Florida is one of the hottest destinations for real estate investments. We, at Garrtech Funding, a fully licensed and certified Florida mortgage company, know the tricks of the trade. From our eight years’ of experience in real estate mortgage brokerage, we provide you a comprehensive home buying guide, which will help you in choosing the right property at the best rate.

Don’t be tempted to buy homes with ocean views

Miami is a city boasting some of the best beaches. In such a place, who would not want an oceanfront property? Yet, we advise you to avoid investing in such properties in Florida. It has been found that the sea level is rising considerably along the Florida coast. Therefore, residential as well as commercial properties are at threat in these areas. Properties that are at least a quarter mile away from the beach are the safer investment.

Know about average property rates in Florida

Consult a real estate agent to get the best idea on the average property rates in Florida. Nowadays, up-to-date information including property listings is available on the internet. Once you get the prices and details of the selected properties, you can compare to find the best deal out of the shortlisted ones.

Check the community in which the house is situated

This is an important thing we recommend to our esteemed customers. You may be successful in finding the perfect home as per your need and choice. But before signing the final deal, don’t forget to visit and inspect the community in which the property is located. To your utter surprise, you might find that the community is not good enough to live with your family and kids. Refrain from investing in such properties for sure. Talk to your potential neighbors about the place and ask about the community services like drinking water supply, garbage collection, the condition of roads, facilities for kids and elderly people and so on. Think of investing in the property only if you are satisfied with the answers.

Ask how long the property has been in the market

While some properties sell away like hot cake, some remain unsold for a long time. As an experienced mortgage broker in Miami we understand that if a property is not sold for long, it means that the seller is asking for an exorbitant price for the same. However, it also creates a possibility for negotiation. You can strike a great deal and get a superb property at a rate you can afford.

Hire a real estate agent/mortgage broker

Purchasing a property involves a lot of paperwork and legal hurdles. If you fail to submit your application with proper supporting documents you may lose your chances of mortgage loan approval. In fact, dealing directly with the seller might seem beneficial in terms of price as it eliminates the fees of a middleman, but you may land up with a bad deal. If you are not well-acquainted with the local real estate market in Miami, it is wiser to make the deal via a real estate agent. With their experience and expertise, real estate professionals can make things easy for you. You may need a real estate attorney and a mortgage broker to handle all the legal matters and paper works for property purchase and mortgage loan.

Know about the property taxes in Florida

A very important point to consider while buying a home in Florida is the property taxes in the area. The taxes are going to vary as per the size, cost, and location of the property. Moreover, different cities have different property tax rates. It is true that Florida does not have an income tax, but the property tax is pretty close to the national average. However, under the Homestead Exemption Act, authentic Florida residents can receive up to $50,000 exemption for buying a home in Florida for the first time.

From our year’s long experience, we recommend taking a mortgage loan for property investment in Florida. And here we are to help you with the loan process in every possible manner. Contact us for more information on home buying and mortgage loans.

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