10 Vital Things You Should Remember When Buying A Vacation Home In Florida
If you’re planning to invest in a vacation home in Florida, there are some things you should think about first. It is not as easy as just paying a realtor and stepping back. No, you need to take an active role in the sale. Buying a property is a huge deal. If you don’t find the right property for your needs, you will have wasted your money. A house is more than just a home; the house is an investment in the future. You need to make sure that you understand what you’re getting yourself into before you buy your second home.
Florida is a popular choice for many buyers. As you well know, the state is a great vacation destination. The property in the state is also great value. These two factors are the main reasons people opt to buy property in Florida. It makes sense that people want a place that is value for their money, whilst still being a great place to vacation during the summer. Before you buy your property, you need some straight forward advice. Here are ten vital things you should remember when buying a vacation home in Florida.
- When you settle on a price, you are in a contract
During the buying process, there will be a lot of back and forth. You will spend a great deal of time negotiating on the price and the terms of the contract. You should remember, that once you reach a price that the two parties agree on, you are in a contract with the other party. An agreed sale price acts as a legally binding contract. That means that you will incur fees if you pull out after that point.
- Sometimes being a foreign buyer is hard
If you are a foreign buyer, you might find it more difficult to find a property. Some realtors won’t work with people outside of the US, and so you need to choose your company with care. Sarasota real estate condo transactions involves a foreign buyer in every aspect of the process. Talk to your realtor about your specific needs and see if they can help you.
- Not every property will be ideal
It may surprise you to find that finding your dream property is harder than you think. Many people imagine that every property in Florida will be idyllic and that they will find their dream home straight away. You need to be realistic. You might not find the property for months or even years. Don’t limit yourself to a certain time schedule. Doing so will cause you more stress than you need.
- There are many regions in Florida
The state of Florida is immense. There are many different regions within the state, and they all have something different to offer a buyer. For example, the Gulf Coast is quite quiet, whereas Miami is buzzing with people. What do you want from your vacations? Decide on that before you opt for a region.
- There will be more costs than you first expect
Buying a home is always more expensive than you expect it to be. I hate to break it to you, but nothing comes easy or cheap in Florida. Make sure that you understand all the fees you will need to pay before you deal with a realtor. There will be certain legal fees and admin fees that you’ll need to pay as part of the process. You don’t want a nasty surprise when you get a bill, and so you should make sure that you understand all the fees and charges before you start. Ask your realtor to spell every expense out for you. It may seem a little over the top, but it will help you out in the long run.
- You need to check out the service charges
Many properties in Florida have cleaning and maintenance services. If you buy a property on a private estate, you will find that you need to pay a monthly service charge to an external company. Sometimes the realtor won’t tell you about these charges. Make sure that you ask whether there is a cleaning or maintenance service and how much the charge will be.
- Apartments incur extra costs
When you buy an apartment, rather than a house, you have to pay an extra charge on the sale of the property. Many apartment blocks charge ground rent for their apartments. That means that it doesn’t matter whether you own an apartment, because you don’t own the ground where it stands. Ask about these charges if you are looking at apartment blocks.
- Different states have different laws
If you live in a different state or even country, you need to get your head around the laws in Florida. Each state has different laws that apply within their boundaries. That means that you will need to make sure that you understand the law before you buy a home. Tax will be a huge deciding factor when you buy a property. The tax system varies across the US, and you might find yourself paying more than you expected.
- Climates can vary loads
The climate in Florida varies throughout the year. If you and your family are planning to use the property as a vacation home, you need to look at the weather. During certain seasons, it will be difficult to visit your property. You should make sure that you understand the weather and how it varies before you buy a property.
- House prices are low; rent value is high
At the moment, house prices in Florida are at an all time low. That means that you can buy a classic condo or house for a discount price. The great thing about that is whilst prices are low, rent is high. If you choose to rent your property out to others as a vacation home, you can make a lot of money. During peak vacation season, you can ask big rent prices for your property.
