Buying property in Florida seems like an attractive prospect to many people. After all, the Sunshine State is known for its beautiful scenery and beautiful weather – and not to mention that there is no state tax. Who wouldn’t want to live somewhere that feels like an endless vacation? On top of that, in many areas of the state, you can find pretty good deals on property. However, while buying Florida real estate may seem like an excellent idea, there are definitely some things you’ll want to consider first. After all, purchasing property can be one of the biggest decisions you make, so it’s important for your o be as informed as possible. If you’re thinking about buying a piece of property in Florida, keep reading for 5 important things to know about Florida real estate.
Homeowners’ insurance is a common thing for many people to have. However, some places in Florida may require you to have flood insurance as well. The is because Florida can experience some very harsh during hurricane season. With that being said, it’s important to purchase a home with a solid and sturdy construction to give it a better chance of withstanding storms.
Proximity to water
Having property near the water is one of the most coveted locations in Florida. While it’s nice to be able to look out on the beach whenever you want, living so close to the water does come with its issues. When the weather is bad, structures near the water are at a higher risk and a waterfront location may increase the chances of you needing to get floor insurance.
Florida is a homestead state, so this is definitely something to keep in mind when buying property there. The idea of a homestead state was “designed to protect the value of a home from property taxes and creditors following the death of a homeowner spouse.”
Deed protected communities
Deed protected communities are very popular in the world of Florida real estate. Deed protected “means the neighborhood is governed by a homeowner’s association. All owners pay regular fees and in return the association maintains certain rules and community maintenance.” While this can be a great thing, it can also be a problem if some of the rules don’t mesh with your lifestyle.
Attorney not needed at closing
Unlike other places, Florida real estate purchases do not require an attorney to be present at closing. Most real estate transactions in Florida are completed with title agents. However, if you’d like to have an attorney anyway, you’re free to hire one.