Ready to relocate to Florida? Lucky for you, there are many wonderful houses available in the Sunshine State, which means you can choose from a broad selection of residences that will fit your budget and personal needs.
Although purchasing a Florida residence may seem simple, first-time homebuyers need to prepare for any challenges that may come their way. Fortunately, we're here to help you do just that.
Here are three tips to help first-time Florida homebuyers streamline the process of obtaining their ideal residence:
1. Know Your Budget
Understanding how much you can afford will make it easier to evaluate Florida residences within your price range. Fortunately, if you get pre-approved for a mortgage, you can find out exactly how much money is at your disposal for a new home and budget accordingly.
Also, it is important to note that Florida residences may be more susceptible to flood damage due to hurricanes and heavy rain. This means that you may require flood insurance in addition to homeowner's insurance – something that may require you to pay more than you initially expected to cover the cost of your Florida home.
On the other hand, Florida is a homestead state, and you may be eligible to file for a homestead exemption that limits how much your property taxes can increase annually. Thus, if you purchase a Florida home, you may be able to file for a homestead exemption that will allow you to lower your property taxes in the foreseeable future.
2. Check Your Credit Score
Do you have outstanding debt? If so, it may impact your credit score and make it more difficult for you to purchase your dream home in the Sunshine State.
Review your credit score before you start looking for homes in Florida – you'll be happy you did. If you understand your credit score before you apply for a mortgage, you can spend some time finding ways to pay off any outstanding debt. As a result, you'll be better equipped to improve your credit score and get approved for a mortgage that fits your budget perfectly.
Remember, you are eligible to receive a free copy of your credit report annually from the three major credit reporting agencies – Experian, Equifax and TransUnion. Apply to receive your credit reports, and ultimately, you can work to improve your credit score as needed.
3. Hire an Informed Real Estate Agent
When it comes to buying a Florida residence, why should you be forced to leave anything to chance? Instead, hire an experienced real estate agent, and you should have no trouble of making your homeownership dreams come true.
Your real estate agent will assist you in any way possible, ensuring you are informed about new homes as they become available in Florida cities and towns where you'd like to live. This real estate professional also will go above and beyond the call of duty to find a residence that falls within your price range.
No one should be forced to navigate the Florida real estate market on their own. But with a top-notch real estate agent at your side, you can simplify the process of finding your ideal Florida residence.
