Top FAQs About Buying a Home in Florida
Is buying a house in Florida a good investment?
In general, real estate is considered a safe investment. The housing market in Florida has been experiencing considerable growth over the past few years, and this is expected to continue. Currently, the median housing value in Florida is expected to increase by 2.0%, making Florida a great place to invest.
However, it's important to keep in mind that real estate is highly regionalized, so some cities provide great investment opportunities, but others won't. Do your research and speak with your real estate agent before making a purchase.
How much is a down payment in Florida?
Generally, a conventional mortgage requires a down payment that's 20% of the closing price. However, there are other options: FHA loans only require a 3.5% down payment, and some lenders will allow you to put down less money as long as you pay a higher interest rate.
If you're unable to afford a down payment, you may benefit from Florida's down payment assistance programs. If you're moving to a designated rural area, you may be able to secure a USDA loan, which has a 0% minimum down payment.
How long does it take to close on a house in Florida?
Across the United States, the amount of time it takes between signing a purchase agreement and closing remains standard. In most cases, it takes 30 days to close on a house after a contract has been signed. This is true for Florida.
Do you need a lawyer to buy a house in Florida?
Buyers do not need to hire a lawyer to buy a house in Florida. However, it's a good idea to work with a real estate agent who can help guide you through the necessary paperwork. Working with a real estate agent isn't legally required, but unless you're a seasoned real estate professional yourself, you will likely find the help of a realtor invaluable.