Florida’s allure goes beyond its picturesque beaches and warm climate. The Sunshine State is a popular destination for individuals and families looking to make it their home. If you are thinking about buying a home in Florida, it’s essential to be well-informed and prepared. A recent report by the National Association of Homebuilders found that 44% of homebuyers weren’t aware of all the costs associated with purchasing a home. This underlines the significance of having a knowledgeable Real Estate Agent by your side.
Kate Conroy, an esteemed Speaker, Trainer, and the Lead Buyers Agent with the Tony Baroni Team, underscores the importance of understanding the various costs associated with home buying. Below, we break down her tips for prospective homeowners in Florida, emphasizing the “additional” expenses like taxes, insurance and others:
1. Moving Cost:
The national average for hiring a two-person moving team is between $800-$2150. If you’re relocating from another state to Florida, you may need to budget an additional $2000-$3000.
2. How much is a home inspection in Florida?
In Florida, expect to spend between $300-$700, contingent on the home’s size and location. Given the state’s weather conditions, Kate recommends additional inspections like Wind Mitigation, Radon, and Mold inspections. Consulting your agent can provide clarity on what’s best.
3. Title Insurance Florida:
Florida residents can anticipate approximately $18000 per policy. However, the cost may vary depending on the home’s price and specific location within the state.
4. Closing Cost:
When contemplating how to buy a home in Florida, don’t overlook the closing costs. These typically range from 3% to 5% of the loan amount.
5. Renovations:
The transition phase might call for some sprucing up. A recent study noted that homeowners spend an average of $10,601 on repairs and updates immediately after purchase.
6. Monthly Bills:
Florida living entails more than just water and electric bills. As a homeowner, factor in expenses like lawn care (those lush green lawns don’t maintain themselves), pool upkeep, pest control (especially vital in tropical climates), and perhaps a security system.
7. Emergency Cost:
Florida’s balmy temperatures mean that your AC might be running quite often. The occasional breakdown, especially during sweltering summer, can be a rude shock. Kate advises homeowners to set aside an emergency fund. This forward-thinking approach can make unexpected costs more manageable and less stressful.
In conclusion, buying a home in Florida is an exciting endeavor. With sun-kissed beaches, vibrant communities, and diverse cultural offerings, it’s no wonder many dream of calling Florida home. Being prepared and understanding the associated costs can make your home-buying experience smoother. And remember, the Tony Baroni Team is always here to guide you through the process. Don’t get caught off guard; be informed, and welcome to Florida living!
