Florida is a unique state in a few different ways when it comes to property and homeownership. Be sure to keep these tips in mind during your house hunting journey.
As in any state, you will want to get the property inspected before committing to it. Depending on the type of sale sometimes this is not possible, but you should always try to include it. Some key areas to have looked at are the foundation, roof and plumbing. To avoid large and expensive problems, it is also recommended to get a mold and termite inspection fort myers fl. That way if anything major comes up, you can avoid the hassle and move on to another prospect.
Due to Florida’s climate and weather, there are some extra insurance hoops to jump through as a homeowner. Flood insurance is usually required in addition to homeowner’s insurance. You’ll want to look at the history of flood events for the home and in the area, and get a quote on your rates and premiums. Things like a damaged roof or older plumbing can raise your premiums, so it is in your best interest to get these fixed right away.
One thing that works in your favor tax-wise is that Florida is a homestead state. This means that you can file for a homestead exemption which could decrease the property’s taxable value by up to $50,000 on your primary residence, or the primary residence of a dependent. This exemption is nontransferable from home to home, however, you may reapply for your new homestead or “port” the assessment difference to a new homestead.
The sunshine state is a popular spot for retirement and vacationing, so acquiring property there is a wise decision. Just make sure that you are informed and aware of the Florida market before entering into any contracts.