Buying Real Estate in Florida

Are you looking to make a big purchase and that purchase happens to be in Florida? And, you are looking to purchase real estate? Well, there are so many options and opportunities when it comes to buying real stay in Florida, and there's also a lot of things to look out for and a lot of things to keep in mind when making such a big purchase. So, stay tuned for more details.

So, buying real estate in Florida. Most of us can agree that the Florida real estate market is one of the most profitable investment markets to date.

So, if you are looking to invest in property, you need to consider what type of investment that you want to purchase. Whether if it's a full-time investment to where you are just going to just rent it out 100%, don't plan on using it, might not even see it in person. Or, if it's something that you are going to use as a second home. Maybe stay there for a few months and then rent it out the rest of the time, or if it's something that you may use once or twice in the year and rent out the rest of the time. So, you definitely want to consider what type that you're looking for because if it is a unit or an investment property that you are going to use for personal use, then you definitely want to make sure that you are happy with the location. You're going to have probably a little bit more of an emotional attachment as well. It could be a piece of property that you plan on passing down to your children in the future, or it could just be something that you will plan on reselling later and make a new purchase. Or, just hold on to that money and then put it towards something else. So, if you do plan on reselling in the future, you definitely want to make sure it's a great location that the property is up to date and to where you really won't have a big challenge trying to find another buyer for that property. So yes, if you are looking for investment, just make sure you have your options all laid out so you understand what your true options are works best for you in your situation when it comes to investing.

And also, if you don't plan on living in the property that you're going to purchase and it's just pure investment and you're out of state, you definitely want to consider hiring a property manager to take care of the property for you while you're not there. It does take a lot off your shoulders as far as handling the bookings and the cleanings of the maintenance of the property. However, there are still a lot of owners that will opt to take care of the property themselves. So again, it's really based on what works best in your situation.

Now, if you're looking to purchase a primary residence, you would definitely need to consider what works for you and in your family. If you do have a grown family, and, you know, what works best for, you know, people in your family may have different needs. So, what works best for your spouse, what works for your children or whoever else you may have living with you or even what works best for your dogs or your cats. A lot of people do consider their pets, their children. So, if you have children, you want to think about which schools, which districts meet your standards. You know, the grading of the school, what's close to work, or if there are plenty of appointment opportunities around the area. Unless, you plan on transferring, make sure that, of course, you do have a position available for you in that particular area. If you don't already work from home, of course a lot of people do these days, so location wouldn't be a big deal when it comes to work. You know, do you want a lot of entertainment nearby? Do you want a lot of restaurants and stores to shop at nearby? Do you want to live close to relatives? You know, do they already live in Florida and you want to come and live near them? Then you really want to make sure that you are okay with where you're relatives live too. Because, you don't want to be close to family, but still be miserable because you're not very happy with the surrounding area. And it doesn't really fit you and your family and what you're used to or what you're looking for. So, definitely do the research about the surroundings and make sure that, you know, anyone that's involved with the move is on board with where you decide to purchase real estate.

And speaking of location, of course, a lot of people think of palm trees and white sand and beaches when it comes to Florida. However, there are still many different types of areas. So, think about what works for you and what you're looking for. I mean, do you want to be in a touristy area and just kind of be blended in with the crowd during the peak season. Even off seasons, lots of snowbirds still come to visit during the off season. Or, do you want a more rural area more quiet, away from everything, away from all the action, or do you want to kind of be in between? Do you want to be in a nice little home that's still close to the beach, but not close enough to where you're just running into all these, you know, new phases on a regular basis. You know, you're all the tourist or, you know, or if you're wanting to be somewhere to where you can get out, maybe go camping. There's a lot of people that have their own campers and want to just go away for a weekend, but still kind of be within a couple hours away. Florida has a number of opportunities to find or a number of different places for you to choose from as far as whether you like a more quiet area. Or, you want to, you know, be where all the action is and all the loudness, and maybe you do like to meet a lot of new people on a regular basis. So being in a touristy area would be pretty much a great idea. Making a lot of new friends on a regular basis.

Another thing to consider is the affordability of the real estate that you're looking to purchase. Some areas do have pricier options when it comes to housing or even vacant land. So, if you are working within a particular budget, you definitely want to make sure that you are selecting a place that does have the, you know, the land or the lots or the homes that you're looking for within your budget. You know, a lot of people say, okay, I want to live in a big, big house on the water. Not necessarily the beach, it could be the bay. And I want to have my own dock, my own boat lift, I want a pool. However, something like that in a particular area could be several hundred thousand dollars over your budget. So, we can't have it all, not all the time. So, if you just want to kind of narrow your options down, which leaves me into my next thoughts that I want to share with you when it comes to affordability.

If you're financing, you definitely want to make sure that you connect with a mortgage lender to find out what loan product would work best for your situation. Of course, you want to find out how much your down payment is going to be or how much your pre-approved for what your down payment is going to be, what your interest rate would. And then, you also want to consider the closing cost on top of that, which could be three to five percent of the purchase price. And then there's going to be cost for the inspections that we need to be paid for upfront. And then also post closing repairs, things that you may want to get taken care of after closing, after taking over ownership of the property. It could be little cosmetic things. Nothing major that the seller should have done. But, you know, it's really just optional repairs, cosmetic things. Like, maybe the common bathroom only had a shower, but you need a bathtub for your children or for your dogs. So, how much does it cost to install a tub after closing or maybe the yard isn't fenced in, but you do really need a fence for the sake of your pets and your kids. How much would it cost to have a a fence installed around your property. So, things like that you want to take in consideration when it comes to buying real estate. There's a lot to pay for, put in a lot of money to put in when it comes to purchasing and then a lot of things that would need to be paid at closing and after closing. So, just kind of make a little list when you are searching for home as to how much the upgrades or repairs are going to cost you after closing. And if it's, you know, ideal or if it's even worth it, some people don't want to buy a total flip to where everything needs to be replaced. After closing, you know, a lot of cash buyers out there that's not worried about it. They can do a quick close and handle all that afterwards. A lot of investors do that. They'll buy a property as is and just make the necessary repairs and upgrades. And they'll either resell the property or they'll hold onto it and use it for a long term or maybe even living in themselves. I've seen that too. So yes, definitely connect with a mortgage lender just to figure out what you're cost would be, what to expect, what you're prepared for. Maybe you're not ready to buy real estate right now, but they can definitely guide you along the way and point you in the right direction, make sure you have all your ducks in a row, and you will eventually get to the position where you are ready to purchase real estate.

And another big bonus tip that I would love to give is that you should definitely have a realtor, guide you along the way when it comes to purchasing real estate in Florida. I mean, it's not necessarily required, but it definitely does help a lot, especially if you're a first-time home buyer and, you know, you did all the googling you can possibly do when it comes to purchasing real estate. Or, if you are an investor and you don't even live in the state, it's definitely much easier when you have a realtor working on your side to help you throughout the process. So, if you are looking to purchase real estate in Florida or if you know anyone that does, please feel free to call/text us at 850.320.7757 or email us at Admin@WhittemoreGroupRE.com

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