Things to Consider When Purchasing a Home in Florida

Moving to Florida seems like an attractive option for many. Whether it be to live there full-time, or to enjoy a snowbird lifestyle and rent out the property during less desirable months, the Floridian real estate market is in a constant state of flux with it currently recovering nicely from the 2008 recession. It's worth noting though that all home purchases come with special conditions that vary from state to state. For instance, did you know that in Florida, an attorney isn't required to close a sale? Also, are you aware that Florida is known as a state with unusually high closing costs?

There’s more to buying a house in Florida than getting a mortgage and paying it off bit by bit. In fact, Home Buyers in Florida, USA need to be more wary of certain things than buyers in other parts of the U.S.

Here are two things you should go over mentally before taking such a big step in your life:

Make Sure Florida Is Right for You

While Florida might seem like a paradise if you've only been there in the winter months, are you ready to live there long-term? The desirable snowbird months, depending on personal tastes, tend to just be around a quarter to a third of the year in total, with the rest of the time Florida is sweltering, and at times somewhat inhospitable place. Are you prepared for the transition from a wet season where there's respite from the heat, to the dry season where it seems like water evaporates from your body almost instantly?

If you're thinking of using a Florida home as an investment property, you should realize the highly volatile state of the market in Florida. There are measurable trends as to the popularity over time. People move in and out of Florida much more frequently than in other states because of the large retiree population. If you're trying to use Florida as an investment property, make sure you're buying during a period of low prices where they will inevitably rise. On top of that, consider whether you have enough time to wait out another boom and bust period should you wait too long to sell, and are stuck with a property worth much less than you initially paid for.

Can You Obey the Wishes of a Homeowners' Association?

Many properties in Florida are considered "Deed-Protected Communities," which means that besides answering to the local government, you also respond to a homeowners' association. These associations can put restrictions on simple things like lawn lengths, aesthetic considerations of a house, or even how many people can live in a domicile at a time. What the homeowners' association says is essentially the law of the land. Homeowners' associations also control things like renting out your property during certain times of the year and what pets are allowed.

If you're not the type that likes an extra layer of control to have to reason about how you use your property, make sure you aren't buying in a deed-protected community. With the worst case scenario, you won't be able to find a property you like that isn't governed by a homeowners' association.

Parting Words

If the above items still don’t dissuade you from buying a house in Florida, then congratulations. It just might be the right place for you. Do your due diligence and look up all of the ins and outs of Florida homeownership before you get too attached to the idea. It might be in the cards for you, but it also might bring unwanted headaches.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes