set. Before starting the search, make sure you have enough savings set aside for the down payment.
Florida First-time Buyers Programs
There are plenty of special government programs that help first-time buyers from different backgrounds with down payment funding and loans. There are national programs and state government programs that you can apply. Some of them have specific requirements, like Military Heroes Government Loan Program. However, the majority of them are designed for first-time buyers and low-income families. If you’re interested in enrolling, you can explore your options with Florida Mortgage Credit Certificate Program or Florida HFA Preferred Conventional Loan.
What to Keep in Mind When House Shopping in Florida
- Insurance Rates for Extreme Weather Conditions
Relocating to a state like Florida, you have to keep in mind that it’s not all sunny weather and beaches. The state is highly affected by extreme weather conditions like hurricanes. In many cases, worsening weather patterns are causing insurance premiums to jump through the roof. Make sure to consult with a realtor and insurance company to get the best conditions for yourself. Rates will depend on your proximity to the ocean, cost claims, etc.
- Property Tax
Florida property tax is some of the highest in the country. However, some exemptions make it more affordable. Veterans, seniors, widow(er)s, and homesteaders can apply for exemptions to their taxes. The tax rates also vary between counties, which gives you one more thing to consider when choosing a location for investment.
- HOA/ Deed Restrictions
Some properties in Florida can have hidden homeowners association (HOA) costs or deed restrictions connected to the property. Such an arrangement might forbid you from renting the place, using it for commercial purposes, making renovations or changing the exterior, and much more. Make sure you’re informed of the deed restrictions. If they are too restrictive, find a different neighborhood.
The Final Word
Florida is a gold mine in the real estate market. It has it all: buzzing nightlife, splendid beaches, quiet cozy towns, and worldwide-famous megapolises. No matter if you’re searching for a house in Jacksonville or a condo in Miami, follow all the tips above and you’re bound to succeed. Good luck finding the best deal out there!
