How to Buy a House in Florida

Buying a house in Florida can be a different experience to buying real estate anywhere else in the country, or in the world. Of course, some of the steps are the same – organize your financing, view properties, make an offer, get an inspection…and so on. And yet there are other hurdles/processes that are unique to the sunshine state, and that you need to be aware of.

Firstly, we advise of course that you find a great realtor. Working with a knowledgeable and professional real estate agent can help make the process much less stressful and much more enjoyable. Take a look at our guide to finding a real estate agent as a buyer.

Buying a house in Florida can be a GREAT investment. Living in Florida means you enjoy no state income tax, gorgeous warm weather, a low cost of living, and importantly house prices that hold their value.

Firstly, you will want to consider if you will be a full-time Florida resident. State law in Florida means that property owners can claim a maximum $50,000 exemption on their primary residence. Homestead exemptions are a big deal – and your realtor can help explain the ins and outs.

Let’s talk about the weather! Yep, Florida can be vulnerable to floods and hurricanes. Flood zones require an additional insurance policy – generally the closer you are to the water, the more you need to consider the added costs of your flood insurance. Wind mitigation insurance, or hurricane insurance, can cover your home from wind damage and flooding that’s a direct cause of a hurricane. You can check out our insurance page for more information on this topic.

Think carefully about the property itself. Do you want/need a pool? Spoiler alert – it gets HOT in Florida! Access to the water is a big part of the Florida lifestyle. Do you want a private pool, or access to a community pool? Remember that owning a private pool requires maintenance and will need to be considered as part of your annual budget. Windows and shutters are also important – for protection from both the sun, and any potential hurricanes.

Financing and loans – as with buying property anywhere, you need to get your finances in order and find the right loan. You may want to visit different banks and mortgage brokers to find the best product for your needs. Your realtor will be able to make recommendations, and you can take a look at our guide to financing here. It will help to get pre-approved to ensure the process can move quickly and easily.

Once you’ve considered these items, it’s full steam ahead! Work with your realtor to find your perfect home and make an offer! Take a look at our contracts page when considering your offer and ask your realtor for their advice. You may want the ability to negotiate the offer if the inspections reveal any hidden problems for example. These inspections and tests are critical and look for issues such as roof damage, water damage, foundation issues etc, and you’ll want to know your home has a clean bill of health before you proceed. Title insurance is equally as important, and a title search will look for any issues with the clear ownership of the home.

Finally, you’ll set a closing date on which you can legally sign all the contracts and can celebrate being the proud owner of your new Florida home!