Real estate in Florida is booming! Thinking of buying a home in Florida? I can’t say that I blame you.
Being a Florida transplant myself means that I definitely know a thing or two about relocating to the sunshine state.
In fact, just a few years ago, it was reported that about 1,000 people are moving to Florida per day, and, in just a few years Florida’s population could surpass even New York’s!
(Not hard to believe – have you seen New York’s beaches?!)
But before you start planning your move to purchase real estate in Florida, there are some very important home buying tips you should know. Knowledge always means power in any situation, especially when it comes to one that involves your money. At Grimaldi Law Firm, a leader in real estate law in Florida, we pride ourselves on educating our clients so that there are no surprises during the home buying process. We want you to be well-informed upon purchasing your dream home, and are happy to hold your hand every step of the way.
So, what knowledge will you need under your belt when you get ready to buy your next home in Florida?
5. Insurance Isn’t Cheap.
Because of Florida’s proximity to water and its low-lying terrain, your mortgage lender will likely require flood insurance. Additionally, homes with older roofs may be tougher to insure if they do not meet certain wind mitigation requirements. Older plumbing, electrical wiring, or lack of hurricane shutters may mean higher rates as well. But guess what? We can help you not only navigate all of this, we will certainly teach you how to keep insurance costs down!
4. Florida is a Homestead State.
Insurance may be slightly more costly, but there’s a silver lining to buying property in Florida. Florida homeowners can file for a homestead exemption worth up to $50,000. This exemption reduces the amount of taxes you’ll pay on your property, and puts a cap on how much your taxes might increase on a yearly basis without it. Here’s my advice – file for the Homestead exemption immediately after purchasing your home, or you’ll regret it down the road.
3. Being a Landlord in Florida is a Great Idea
Thinking of an investment property? Purchase one in Florida. With the number of national and international travelers who like to flee the cold weather for the warm Winters down here, renting is easy money. Rental rates are on the uptick and demand is too, so becoming a landlord is a great way to earn extra income to pay off an existing mortgage.
2. Fort Lauderdale is Now One of Florida’s Most Popular Cities!
This makes us happy, considering we are located just a few miles southwest of Fort Lauderdale! As of late 2016, Fort Lauderdale found itself on the top ten list of best markets for investors, just behind Texas. Trust us, if you want to buy a house in Florida, Fort Lauderdale, with its perfect mix of suburban small-town life, a bustling city center, and some of the most gorgeous beaches around, will NOT disappoint.
1. Protect Yourself
You may be told you do not need an attorney present at your closing, because technically, you don’t. But if you want to protect your assets, understand each and every line of that very long contract you’re about to sign, and want to make sure you’re safe for years to come – hire an attorney. For more information on why to hire a real estate attorney versus allowing a title agent to handle your closing, you may want to read up on this here blog.
Ready to buy? Give us a call – at Grimaldi Law Firm, your future is our present.
About the Author: Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.