Ah, Florida. The Sunshine State. Tropical breezes, palm trees, and miles of pristine beaches.

If you are wanting to buy a house in Florida and are envisioning these scenes, you aren’t far from reality. Potential homeowners flock in droves to the state of eternal summer for the picturesque lifestyle it offers.

But, like all serious financial decisions, buying a home in Florida comes with some serious factors to keep in mind. So, here are 5 factors to consider when buying a house in Florida.

1. Home Owners Associations (HOA)

There are almost 10 million residents of Florida living in one of the 48,500 communities with an HOA. So, more likely than not, buying a beach house will mean more than just the sticker price.

Condo committee boards can have the final say in a number of factors relating to your home. Lawn care maintenance, the color of your house, and the placing of address numbers can all fall under the HOA’s jurisdiction.

This promotes a clean, well-kept, and safe neighborhood that is a delight to live in. So knowing what the HOA expects and how much their fees will cost per year is essential.

2. Get a Good Licensed Florida Real Estate Agent

A Florida licensed real estate agent is essential to buying a house in Florida. They know the process from beginning to end and how to make sure everything is done properly. They help check listings, assist as the transaction broker, and are your representative through closing.

3. Taxes and Insurance Costs

Florida deals with hurricane season for six months out of the year. And especially when it comes to buying a beach house, every homeowner should equip themselves with the right insurance.

Some older homes built before 2002 may require more thorough and expensive coverage. Checking your insurance policy that it contains essentials like flood and hurricane insurance — and doing so before closing — can go a long way.

Taxes are also a big consideration in Florida. Florida is a ‘homestead state’. Homeowners can file a homestead exemption, thus reducing the amount of taxes paid. Do research into what the taxes are for the home you are interested in so you can calculate that into the final budget.

4. Closing Costs

Make sure you check with your real estate agent as to what the closing costs will be. Closing costs can be considerably higher with purchasing Florida real estate than other states. This shouldn’t be a factor in determining whether or not to buy a house in Florida, but it is worth knowing about ahead of time.  

5. Investigate Your Options

There are several unique factors to living in Florida that you may not think of right away. For example, does the home already come with custom-fabricated accordion shutters for the windows during hurricane season? Is the property up against a lake, river, or oceanfront? If there is no pool, would the HOA, property lines, permit requirements and other restrictions allow one to be put in in the future? 

Buying a House in Florida Is a Great Investment

While there is some preparation involved, you can be one of the many homeowners finding out that Florida is a great place to live in.

Need more tips on real estate or buying a house in Florida? Find out more with some of our other informative articles!