Buying a home is everyone’s dream, but it should be a rational decision. A few things are important to know before buying a house such as current real estate market, insurance, so on and so forth. If you are planning to buy a house in Florida, then, read on to learn about the must know things before buying a house in Florida to make sure you get the best deal.
Current Market
The housing market in Florida is rising for the last couple of years. Yes, there were fluctuations occasionally, but overall the housing market is rising exponentially in Florida. It is necessary to know the current market status, so you can buy a house at the right price. If we talk about the statewide median sales price for a single family existing home, then, it was $240,000 in the second quarter of 2017. It is 9.1% up compared to the last year. To ensure you are getting a good deal it is important you are well aware with the past and present market value. Also, you should get some knowledge of future market predictions to ensure your deal is the finest till many years from now.
Personal Home Visit for Inspection
Generally, people look for a house online within their budget. Once you shortlist some options, don’t skip a personal visit to interested property. This will protect you from shocks and surprises after buying the house. The visit is not only for looking at the outer appearance of the house, but about checking durability of the house so you can get a good house and don’t regret later for buying a defective house. You must inspect different aspects of a house such as the reliability of the structure of the house, drainage, pest control, basement and flooring, etc. You may take the help of a professional as well to ensure the house inspection is accurate.
Insurance for the Homeowner
Florida has the picture perfect view as it is one of the most beautiful states with miles of coastal area. However, we can’t predict weather as it can get changed any time. In coastal areas, flood and hurricane are common disasters and taking wise steps well in advance can be beneficial to home owners in Florida. The first step you can take is to buy a house in Florida, which is built to withstand winds with high force. The next step is to get a good insurance for your residential property. Thus, when you are planning your monthly investment of mortgages, make sure to add an additional cost of insurance premium. According to the latest building code regulation, the insurance expense will be lower if bought house is built on or after 2002. However, the old houses with old roofs, plumbing, wiring, etc. would cost more. It is always a good idea to call a local and the credible insurance company and ask about insurance premium and facts to be kept in mind for the property you are interested in.
Clear Closing Cost
Florida is known as ‘High Closing Cost’ state because it is more expensive to close a deal of the house in Florida than any other states. No need to hesitate buying a home in Florida due to this fact. You can be vocal about things while discussing the deal and counting on mortgage, insurance, renovation, paper work and other formalities. You can take the help of a realtor in Florida as well because they are well aware of different property related matters and can give a clear estimate to you. However, make sure to discuss the fee of a real estate agent before taking his service.
These are the most important things you need to keep in mind before buying a house in Florida. This will ensure you get your dream house easily at the best price.
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