Fort Lauderdale is fast becoming one of the “go-to” places for home buyers across Florida and the overall nation. The lovely beach city boasts some fascinating developments of late, including state of the art ocean-front properties such as paramount condos and that too at highly affordable rates. Moreover, the job growth is high and property taxes are low. A bustling downtown is another major attraction for the increasing number of home buyers in the boating capital. Are you too planning to find your dream home here? Well, that’s great and here are the tips to follow to make the most of your home buying experience.
Your finances are a major determinant in your home buying process and hence you should get a mortgage pre-approval first. Check out how much you are eligible for mortgage. You need minimum 740 in Credit Score to qualify for a standard mortgage rate. If you are running low on credit score, it’s better to try to boost it up to widen your chances with quality mortgage in coming months.
You must know that sellers usually prefer pre-approved buyers as they show better potential to afford the deal.
Know the down payment
The current Fort Lauderdale real estate market would usually ask for 20 percent down payment from home buyers. But those backed by FHA Financing would have to pay just 3.5%.
Define your needs
You have to get a clear understanding of your expectations from the property? How many bedrooms would be sufficient? If you often have guests coming over to your house, it’s best to get a 3-bedroom property. Are you planning to designate a specific portion of your new home for rent? That would be excellent for a steady passive income. Do you think you are able to afford a luxury property this time?
Clearer you are about your needs, more effective would be the home hunting for you.
Study the Fort Lauderdale market
You should get a thorough study on the entire Fort Lauderdale real estate market. Try to know about most potential neighborhoods and the home values in each region. Know which communities to avoid and which ones assure maximum rental yield. Also look for the new constructions coming up or on the verge of completion. Talk to people who have recently purchased home in Fort Lauderdale.
Consult a reliable realtor
Home buying is always overwhelming for a layman. There are so many things to check and so much of paperwork to handle. Thus, it’s better you contact a reliable realtor who specializes in Fort Lauderdale market. He will take care of the home listings, paperwork and would also help in negotiating compatible deals with seller.
Home inspection is must
It’s mandatory to get an extensive home inspection before you finalize the deal with the seller. The inspection part is mandatory irrespective of the age of the home. If you are buying an older one, make sure to get a 4-point inspection.
Finally don’t rush. Finding dream homes is not an overnight affair and success comes to those who have the patience to wait.