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Brady Webb
August 14, 2024

Buying a House in South Florida: 4 Things You Need to Know

Buying a house in Florida has some unique features that are different from the rest of the country. For example, if you buy a house in Florida, you can’t just call State Farm or Allstate for homeowners’ insurance. That’s true in part because hurricanes are a factor that any potential homebuyer should consider. Aside from this, there are other things that you need to take into consideration. To help simplify things, we thought it would be useful to put together a brief article on what you need to know when buying a house. If this is something that you’re interested in learning more about, read as we discuss the four things you need to know when purchasing a home in South Florida.

Home Insurance

Some insurance companies will not write homeowners’ insurance policies in South Florida. They usually require that your electrical system, plumbing, air conditioning, and window coverings pass inspection. If you’re buying an older home, those systems may not meet their standards. Citizens Property Insurance is another option. They are a public-private entity, and the rates are higher and could exceed $5,000 a year.

Property Tax Will Be Different for Different Owners

In Florida, owner-occupied homes receive a tax break called the homestead exemption. When you apply for it after closing, $25,000 of your home’s value is exempted from all taxes, and an additional $25,000 is exempted from most taxes. A cap of 3% applies to how much the home’s value can go up in a year, though. When someone other than the original owner takes over, the property is reassessed at that new owner’s value.

Commuting Times Is an Important Factor

Keep in mind that you’ll have to drive or commute from your prospective new home to your office. Depending on where your house is, it may take 10 minutes or 5 hours. Before you make a final decision about the neighborhood, be sure that you will be okay with the amount of time it takes to get to work. There is no one way to go about doing this as different people have different tolerances for the amount of time it will take them to get to work. For the most part, you will want to make sure that getting from your home to your place of work is manageable and convenient.

Hurricanes Are a Real Hazard

Climate changes have made Floridians much more proactive in taking steps to protect their homes. If you are shopping for a new home, ask about impact-resistant windows, hurricane shutters, exterior doors, and garage doors. Any of those things can be updated, but more expensive ones designed to withstand hurricanes are available.

Your Team at American Mortgage Solutions

American Mortgage Solutions Florida is a mortgage broker that has financed home buyers’ and homeowners’ dreams! We are proudly licensed in and serve Florida, Kentucky, Indiana, Colorado, and Tennessee. We’re here to make the mortgage process itself a dream, quickly and easily matching you with the ideal loan for your needs.

Our streamlined process makes it a breeze to buy a home, refinance, or tap into your home equity. If you need a mortgage loan in Cape Coral, Florida, and beyond, we’ve got you covered! Call us at (239) 766-8344 to explore your options!

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