Thinking about buying a home or condo vs. renting, or do you already know?
It’s not just a matter of deciding whether the monthly payment goes to a landlord or a lender. As a first-time buyer, you’ll be investing in real estate, so you’ll have something to show for your money.
Before you buy, you’ll want to anticipate everything you’ll need to know about what is homeownership.
Lang Realty agents work with first-time buyers all the time. Part of their know-how is helping you consider the costs of buying and owning a home.
Here’s Steps to Homeownership
Identify properties you can afford. Lang Realty brokers keep up-to-date listings at every price point in desirable communities in South Florida.
Line up a lender. In this real estate market, most agents will want you to be pre-qualified, meaning a lender has agreed to a mortgage. It’s up to you to mortgage shop for interest rates and down payments. Factor in a title search to make sure the property is free and clear, and who pays the lender’s set costs at closing.
Check with the local tax collector to see your property tax. In Florida, most full-time residents qualify for a Homestead Exemption.
Factor in your local tax rate which varies with each municipality. Sewer, water, trash pickup, police, fire/paramedic services are included.
If you’re moving into a community with a homeowner or condo association, ask what the fees are and what they cover. Most include landscaping and other maintenance you won’t have to pay for yourself.
Factor in insurance to cover your property if something happens. Most HOA or condo associations pay for required flood insurance, even if you’re not in a flood zone.
Make an offer and if it’s accepted have a pool party! You just made the wise decision to buy property in Florida.
