Buying a home in Florida as a primary residence or a second home can be a great investment. Effective due diligence will help buyers avoid surprises that come up during the closing process or after they’ve already taken title to a property. Buyers should take steps to assure that a home is priced fairly, they can afford all of the expenses associated with ownership, and the condition of the home will meet their wants and needs. Here are a few tips for people who are considering buying a property in the Sunshine State.
Study Prices in the Area Thoroughly
The real estate market is constantly changing, particularly in Southeast Florida. Home prices can fluctuate due to the broader financial climate in addition to the demand for housing. Also, the value units in individual condominiums can increase or decrease dramatically due to building-specific issues such as assessments. In coastal regions, tourism trends could also bear on home prices.
It is important for buyers to carefully analyze the current state of sale prices in the area where they’re looking in. If buyers want to find a fairly comprehensive group of Daytona Beach FL homes for sale, they should work with a realtor that has a strong foothold in that area. In addition to looking at listings, they also should try to look at actual sales within a limited geographical area.
A good market study informs buyers about the intrinsic value of a property and the reasonableness of a seller’s asking price. The information that buyers learn about the local market could give them strategic bargaining abilities when they are making an offer on a home.
Get the Full Picture About Repairs and Improvements
Of course, buyers have varying degrees of enthusiasm about making improvements to a home. The upside of doing improvements is that you have the opportunity to design things to match your preferences very specifically. However, the effort and expense involved in repairs and aesthetic enhancements gives many buyers pause about making a purchase that will require them to do a lot of work. The renovation process often involves a lot of unanticipated challenges that lead to delays and expenses.
Nevertheless, a property that needs some attention may be well worth buying if the work that needs to be done is reasonable in scope and affordable to a buyer. The purchase price of a home should accurately reflect any material deficiencies, but remodeling needs that are primarily aesthetic and not essential are unlikely to have a noteworthy impact on the purchase price. Buyers need to thoughtfully evaluate what they would have to do to a home in order for it to be comfortable, functional, and well-designed in appearance.
In order to make a good decision when evaluating any purchase, buyers must get a professional and independent evaluation with a home inspection. This preliminary due diligence that many mortgage and financing providers require is especially important for purchases when a buyer plans on taking on some work. Projecting the cost of work is a key element of buyers’ budgeting analysis. For example, planning on replacing a living room floor covering and then learning that it will be necessary to repair a foundation or remediate mold before doing so could create a big headache for homeowners.
Buyers should attempt to evaluate the conditions of a property with an eye towards concerns that are unique to a particular region. In Florida, some coastal buildings may be vulnerable to problems from high concentrations of salt in the air such as weakened concrete. Also, flooding during hurricane season and excessive humidity during the summer months could make some homes more susceptible to mold intrusion. In addition, the age of a home’s HVAC system has appreciable importance.
Consider the Added Value of Outdoor Space
One of the best benefits of living in sunny Florida is the excellent weather. Residents can enjoy warm temperatures year-round, which is just one of many reasons why it’s such a popular pick for buyers who are interested in a second home. When the weather is a big part of an area’s appeal, a comfortable and visually pleasing space to be outdoors is a highly desirable feature of a home.
When you’re making decisions about a single family home or a rental unit, it may be advisable to give special consideration to the utility of usable outdoor space. A view may be a lot more significant and having a space that’s ready to use can significantly enhance your use and enjoyment of your home. In condo buildings, consider balcony square footage and what a balcony looks onto. In a single family home, take stock of patio or deck space. Also, take inventory of what’s involved in the landscaping and whether it’s possible to enhance any elements of the current design that you don’t especially like.
When a realtor is showing you a unit, try to make note of any conditions that could disturb your enjoyment of the outdoors. In a condo building, close proximity to building systems’ equipment could create unpleasant noise. In a single family home, being located too near to a major thoroughfare could increase noise levels substantially.
A thorough inspection and careful planning about how to take on different types of work will enable buyers to avoid dramatic increases to their move-in cost. Likewise, comprehensive analysis will mitigate the possibility of variations from what buyers estimate to be a home’s intrinsic value.
