Buying a home could come with a lot of anxiety and this can be exceptionally overwhelming especially for first time homebuyers. While this process can be exciting also, it can […]
What is a homestead exemption? This can be described as a property tax exemption for your permanent primary residence. A homestead exemption permits a property owner to exempt a fraction […]
Buying a home could come with a lot of anxiety and this can be exceptionally overwhelming especially for first time homebuyers.
While this process can be exciting also, it can come with some potential pitfalls, a lot of which can have an effect on your life for years to come so you need to take care so as not to make these mistakes that are common amongst first-time homebuyers.
#1 Location
Location is super important when making a real estate purchase. This is one of the key drivers of value in buying a home. The location of your home can provide convenience to a lot of things and places and if you have kids or intend to have kids then you should be looking at somewhere that is closer to a school.
You’re also looking for somewhere that has an easy commute to work or places you like to go often as well as somewhere that would appreciate over the years. A great location would be high in demand by the time you are willing to sell at a later time or rent out.
#2 Ignoring Additional Expenses
These are unmentioned expenses that come with buying a home. A lot of first-time homebuyers only look at the initial price quoted by the seller without looking at additional expenses. This makes them spend so much more than was initially budgeted for the buying process.
There are various additional expenses like service tax, stamp duty, registration charges, maintenance deposit, parking space fees, brokerage fee. It is important to keep these fees in mind while planning your budget so you are not taken by surprise.
#3 Skipping the home inspection
A lot of buyers are so excited that they skip the most important part of buying a home, which is the home inspection. Skipping a home inspection could put you in a lot of risks, both financially, physically and mentally if the home is not in a very good shape. If there are hazards that were not detected during the buying process it can take a toll on the buyer in the long run, things like mold, carbon monoxide etc can create a health concern in the long run or safety issues such as bad electrical wiring or plumbing problems can make you spend much more than was initially budgeted.
So before buying a home, it is important to hire home inspectors for a little fee to take a good look at the property you are about to purchase.
#4 Insurance
Most first-time buyers fail to protect their homes with lifetime insurance. Home insurance is intended to protect you financially if something happens to your property. The typical homeowner’s policy covers interior and exterior damages, loss of assets and injury sustained while on the property. This specific policy can also provide benefits such as legal costs and temporary accommodation.
Home insurance package policies are pretty much all-inclusive and can cover most risks a property owner is likely to encounter so when it comes to insuring your home, it is necessary to find a well informed broker and make some research to know what program works best for you.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone at (844) 321-6168 or by email at titleinfo@titlepartnersfl.com.
This can be described as a property tax exemption for your permanent primary residence.
A homestead exemption permits a property owner to exempt a fraction of the value of their home from property tax assessments, it reduces your escrow payment and your overall payment.
A homestead exemption is tied to a specific property, which is the property of the owner. It came about because senior citizens on tight incomes had difficulties paying the property tax. As a matter of fact, in some locations, a homestead exemption completely eliminates taxes for senior citizens.
However, the homestead exemption does not prevent a bank foreclosure if a property owner defaults on their mortgage.
To apply for the Florida homestead exemption you must note that there are a few conditions that must be met before the submission of the documents required.
Documents required:
Once you have received the Homestead Exemption, you do not have to re-apply because your Florida homestead exemption automatically renews every year as long as your residency status and the property title stay the same. However, the homeowner has a responsibility under the law to notify the Property Appraiser if there is a change of ownership or property title.
First Time Buyers Beware of these 4 common closing mistakes
UncategorizedBuying a home could come with a lot of anxiety and this can be exceptionally overwhelming especially for first time homebuyers. While this process can be exciting also, it can […]
How to file a homestead exemption in Florida
UncategorizedWhat is a homestead exemption? This can be described as a property tax exemption for your permanent primary residence. A homestead exemption permits a property owner to exempt a fraction […]