| Florida real estate is a rewarding investment option, | | | | . Always consider the prospects of re-sale of the |
| but a buyer ought to follow some basic guidelines to | | | | property chosen before striking a deal. |
| avoid any problems. Some tips and suggestions are | | | | . Get a thorough inspection of the property done. |
| offered below: | | | | . Professional contractors can be hired to inspect the |
| . Decide your budget. | | | | property better. |
| . Find out about the available finance options, the | | | | . It is advised to accompany the professional |
| fixed rate, floating rate, adjustable rate and | | | | contractors during the inspection. Carry a notebook |
| mortgage contract. | | | | and a pen to jot down important points, if any. You |
| . Fixed rate of interest- the rate of interest remains | | | | may need to discuss serious concerns with the seller. |
| fixed over the term of loan. | | | | . Get all your doubts cleared. Enquire about the |
| . Adjustable rate of interest- rate of interest changes | | | | materials used in construction. If it is a second-hand |
| at the end of an adjustable period. | | | | property, question everything on the durability, quality |
| . Seller financing- is a mortgage contract between the | | | | and reason for sale. |
| seller and the buyer. | | | | . Make sure there are no pests, rodents or insects |
| . It is advised not to approve payment of private | | | | present on or in the property. |
| mortgage insurance. Private mortgage insurance is an | | | | . Chose a real estate agent to handle details. |
| insurance amount to be paid every month. This is less | | | | . Learn all the legal clauses involved in buying a |
| than 20% of the amount of down payment. | | | | property. It is better to hire an attorney to |
| . Get the approval of a bank for mortgage. | | | | understand the contract and help you with the deal. |
| . Put forth your preferences and research the | | | | – Some common contract terms are: |
| options. There are various types of investment | | | | approvals, earnest money deposits, tax-pro rations |
| properties in Florida, like single-family homes, | | | | and contingencies. – Approvals- means the |
| condominiums, penthouses and pre-construction | | | | period of contract. It is during this period that buyers |
| properties. Decide on your requirements and make a | | | | and sellers approve or cancel a contract. – |
| choice. | | | | Earnest money deposits- money given to the seller |
| . Research over the net to compare the properties | | | | as a token of good luck when two parties sign a |
| available. Compare their rates to reach the one that | | | | deal. – Tax-pro rations- credit issued for |
| matches the budget. | | | | property taxes that are not paid. – |
| . Study the trend of cost of the properties in and | | | | Contingencies- a legal term that refers to the |
| around the chosen area. | | | | completion of certain activities during contract period. |
| . Reach out to the residents in the area for their | | | | It is advisable to discuss everything in detail with the |
| opinion on educational facilities, crime rate and other | | | | seller of the property and try to negotiate as much |
| important issues. All the relevant and important | | | | as possible. Leave no room for doubts. |
| information could be got from the neighbors. | | | | |