Must-read tips before buying a house in Florida

BY THE PERK LENDING TEAM | June 8, 2023 | 2-minute read

Ready to buy property in Florida? Read below to see our team’s most important tips before you begin your homebuying journey.

Use a trusted loan officer to explore all available financing options

Using a loan officer that understands all financing programs available to you is crucial. Loan program pricing incentives vary based on credit score, down payment, and property type. A knowledgeable loan officer can save you thousands of dollars at closing and throughout the life of your loan.

Similarly, delays in closing are costly, whether it be from listed penalties in the sales contract or extending a rate lock. It is important to work with a loan officer that has a proven track record of closing on time.

Understand Florida property taxes

Property taxes are assessed annually and can rise over time due to millage rate adjustments or increases in assessed property values. Fortunately, there is a program that provides some relief to Florida homeowners.

The Florida Homestead Exemption reduces the assessed value of your home by up to $50,000, lowering your tax bill each year. After the first year under the exemption, reassessment increases are limited to just 3% through the Save Our Homes Assessment Limitation.

The exemption has several eligibility requirements so it is important to understand if you will qualify to get an accurate idea of all-in costs.

Understand insurance requirements and limitations

Homeowner’s insurance is required each year when financing a home purchase with a mortgage. Flood damage is not covered by standard homeowner’s insurance policies and flood insurance is only required if your property is in a flood zone. Factor in the costs of flood insurance if you want to protect yourself from loss due to severe weather or natural disasters.

Use a trusted real estate agent

A good real estate agent does more than just negotiate a fair deal. They faithfully represent your interests, have access to off-market listings, and advise on decisions throughout the buying process. There are instances where contracts need to be renegotiated due to appraisal shortfalls, failed inspections, or other unforeseen circumstances. A good real estate agent can be the difference between your dream home and a new lease.

If you are ready to buy property in Florida, give us a call to see how we can help you.

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