I think most of us remember buying a home in Florida. Such a mix of emotions involved: elation, fear, anxiety, and excitement all rolled together.
It’s perfectly normal to feel all of these things, but it is also necessary to try to curb the more negative feelings during the process.
There are numerous ways to deal with emotions without them becoming destructive or disruptive. Let’s take a look at a few of those.
Someone To Lean On
Although it’s a step I’ll explore later on to help you learn more about the process of buying a home in Florida, nobody expects you to be an expert in the beginning.
In fact, most folks who have bought homes will tell you to hire an expert. That would be an experienced real estate agent. Or, a professional REALTOR.
Choose your REALTOR with care. If you need periodic check-ins by telephone, ensure the person you choose is responsive. If you crave knowledge about the process, choose an agent with patience who can put complicated financial terms into plain English. Finally, ensure your agent is someone you feel comfortable with and can build rapport.
Visit With a Lender At The BEGINNING Of The Process
You’ve probably heard this “tip” before. Most of the advice you’ll find online claims the reason for the early visit is to become pre-approved for a loan. Sellers are more comfortable with pre-approved buyers. And in today’s market, pre-qualified hold no weight. There is too much demand and too many buyers out there who will win a negotiation if that’s all you have.
While that is true, a more important reason to see a lender early at the beginning is to determine how much you can spend on a home. This allows you to be transparent with your REALTOR and potential sellers and won’t waste anyone’s time.
Stick to a monthly payment figure (including principle, interest, taxes, insurance, and HOA fees, if any) that you know you can cover and refuse to go beyond that.
Once you know the maximum amount you will spend buying a home in Florida, you can ask your agent to not show you homes over that figure. This will go a long way in helping get rid of anxiety.
Educate Yourself
Most savvy real estate agents understand there is a lot to know about buying a home in Florida that the average person can’t possibly know. If you’re coming from New York or Pennsylvania or Oregon… the process of buying is different. Because of this, a local REALTOR will provide lots of educational materials on their website.
This is great for buyers who like to educate themselves.
Not all of us can learn that way; however, knowledge is power. Consider attending a first-time homebuyer course.
Fannie Mae offers one you can take online; it is free of charge, it’s taught in English or Spanish, and you will receive a certificate at the end of the course.
Knowing the process and what to expect when buying a home in Florida is empowering and will build your confidence. No anxiety for you!
The Biggest Issue TODAY When Buying a Home in Florida
Homeowners insurance. In the last 5 years, over 9 insurance companies either stopped writing new policies or left the state. Why? Fraudulent claims are a big reason. Due to the increased hurricane activities in the past decade, there has been a lot of scam artists preying on those who lost their possessions or incurred damage.
As a result, insurance premiums have increased 100% to 250% depending on where you own real estate. So when buying a home in Florida, this is one of the most important points to educate yourself. Your REALTOR can help, but I advise my customers to contact 3-4 insurance brokers or carriers direct and get facts from them direct.
In today’s market, homeowners insurance is a large line item on your expenses, so understand it well. By doing so, you gain peace of mine, reduce anxiety and proceed with comfort buying a home in Florida. Do NOT avoid this step.
