Purchasing a home in Florida can be both an exhilarating experience and at the same time a daunting task.
Fear of the unknown gives most of us an adrenalin rush. And it can also strike a little fear into the hearts of the bravest of us all.
Buying a second home that may be located hundreds, if not thousands of miles away from our primary residence meets all of the criteria mentioned in the previous paragraph.
To help you through this process, I have done some research and I have listed below some important considerations to keep in mind when purchasing a second home.
These criteria include mortgage info, insurance, taxes and some information about the various types of property sales that you might want to investigate.
Step 1. Location is important when you are choosing a place to purchase a home whether you are buying a second home or purchasing a primary residence.
But because you are reading a website about Englewood Florida, I have to feel that you have decided to purchase your second home in the State of Florida. And, if you are like my wife and I, you favor the Englewood area of the Sunshine State.
So, all I am going to say about location is: check out the neighbourhood. If the price seems too good to be true then maybe there is something about your future neighbors you should know or there may be something else that detracts the area.
Ask questions, do not be afraid to delay the purchase while you conduct a thorough investigation.
Step 2. Home and property insurance is another key component in your home buying decision. Before buying a second home find out what it will cost to insure the property. Hurricanes have had a serious impact on the cost of home insurance across Florida, but some areas are more expensive to insure homes than other regions.
Step 3. Purchasing a second home means that you will be paying property taxes on not one, but two places of residence. Some people complain that Florida has some of the highest property taxes. However, I have checked out lists of the states that charge the highest and the lowest property taxes and Florida can not be found on either list. Property taxes are a fact of life for us all, If you want to live in the sunshine then you have to pay your share.
Step 4. Check out the structure of the building. Shoddy workmanship or building fatigue do not have geographical limits. Make the completion of a home inspection part of your offer to purchase and do not finalize your purchase until you are fully aware of the results of the home inspection.
Step 5. Mortgages may be an important consideration to your plans for purchasing a home in Florida. Make sure you hire a local legal adviser to ensure that you have all the mortgage info that meet the criteria necessary to purchasing a home.
Step 6. Foreclosures are currently a popular item to look at when considering the purchase of a home. As with insuring that you have the right mortgage info, it is important work with a legal adviser who is familiar with foreclosures to ensure that the foreclosure was carried out correctly and that your purchase will be free and clear.
Step 7. Short Sales which now account for a large proportion of home sales are the result of an agreement between the property owner and the bank. Take steps to avoid foreclosure by agreeing on a selling price that is less than the value of the outstanding mortgage. Once again, make sure you have a qualified legal adviser.
I hope these seven steps are of some assistance in your quest to purchasing a home in Florida and then you too can discover why we Enjoy Englewood Florida!