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Buying a Home in Florida

Home buyers choose Florida is a new home because of the subtropical climate and wondrous salty air. It can give them a little slice of paradise and place them right on the beach. Shoreline properties will require additional insurance to protect the investment fully, and buyers will need to review the properties for storm protection. The potential Florida residents could find an incredible home that meets their needs, even if they don’t select a traditional home. A local real estate agent helps the buyers find the perfect home in Florida that meets all their expectations.

Traditional Residential Property or a Condo?

In Florida, home buyers have two extraordinary options for a residential property. They could buy a traditional house or a condo. The buyer’s needs define what property meets their needs the most. However, each property type offers everything they need to accommodate their family. Real estate agents help the buyer explore the properties according to their checklist items. The homes must meet the search criteria and stay within the buyer’s budget. National Realty Investment Advisors could provide a full list of each property type to help the buyers review their options and find the Florida home of their dreams.

What are the Differences between Buying a House and a Condo?

A residential property in a subdivision requires the buyers to follow homeowner’s association bylaws and restrictions. A house that isn’t located within a planned community gives the buyer far more freedom, and they won’t need the HOA’s permission later to add onto their property or build exterior structures.

When buying a condo, the buyer will need to pay dues each year to maintain exterior features of the property, landscaping, and communal spaces available to all condo owners or tenants. The condo owner’s association manages the community and collects these dues each year. The condo owner doesn’t make decisions about exterior spaces shared by other owners or tenants. They cannot dictate how the spaces are used or who can come onto the property. The new condo owner will need to purchase condo insurance to cover interior spaces, too. Weighing the pros and cons helps the buyer choose a property near the beach that gives them the best benefits.

Beachfront Amenities for the Buyer

Beachfront amenities for the buyers include private access to the beach that is restricted and prevents tourists from invading the space. Some Florida properties near the beach also have swimming pools and hot tubs. The properties may offer a deck or lanai that is enclosed or opens up to the beach. Properties that are on the beach require fixtures that prevent water damage inside the property, and the construction must be far enough from the shoreline to prevent the tide from becoming an issue for the property owner.

Additional Insurance Requirements

Flood insurance is required for all properties that are located in a designated flood zone. Any property in Florida that is along the shoreline is in a designated flood zone. When evaluating a property, the lender can add the clause for flood insurance if the location has at least one percent chance of flooding each year. This includes properties that aren’t along the shoreline but are close to a levee or dam. Lenders conduct a flood report for the property and distinguish if the property is in a designated flood zone. However, lenders in Florida could modify the mortgage contract if new areas are affected by hurricanes or tropical storms later.

Renovation Ideas for Beachfront Homes

Renovation ideas could intrigue the buyer and make them want to buy a beachfront home and complete renovations. An FHA 203(K) mortgage gives the buyer the listing price for the home and gives them renovation allowance to complete the changes. It’s a great option for making the home uniquely their own and getting the most out of their investment. However, the property must need at least $5,000 in renovations to bring it up to code to qualify.

Additional Issues to Look for During the Inspection

When inspecting a home in Florida, the buyers can add some requests for the property inspectors. Properties in Florida are at a greater risk of hurricane and tropical storm damage. To mitigate the risks, the new home should have features that protect the property. Hurricane windows and upgraded shutters protect the windows during a severe storm, and if the property doesn’t have these features, the owner will need to get them.

They will also need impact-resistant doors that prevent the storm from damaging the interior by blowing down the doors. Adding flood vents for crawlspaces protects the foundation and ensures that water drains out of the spaces properly. Inspecting the integrity of these installations define if the fixtures must be replaced to protect the property. These installations could decrease the monthly premiums for the flood insurance coverage and the homeowner’s insurance.

How Will the Owner Use the Property?

The purpose for the property determines what type of financing the property buyer gets. If the property is a second or vacation home, they are limited to a conventional mortgage, and they will pay at least 20% down. If the property is the primary home, the buyer could use any mortgage for which they qualify. This could include a VA loan if the buyer has a military history. If they won’t live in the property primarily, they cannot get a VA mortgage, and the buyer will need to purchase unoccupied dwelling coverage for when the home is vacant.

Home buyers looking for a property in Florida must consider what type of home is most appealing. They should also take into consideration that flood insurance is an almost certainty. The purpose for buying the home defines what mortgages the buyer can get and if renovation allowance is possible. The location of the home could require the buyer to follow homeowner’s or condo owner’s association rules. The property will also need installations that mitigate the risk of hurricane and storm damage. Reviewing factors that apply to Florida real estate helps buyers make sound decisions.