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6 Questions Every Florida First Time Home Buyer Should Ask

Over two million Americans become first time home buyers every year, many of whom reside in Florida.

Purchasing a property in Florida is attractive, thanks to the affordability and wealth of options available. But buying your first home can be overwhelming, especially if you have no idea where to start. Perhaps you’re currently in this position and you want to know which questions to ask before signing the dotted line.

Sounds like you? Don’t worry; we’ve got your back. Here are six questions every Florida first time home buyer should ask.

1. How Much Can I Afford? 

When buying a house in Florida, outline your budget so you know what to expect. This should include your salary and current monthly expenditures to see what you’re working with. Once you’ve outlined this, you can figure out the type of mortgage you can afford.

2. Do I Have Money for a Down Payment? 

As a first time home buyer in Florida, ask yourself whether you’ve got a down payment. Regardless of whether you’re browsing these home listings or ones at your local realtor’s, you need a 10% at a minimum. Note, the higher your down payment, the lower your mortgage monthly payments.

3. What Are the Hidden Costs of Owning a Home? 

Before buying a home, it’s important to consider the costs of owning a home. Unlike renting a property, you’re responsible for handling repairs and ongoing maintenance, which can quickly add up. Plus, depending on what’s available on first time home buyer programs, a kitchen or bathroom remodel may be necessary.

4. Is the Location Good? 

When it comes to real estate, location is everything. As you browse properties, make sure it’s not located by a freeway or an area where people are leaving as it will impact the resale value. Instead, find a property that’s in a safe area with good schools for peace of mind.

5. Does the Property Have Good Resale Value? 

Even if you want to live in your new home forever, there’s still a chance you’ll change neighborhoods or upgrade. Because of this, buyers should factor in the resale value before purchasing it. For instance, focus on the price, nearby amenities, and the condition of the home.

6. What Are the Property Taxes?

Aside from securing first time home buyer loans, check out the property taxes. Find out what the estimated taxes are beforehand so you’re not surprised if the rate increases. If you’re not sure how to ask your realtor and they will guide you through the process.

Questions to Ask a Florida First Time Home Buyer

Hopefully, after reading this article, you know what to ask as a Florida first time home buyer.

There are numerous considerations when making a purchase such as factoring in your budget and the desired location. You should also check that the property has a good resale value and calculate the potential taxes. Good luck with your venture!

Found this article helpful? Great! Then check out the rest of our blog for more tips and tricks.

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