Are you planning to buy your dream home in South Florida?
Well, considering the growing South Florida residential real estate market, wanting a piece of abode here is surely a dream to anyone who believes in quality living and wants an excellent property deal.
But then again, houses here are pretty expensive. And being new to the area you don’t want to end up choosing a wrong location or faulty property. And that’s why here are the major things you must consider before buying a house in South Florida.
As of July 2020, while 369 single-family houses are sold ranging between $300,000-$500,000, condos under $500,000 are also selling fast in Miami-Dade County. Even in Broward county, both single-family homes under $500,000 and affordable condos ranging from $100,000-$300,000 are moving off the market.
Yes, over the last few years, despite the continuous fluctuations in the market, the South Florida real estate market has been on the rise. Considering the future, present, and past market predictions it can be said that now is a great time for investing in the Florida real estate market.
Considering the conditions of real estate today in Florida, neither getting a homeowner’s insurance is easy nor it is cheap. Unlike most of the major companies, smaller companies provide insurance only if the home meets their house inspection criteria which consist of checking the following:
Therefore, buying an old house that fails to meet the standards here means either asking the seller for the repairs as you won’t be getting insurance or simply looking for another house. While insurance rates of public-private entities are pretty higher; some houses in South Florida even require flood insurance.
Since there is no state income tax in Florida, property taxes are municipalities’ major way of collecting revenues. And when it comes to the houses for sale by owner South Florida, property taxes vary from what the previous owner had to pay. Though the property taxes in Florida is a bit lower (0.98%) than the US (around 1.08%), when you buy a property the property value is reassessed again, and presently payable the tax amount is determined.
Once you’re done with assessing the present housing market South FL and obtaining necessary knowledge about homeowner’s insurance and property taxes, you need to consider the benefits or advantages that the selected house has to offer to confirm your buying.
If you are adamant about buying a home in Florida, then make sure to abide by the factors mentioned above.
Or else, you can simply contact us at 1st Source, and get your dream home in South Florida in the most hassle-free way. Be it finding the right home at the right location or the best home insurance, our professionals are here to help you at every step. We even help our clients with the relocation process.
We have instant access to all the local real estate data including listings, and neighborhood statistics. With over two decades of the overall experience, in South Florida, Atlanta, Jamaica, and worldwide, we have our EYES on the market.