Are you looking to buy a property in the sunshine state, Florida? Eric Dalius has got some great tips for you in that case. Even if you are an experienced buyer or the first-time buyer, expert buying plans and knowledge always comes in handy. Remember that there are some fantastic deals out there when you are looking to purchase property in Florida, but limited knowledge about the local market might mean missing out on them.
Tips from Eric Dalius about home buying
Acquiring local information is the key
One of the best tips to remember before purchasing any property is the timing of the move. And, since this is one of the more crucial factors, it is vital to research Florida’s local market. One of the first pieces of information you will need is whether the market is a buyer’s market or sellers.
Information regarding the market is also crucial because you might be priced out of some. If budget constraints do not curtail you, then the key to a valuable investment is looking into properties in the city’s emerging and posh locations. Florida hosts some of the hottest properties in the U.S., and there is always something for every investor.
Keep in mind that properties recycle fast, and this is having prior information regarding the market and locality comes in handy.
Professional help from a real estate agent
In the previous section, we determined how information is the key to making the best deals, but how to get all the information? You will need a reliable and reputed real estate agent or service. According to experts, the right real estate agent will integrate seamlessly into your team and share common goals, preferences, and budget.
Consider the Florida weather
If you are a first-time investor, you need to keep in mind the weather factors before investing in properties. Florida is located in the hurricane corridor, which means storm and flood damages are regular. The general homeowner’s insurance won’t cover the flooding aspect, and you will need to go for separate flood insurance.
Ample options for financing
For the financing options available to you, all you need to do is check the locality and the county. Several favorable financing plans include subsidized mortgage loans, mortgage rates, and assistance for down-payments.
Property taxes in Florida
Florida is a Homestead state, and this means through the Florida Homestead Exemption Act, you can now claim up to $50,000 as an exemption on the property taxes. This feature, however, is strictly applicable to the primary residence. The average property tax rate is 0.98% and is viable to vary from county to county.
Florida is a hotspot as far as real estate is concerned. The growing population and the real estate opportunities available make Florida the ultimate location for investment. However, the key to a successful investment is understanding the market and having clear goals. Explore the market with the help of the tips mentioned above and choose your dream property.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.