Between 2016 and 2017, more than 145,000 people relocated to the sunshine state, more than any other state in the two-year span. Florida’s tropical weather, pristine beaches, and low taxes have made the state extremely popular with Boomers and an ideal retirement destination. While Florida offers residents an excellent quality of life, those considering moving to Florida are encouraged to thoroughly research its housing market to ensure there are no surprises come moving day. Jacob A. Kupp, an Orlando, Florida, resident and real-estate attorney, understands the ins and outs of the Florida market and the less-known aspects of purchasing a Florida home. Below, Jacob Kupp of Orlando, Florida, will provide readers with an overview of what to expect when purchasing a home in Florida.
Homeowners Insurance in Florida
Florida may be known as a paradise, but that does not mean the weather stays sunny all year round. The sunshine state also experiences its fair share of downpours, floods, and hurricanes. This means that families looking to purchase a home in Florida will need to look for a home that can withstand high force winds and flooding and invest in excellent homeowner’s insurance. If you purchase a Florida home built in 2002 or newer, insurance costs will often be lower as the home was built to the latest building code regulations. However, it is always a good idea to factor in home insurance to your house budget when looking for a home on the coastline.
Prepare for Closing Costs
Today, Florida has among the highest closing costs of any state in the US. When budgeting, families are encouraged to either budget for this added expense or look for other ways to reduce closing costs. Some ways to avoid these costs include paying in cash, negotiating with the seller to cover a portion of the costs, or rolling the costs into the mortgage.
Ask about HOA/Deed Restrictions
It is common for Florida communities to have their own Home Owners Association (HOA) and deed restrictions. While this means Florida communities will have restrictions for what residents can do to the exterior of their property and how they can use their property, it also means there may be hidden homeowners association costs associated with your property. Before purchasing a home, Jacob A. Kupp recommends researching any potential community’s HOA fees and rules and deciding whether or not these fees are within budget and what restrictions may be in place for the home.