Here are some of the costs that you will have when purchasing a home in Florida.
Home Purchasing Costs & Fees
Are You Ready To Buy Your Home?
Buying a home can be the most exciting time for you and your family. But don’t lose out on the home of your dreams by doing this alone. This is one of the biggest financial transactions of your life, and I want to help you by making this experience less stressful.
As you go through the process you may have questions on –
- Downpayment – How much is required as a downpayment of a home?
- How do I get a Mortgage for this home?
- How do I complete the Mortgage application?
- Do I have enough money saved up to buy this home?
- Do I have a good credit score?
- How do I write up an offer on my dream home?
- How do I negotiate to get the best price?
- How do I submit an offer on my dream home?
- What do I do when the Seller accepts my offer?
- How do I get the home inspected?
- How do I negotiate repairs?
- How do I get a title search?
- How do I get a survey?
- What are my closing costs?
There are so many things to think about when buying your home. Don’t go through this alone. Call/Text 727-422-9340 I can help you buy the dream home for you and your family.
5 Must-do Home Improvement Projects to sell your home in 2020
You’re ready to sell your home, and although you’ve always kept your home in great condition you still need to do some extra maintenance. When selling your home your property has to be in tiptop shape if you’re going to get top dollar when you sell. If you’re selling your home you still want to have your home looking good on the inside as well as the outside. Even if your home is on the market for 3 months or more, you have to keep giving that home your love, even if you have already vacated the home. When your home looks like its well cared for, you get more people interested in looking at it and even get top dollar. Here are some tips that you may already be doing or neglecting.
- Landscaping – your lawn should be mowed, trees and shrubs trimmed, flower beds should look lush. Your driveway and walkways should be well lit without weeds and leaves on it.
- Gutters – people tend to forget that you get all sorts of debris in your gutters. Make sure that your gutters are cleaned out. By not doing this you can have all sorts of issues with your roof, walls of home and drainage issues. You don’t want to deal with overflowing drains if it rains, or damage walls or foundation issues or drainage issues when selling your home.
- Fix Broken things – Buyers tend to check to make sure the doorbell works. It’s one of the things that people tend to forget when getting their home ready for the sale. Lots of times it doesn’t work. This may be something small to you, but to buyers, this can be a big deal. Fix leaky faucets and running toilets.
- Critters – go around your home and make sure you don’t have squirrels or other critters living in your attic or other areas of your home.
- Clean Windows and Doors – If your home is on the market for more than a month you will have to get those windows and doors cleaned up. Get rid of cobwebs or spiderwebs that may have built up around them. Not doing this will make the home look neglected.
Get your punch list made up, and make sure you’ve got all of these little things taken care of. By doing these small things you can get more return on your investment.
Second Home Buyers
Are you thinking of buying a second home or an investment home?
Why Should you Invest In Florida?
Florida is listed as the number one vacation destination. If you have extra cash this would be a great place to invest in a second home or even a home that you can rent out and make some extra cash.
There are many reasons that Florida is so attractive
- The lifestyle of Florida is an attraction to people living up north. You can enjoy outdoor activities all year round, and even hang out at the beach in December.
- Waterfront properties are accessible to buyers looking for that water view. You can invest in condos, townhouses, and single-family homes. This is something that can be an advantage if you decide to rent out your home to vacation goers. There is a strong demand for rentals close to the water.
- Florida is a very popular vacation destination. Whether you are vacationing with your family or you’re single, there is something for everyone here. Buying a home and renting it out when you’re not using it, can give you some extra income. There are many property management companies that can take care of all the day to day services for a very reasonable fee.
- Here in Florida property taxes is slightly lower than many other states. This depends on what county or city you may decide to purchase your home.
Finding The Right Property in Florida
When considering to purchase your home you will first have to consider what is your intention or the purpose of this home. If you are a snowbird then you will be using your Florida home during the winter months, and you can rent it out during the summer to friends, family or vacation goers. Are you planning on using a maintenance company to oversee everything? Is the income from the rental important, for example, will it be helping to pay the mortgage. These are things you will want to consider if you plan on using your home as a rental.
Some counties and cities have certain rental restrictions. Consider these rental restrictions when searching for an investment property. Some areas have restrictions such as rental agreements that can be no less than 30 days. These restrictions can affect how much rental income you can earn.
If this is an investment property you want to consider a location that is attractive to vacation goers. Think about getting something about 15 mins from the beach or close to popular entertainment districts. Your rental will generate more income if it’s in a popular location with vacation goers.
Make a list of all your must-haves when searching for your property. Don’t rush into something that you may not be happy with in the future. Ask lots of questions and take notes. If you need help with finding your property I am available to help you with buying or selling your property. Contact Arona at 727-422-9340.
Advantages of Selling Your Home During the Holidays
Many of us think that the best time to sell a home would be in the spring and summer. This is true that the majority of buyers are looking to make a purchase during those months. But not all buyers disappear after Labor Day.
In Florida, your home may get a lot of interest from all the snow birds that are flocking down to Florida. This is a great time to take advantage of the holiday season and show off your home to 2nd home buyers or buyers that are looking to make Florida their home.
Your Home Looks It’s Best
This is a great time to make your home look cozy and family friendly. Most people shopping for homes during the holidays are very motivated. This is great time to capitalize on this by creating an atmosphere of family with tasteful decorating and minimal clutter.
Show off your home’s greatest assets and enhance it by using tasteful christmas decorations.
Lack of Competition
Many sellers are debating on taking their home off the market during the holidays. You may find that you have little or no competition during the holidays. New sellers may want to wait for the new year to list their home or prefer to get it ready for sale during spring or summer.
This is an advantage to you because you have less competition for buyers looking for homes like yours. When you have less homes on the market it means that you get tons of buyers focusing on your home. Talk to your realtor and make sure your home is priced correctly.
Buyers are more Motivated
Most people don’t decide to move during the holidays. If you have a buyer shopping for a home during the holidays usually it means they have to move. This involves a job or other reason to buy a home during the holidays. People shopping for homes around the holidays tend to be serious buyers and are very motivated. Keep the holiday cheer on when you meet with these folks and you’ll be sure to sell your home.
Things to Know about FHA Appraisals
In order to use an FHA loan to purchase a home, the property will have to be appraised and inspected by a HUD-approved appraiser. This is to ensure that the property meets HUDS’s minimum property standards.
WHAT IS AN APPRAISAL?
Only an expert can assesses or determine the value of your home. You get an appraisal to determine the value of your home in today’s market. The appraiser usual has a check list of HUDs requirements for FHA.
Things You Should Know About FHA Home Appraisals
- HAND RAILS – handrails should be installed along open staircases, and in accordance with FHA/HUD requirements.
- RAILINGS – has to be installed around, decks, patios, porches and balconies.
- PAINT – all interior and exterior paint should be in good condition. There should be no distressed paint eg. peeling paint.
- WINDOWS – all windows should be fully operational and not broken. If it is, it has to be replaced.
- DOORS – doors should be functional and hanging properly.
- ROOF – If the roof has leaks it must be repaired or replaced.
- UTILITIES -utilities must be on and functional at the time of the inspection.
These are just some of the things that will be addressed with an FHA Appraiser. To get more information visit FHA APPRAISAL
If you are looking for more information on selling or buying a home please call/text 727-422-9340 or email: arona.mcginley@gmail.com or fill out the contact form.
Buyers Handbook
Preparing For Your Purchase
Have a talk with your bank / lender and get one of these.
1. Pre-Qualification Letter
2. Pre-Approval Letter
3. Loan Commitment
Talking to your bank/lender gives you an idea of how much house you can actually afford. Once you start looking for your home you don’t want to waste time on looking at homes that you cannot afford. It can be very emotional when you’ve found your dream home then you find out you cannot afford it. By talking to your lender you can get advice from a professional as to whether or not you qualify for any home buyer programs or loans.
Notes
What is a Pre-Qualification Letter?
A pre-qualification letter says what’s the maximum a buyer can pay for a home. However, it relies only on truthful but non-verified verification. This is an informal estimate and the information can be done by telephone, email, online or in person.
What is a Pre-Approval Letter?
A pre-approval letter provides documentation of exactly how much mortgage the borrower have been approved to borrow. This is based on the borrowers income, assets, debts and credit. This is more detailed than a pre-qualification letter and it involves verification of data and underwriting. A pre-approval letter can make a big difference for home buyers, it shows the sellers that you are very serious about buying their home.
What is a Loan Commitment?
This is when the buyer does full on loan application and this can be completed in person or by mail. The lender will need the borrower’s income, assets, debts and all credit is considered. The bank will need verification of employment, bank statements and verification of deposits and any other form of income or debts the borrower may claim to have.
copyright to Arona McGinley -Real Estate Bitz. All rights reserved.
How can you benefit from owning your own home?
It’s pretty much an American dream to own your home. It gives you peace of mind to know that you have something that is truly yours and a place that you can raise your family.
Many of us are intimated by the idea of owning their own home. It means more responsibilities that come with owning your home as well as the daunting process of finding the home, getting a mortgage and closing on the home. Owning your own home is an investment on your future and can save you tons of money. Basically if you’re renting then you are paying someone else’s mortgage. You do not get a return on investment when you rent.
Benefits of owning your own home
- EQUITY – you are building equity in you home every time you make a mortgage payment.
- OWNING YOUR HOME IS AN INVESTMENT – when you purchase your home it increases in value unlike buying a car it decreases in value each year. As you pay off your mortgage the amount you owe goes down but the value of your home increases.
- TAX BENEFITS – there are many tax incentives to homeowners, for example you can get a deduction on the interest you pay on your mortgage. There are many others that are available.
- FREEDOM – you are no longer a renter but an owner. You no longer have to ask permission to replace or add anything to your home. You can do whatever renovations you want.
- STABILITY – owning a home allows you to have stability for you and your family. You are now part of a community .
- SECURITY -a home provides you with a nest egg. If you later want to downsize you can sell your home at a profit and move into a smaller home. You may also decide that you wanted to rent your home, this can give you a steady income for years to come.
There are so many other reasons to own your own home. Whatever your reason is, it is worth it to invest in your own home.
For more information on the real estate market in the Tampa Bay Florida area contact your local realtor Arona McGinley – 727-422-9340 or arona.mcginley@gmail.com.
Home Ownership for 1st Time Home Buyers Tips
Are you a first time home buyer?
When you are ready to buy your home a lender will basically evaluate your overall financial picture as well as other financial factors to see if you qualify for a mortgage. Here are some tips to help you get your loan.
- Do not quit your job while you are in the process of getting a mortgage, nor change jobs or decide that this is a great time to become self employed.
- Don’t go out and spend money on huge ticket items like a new car that you would need financing for. If you do this it will increase your debt to income ratio and this then decreases your chances of getting approved for your loan.
- Do not go on a shopping spree for new furniture to decorate your new home before you close on your home. You maybe tempted if you found the perfect furniture but please hold off on buying any major purchase until after the closing.
- Do not ….do not lie on your loan application. Do not omit any debts, if you do this it is considered to be fraud to lie on your loan application and you will be denied the loan.
- Don’t use your credit cards excessively during the process. And please do not forget to pay your bill. Any changes to your spending habits may just prevent you from getting your loan.
- Put aside money for your closing costs. You can contact the closing company to find out what your closing costs will be.
- Do not go out and co-sign loans for anyone. This means that you are assuming debt, even if it is someone else that is making the payments. This will also increase your debt to income ratio.
- Do not make large deposits into your bank account. You may have had an estate sale to get rid of things in your home before you move and made a good chunk of change. Talk to your lender before you deposit that money into your account or any large deposits while you are in the process of getting a loan.
- Do not change bank accounts during the process of getting a loan. The lenders are looking at your financial stability.
If you are unsure about anything please discuss it with your loan officer
Home Purchase Cost & Fees
