Real Estate

Tallahassee Homes: 12 Tips For Buying A Home In Florida

In 2020, home prices had increased by 32.6%. In some areas, they increased by 43%!

Knowing these startling stats might have you nervous about buying a home in Florida. Can you still get a good rate and lock it in?

While all of this might seem overwhelming, the good news is that this guide on buying Tallahassee homes can help. Read this guide on the top secrets and tips you won’t want to miss for buying a home today!

1. Find a Reliable Real Estate Agent

When you’re looking to buy a home, it’s important to find a reliable real estate agent in Florida. Since they’re trained to understand the ins and outs of the market, they can help protect you as you go.

Through their experience and education, they can help you receive the best price possible. Realtors will also prepare all of the paperwork necessary to come to an agreement.

2. Find a Lender

Look around to find a reliable lender in the area. They’ll be the person who helps you receive a pre-approval letter and let you know the interest rate for the home. Check online reviews before you choose a lender.

3. Know the Market

When you’re looking for homes for sale in Tallahassee, Florida, you need to be aware of the current market. Research the market and area that you’re looking into.

Consider up-and-coming neighborhoods to save. Right now, many people are moving to Florida, so the competition is fierce. Consider the different neighborhoods in order to find the right area for you.

4. Understand Property Taxes

The good news is that Florida is a homestead state. This means that you can claim up to a certain amount for exemptions on your property tax. The Florida Homestead Exemption is only for primary homes.

5. Understand the Laws for Ocean Front Property

If you’re considering buying property on the ocean, it’s important to understand the different rules. Vegetation within the area can’t be removed for one.

During the turtle nesting season, you might not be able to use much light either. If it’s not a private beach then you’ll need to share it with tourists or anyone else in your front yard.

6. High Closing Costs

Check your credit score and bank account because the closing costs in Florida are higher than in other places. Even if you get the seller to pay for a portion of your closing costs, it can still be a hefty amount that you need to pay.

In order to reduce fees, you could pay in cash. Another option is to roll the closing costs into your mortgage. Keep in mind that the interest will be higher.

7. Check Your Credit Score

Before you begin, it’s a good idea to check your credit score. If your credit score is too low, it might be harder to find a lender who will approve you, or they’ll give you a high-interest rate. For low-interest rates, you might want to consider raising your credit score first before you begin.

Your credit score will be determined by:

  • The type of credit
  • New credit
  • Total debt
  • Payment history
  • Length of your credit history

8. Determine How Much You Can Afford

Don’t get sucked into the trap of buying a home that you can’t afford. Lenders will take a look at your debt-to-income ratio but not factor in your groceries or fun expenses such as dining out. You need to determine how much you spend each month to see if you can afford that home that you’re considering.

9. Be Realistic

Be realistic about your wants vs needs when you’re looking to buy a home. You need to think about your budget as you think about what you need to have.

Some wish list items could include:

  • Short work commute
  • Location
  • Type of home
  • Square footage
  • School district
  • Pet-friendly
  • And more

10. Receive Pre-Approval

Before you check out homes, receive a pre-approval letter from your lender. This will show that you’re serious and can afford the home at that price.

Pre-approval letters are especially helpful during the competitive market in Florida. It’ll also give you a better idea of what you can afford within your budget.

11. Start Searching

As you’re searching for your dream home, pay attention to its age and condition. Remember that it’s not your dream home until you have the inspection and appraisal.

In Florida, you’ll want to have a termite inspection as well to ensure that there’s no termite infestation. If you buy the home and then find the infestation, you might lose a few thousand dollars.

As you search think about:

  • The noise level
  • The overall quality of the home
  • Electrical issues
  • Functionality
  • Water pressure
  • Cracking
  • Structural defects

12. The Closing Process

Once the inspection and appraisal process is through then you’re closer to the closing process. You’ll also need the seller to agree to the terms of the agreement.

You might need to adjust your price or the seller might give you a counter-offer. Having a realtor during this process is helpful.

Understanding Tips for Buying Tallahassee Homes

After exploring this guide, you should have a better idea of the top tips for picking out Tallahassee homes. Take your time speaking with your lender and real estate agent to see what’s within budget and won’t break the bank. Have your real estate agent use their knowledge to show you a variety of homes within your budget.

Would you like to read more informative lifestyle and real estate content? Be sure to check out our other articles on our site today!

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