Buying Property in Florida – What You Need to Know

Now is the Time to Buy Property in Florida

Let’s face it, even though the economy is steadily improving, home prices for property in Florida are still fabulous for buyers. Whether you are relocating to or within Florida, or looking to invest in some great beach-front property in Florida, now is the time to buy. People, who bought homes or investment property in Florida back in 2004 to 2006, paid almost double what the same properties are selling for today. Before you get too excited about the great prices, there are a few important things to remember when you have decided to buy a home or investment property in Florida.

Take Your Time Shopping for Property in Florida

First, people know the economy is improving and this tends to make people feel like they need to hurry, especially when looking for investment properties in Florida. Don’t hurry, don’t worry, the economy isn’t improving that fast. There is plenty of time and plenty of great deals out there for you to check out. So, take a breath and contact one of the great agents at RealtyFox.com to show you around.

Good Dues, Bad Dues – HOA Tips

The next important thing on your agenda, when shopping for property in Florida, should be what most buyers don’t pay much attention to – HOA dues. Most HOA dues are relatively inexpensive and, quite often, optional. So why is this important to look at? I’ll tell you.

Home Owner’s Association dues are dictated by several factors, one important one is the fiscal health of the HOA. Due to the fall of the U.S. economy over the last several years, many homeowners barely hung on to their Florida home but became delinquent in paying their HOA fees.

A good, Florida Real Estate Agent, like the agents at RealtyFox.com, is willing and able to get you in contact with HOA presidents or managers in the communities you are interested in. Even though HOA’s are somewhat limited on the information they can share, they are able to share with you the following:

1. How many units are currently delinquent in payment of their dues?

2. How many units have had liens placed on them?

3. How many units are under foreclosure?

Why are these important questions to ask? If an HOA is short on funds, it could easily spell increased dues in the near future for homeowners and owners of investment property in Florida. The amount of increase in dues is greatly dependent on the answers they have for the above questions.

For those looking to buy a property in a deficit challenged community, it could mean trouble during the loan approval process for investment property in Florida. The requirements for securing a mortgage to buy a single-family home or condo as a second home or investment property in Florida are very different from those for purchasing a primary residence.

It is also good to know if the HOA has adequate liability insurance or any lawsuits or pending judgments against it. Your RealtyFox.com agent can help you with obtaining this information upon request.

Sure, it is easy to get all caught up and excited about owning property in Florida, for any reason. Just don’t forget that those perks don’t come without risks or hurdles that can make buying beach property in Florida difficult. Don’t go-it alone.

Have a Realtyfox.com agent in your pocket, on speed dial

Before you book a flight to Florida or start driving around Palm Beach County communities, you should have a real estate agent in your pocket, on speed dial. Realtyfox.com agents live and work in South Florida and know which properties are a steal if you are looking for the best deals in town. They can also answer all your questions along the way.

Give us a call today for a private tour at 1-561-234-5678

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