Question 1

How much money do I need to buy a house in Florida?

Accepted Answer

Plan for three amounts: the down payment, the closing costs and a cash reserve. Down payments start at 3 percent of the price on a conventional loan and 3.5 percent on an FHA loan, and eligible veterans can put nothing down with a VA loan. Closing costs on a financed purchase commonly add 2 to 5 percent of the price, and condos, jumbo loans and second homes usually need more down.

Question 2

What are closing costs for a home buyer in Florida?

Accepted Answer

A Florida buyer using a mortgage commonly pays 2 to 5 percent of the purchase price in closing costs, on top of the down payment. The main items are lender fees, Florida's taxes on the mortgage, title insurance and settlement fees, and prepaid property taxes and insurance. A cash buyer pays much less, because most of those costs come from the loan.

Question 3

What should I check before buying a condo in South Florida?

Accepted Answer

Check the building before the unit: its milestone inspection, its reserve study, any special assessments and whether lenders will finance it. Then read the association's budget, its rules on leasing and pets, and its buyer approval process. Florida gives a condo buyer a review period after receiving the association documents, and that is the time to walk away if the numbers do not work.

Question 4

How does home insurance affect buying a home in Florida?

Accepted Answer

Insurance decides what a Florida home really costs each month, so get quotes during the inspection period, not after it. Insurers price the age of the roof, the electrical and plumbing systems, the windows and the distance to the coast, and a lender requires flood insurance when the home is in a high-risk flood zone. A home that is expensive or difficult to insure should be priced for it or passed over.

Question 5

Do I need a buyer's agent to buy a home in Florida?

Accepted Answer

No law requires one, but a buyer's agent works with you on the price, the contract and the inspection, while the listing agent was hired by the seller. Since August 2024, an agent who works with you must have a written agreement with you before touring a home, and it states the services and the compensation. That compensation is negotiable, and in many South Florida sales the seller agrees to pay it.

Question 6

Should I buy a house or a condo in South Florida?

Accepted Answer

Compare the two on what they cost to own each month and on the rules you would live under, not on the price alone. A condo bundles the roof, the exterior, the building insurance and the amenities into monthly dues, and in South Florida those dues now carry structural reserve requirements and can rise with a special assessment; a house puts the roof, the insurance and the yard on you directly. Choose the condo for location, security and low upkeep if the building's finances are sound; choose the house for space, control and no association if you can carry its insurance.

Question 7

Do I need my own agent when buying from a builder?

Accepted Answer

You are not required to have one, but the sales representative in the model home works for the builder, and the contract was written by the builder's lawyers. Your own agent reviews that contract, compares the community with resales and other builders, negotiates upgrades, closing costs and timing, and watches the deposits and the construction schedule. Most builders expect to see your agent on your first visit, so bring them or name them before you register.

Question 8

What should I offer on a house that has been on the market 90 days?

Accepted Answer

Offer what the closed sales of comparable homes support, not a formula off the asking price, and let the ninety days inform your terms more than your number. A long market time usually means the home was priced above the sales, has an issue buyers found, or both, so a well-supported offer below asking with clean terms is reasonable; a lowball with no basis just gets ignored. Read the price history, ask why it has not sold, and decide your top figure before you write anything.

Question 9

How much income do I need to buy a $500,000, $750,000 or $1 million home in Florida?

Accepted Answer

There is no single income for a price, because lenders qualify you on the full monthly payment, and in Florida that payment includes property taxes, homeowners and often flood insurance and association dues, which vary widely from one home to the next at the same price. The method is the same at every price: the lender adds the principal and interest at today's rate to the taxes, insurance and dues for that home, then checks that the total plus your other debts fits within its debt-to-income limits. Consult a mortgage lender for the figure that applies to you; this guide shows how they get there and what moves it.

Question 10

Should I buy a house with cash or finance it?

Accepted Answer

Cash wins negotiations and closes faster, and it saves the interest, the lender fees and the mortgage insurance; a mortgage keeps your money liquid and invested, and lets you buy more home than your cash alone would. The right answer depends on what the cash would otherwise earn, how much of your savings the purchase would consume, and how competitive the homes you want are. Many buyers take a middle path: buy with cash to win the home, then place a mortgage on it afterwards. Consult a mortgage lender and a tax adviser on the figures for your situation.

Question 11

Should I buy a starter home or keep renting?

Accepted Answer

Buy when you expect to stay at least several years, can carry the full monthly cost of owning with reserves left over, and have the cash for the down payment and closing costs; keep renting when your plans may change within a few years, when owning would leave you with no cushion, or when the homes you could afford would cost far more each month than the rent you pay. In South Florida the deciding costs are insurance and property taxes at the reset value, which a rent-versus-mortgage comparison leaves out. Consult a mortgage lender for what you qualify for, and compare the full numbers for the homes you would actually buy.

Question 12

How do I analyze a rental property in South Florida?

Accepted Answer

Start from the rent the property can actually achieve, taken from closed leases nearby, and subtract every cost of owning it: taxes at your purchase price, insurance, association dues, repairs, vacancy and management. What is left is the net operating income, and comparing it with the price and with your loan payments tells you whether the property carries itself. In South Florida the costs that sink a deal are usually insurance, reassessed taxes and association rules, so price those first.

Question 13

Can I rent out a condo in South Florida?

Accepted Answer

Only if the building's own rules allow it, so read the declaration before you buy. Many South Florida associations limit how often and for how long a unit can be leased, require the association to approve each tenant, or bar new owners from renting for the first year or two. City rules and state licensing add a second layer for short-term rentals.

Question 14

Are short-term rentals allowed in South Florida?

Accepted Answer

It depends on the address. Florida licenses vacation rentals at the state level, but each city sets its own registration and zoning rules, and a condo or homeowners association can prohibit short stays altogether. Confirm all three for a specific property before you buy it, because one of them saying no is enough.

Question 15

How are property taxes calculated on an investment property in Florida?

Accepted Answer

Do not use the seller's tax bill. Florida reassesses a property at market value on January 1 after it sells, so a buyer's taxes are based on roughly the purchase price, not on the capped value the previous owner enjoyed. An investment property gets no homestead exemption, and its assessed value can then rise by up to 10 percent a year for most taxes.

Question 16

How does a 1031 exchange work in Florida?

Accepted Answer

A 1031 exchange lets you defer federal capital gains tax when you sell investment real estate and buy other investment real estate with the proceeds. You must identify the replacement property within 45 days of closing the sale and close on it within 180 days, and a qualified intermediary has to hold the money in between. The rules are strict and the deadlines do not move, so set it up with a tax adviser and an intermediary before the sale closes.

Question 17

Can a foreigner buy property in Florida?

Accepted Answer

Yes. Foreign citizens can buy and own Florida real estate, with or without a visa, and many pay cash or use a foreign national mortgage with a larger down payment. Two rules need early attention: a Florida law that restricts purchases by some buyers from a short list of countries, and FIRPTA, the federal withholding that applies when a foreign owner later sells. An attorney and a tax adviser should confirm both before you sign a contract.

Question 18

Should I sell my house before buying another one?

Accepted Answer

For most South Florida owners who need the equity from the current home, selling first is the safer order: you know exactly what you have to spend and you never carry two mortgages. Buying first makes sense when you can qualify for both payments or a bridge loan, or when the right home will not wait. A negotiated leaseback or a same-day closing often gives you the certainty of selling first without moving twice.

Question 19

How do I sell a luxury home in South Florida?

Accepted Answer

A South Florida luxury home sells on three things: a price anchored to the few sales that genuinely compare, marketing that reaches buyers who mostly live somewhere else, and a process that qualifies every buyer before they walk through. Expect it to take longer than a typical home, because the buyer pool is smaller and more of them pay cash on their own schedule.

Question 20

How do I sell an inherited property in Florida?

Accepted Answer

You can sell an inherited Florida home once someone has the legal authority to sign the deed: the personal representative of the estate after probate is opened, the trustee if the home was in a trust, or the heirs once title has passed to them. Start by confirming who holds that authority and whether the home was the owner's homestead, because both decide how long the sale takes. A probate attorney confirms the path for your estate.

Question 21

How do I sell a condo in South Florida?

Accepted Answer

Selling a South Florida condo starts with the building, not the unit: buyers and their lenders now look first at the association's inspections, reserves and any special assessments. Gather those documents before you list, price the unit against recent sales in the same building and similar buildings, and allow for the association's approval of the buyer when you set the closing date.

Question 22

How do I sell a waterfront property?

Accepted Answer

A South Florida waterfront home is priced on the water as much as the house: how deep it is at low tide, whether a fixed bridge stands between the dock and the ocean, the length of the dock and the condition of the seawall. Document those facts before you list, alongside the flood zone and insurance history, because waterfront buyers decide on them and their inspectors will check every one.

Question 23

Should I take a cash offer or list with a Realtor?

Accepted Answer

Listing with a Realtor usually produces the higher price, because the home is exposed to every buyer in the market. A cash offer usually produces the faster and more certain sale, with no repairs and no showings, at a lower price because the buyer is paying for speed, certainty and the work the house needs. Compare the two on net proceeds and on timing, not on the headline price.

Question 24

How should I prepare my home for sale?

Accepted Answer

Fix what a buyer's inspector or insurer will flag, close any open permits, gather your documents, then clean, declutter and photograph the home well. In South Florida the insurance questions matter as much as the cosmetics: the roof, the electrical, the plumbing and the windows decide what a buyer can insure, and so what they will pay.

Question 25

Should I rent or sell my South Florida home?

Accepted Answer

Compare two real numbers, not a feeling: what the home would net if sold today, and what it would net each year as a rental after taxes, insurance, association dues, repairs, vacancy and management. Selling usually wins when you need the equity, the home needs work, or the rent barely covers the costs; renting wins when the rent clears the costs comfortably and you can carry the home through a vacancy. In South Florida the insurance bill and the loss of the homestead cap often decide it.

Question 26

Should I sell my Florida condo before a special assessment?

Accepted Answer

You can sell before, during or after a special assessment, but you cannot sell around it: Florida requires the buyer to be told about assessments that have been approved or are being considered, and the contract decides who pays the instalments. Selling before the work is done usually means a lower price or paying the assessment at closing; selling after usually means a higher price in a building buyers trust again. Which is better depends on the size of the assessment against your equity and how long the work will take.

Question 27

What happens if my condo building fails a milestone inspection?

Accepted Answer

A building does not fail a milestone inspection so much as it moves to the second phase: the engineer found substantial structural deterioration and must now specify the repairs, which the association has to fund and complete on a schedule the local building department oversees. For an owner that usually means a special assessment, construction, and a period when the unit is harder to finance and sells at a discount. You can still sell, but buyers must be given the report, and the price has to reflect what they are taking on.

Question 28

Should I sell my home now or wait until next year?

Accepted Answer

Decide from the market you can see and the year you can count, not from a forecast. If homes like yours are going under contract in weeks and inventory is tight, the market is giving you its best terms now; if inventory is building and sellers are cutting prices, waiting rarely gets you more and costs you a year of carrying the home. Your own reasons, the next home, a job, the family, usually matter more than squeezing the last few percent out of timing.

Question 29

How do I sell a house that needs major repairs?

Accepted Answer

You can sell a Florida house in almost any condition using the as-is contract, which lets the buyer inspect and cancel but does not oblige you to repair anything. The trade is price: buyers who take on a roof, a rewiring or open permits discount for the cost, the risk and the time, and financed buyers may not be able to buy at all. Disclose what you know, close the permits you can, price against sold homes in similar condition, and compare the open-market result with a cash offer before you choose.

Question 30

Should I downsize from my house to a condo in South Florida?

Accepted Answer

Downsizing pays when the smaller home costs less to own in total, not just to buy: a condo trades a roof and a yard for association dues, assessments and the building's rules, and in South Florida those dues have risen with insurance and reserve requirements. Florida lets you carry your homestead tax savings to the next home, which makes the move cheaper than owners expect, and a 55-plus community adds age and rental rules you should read before you fall for the clubhouse. Price both homes from recent closed sales and compare the yearly cost of each before you list.

Question 31

Can I sell a house in Florida while it is in probate?

Accepted Answer

Yes, in most cases, once the court has appointed a personal representative, and a sale during probate is common because the estate needs to pay debts or divide the proceeds. Whether the representative can sign a contract on their own or needs a court order depends on the will and the type of administration, and homestead property follows its own rules. A probate attorney drives the process; a brokerage prices, markets and closes the home to the attorney's timeline.

Question 32

How do I sell my house for the highest net proceeds?

Accepted Answer

The highest price and the highest net are not the same sale. What you keep is the price less the buyer's concessions and repair credits, the commission, Florida's documentary stamp tax, title and closing charges, your share of the year's property taxes, and the mortgage payoff. Sellers net the most by pricing from closed sales so the home sells in its first weeks, spending only on repairs that return more than they cost, and comparing every offer on a net sheet rather than on its headline number.

Question 33

Why is my house not selling?

Accepted Answer

A home that is getting showings but no offers is priced above what buyers see as its value; a home that is not getting showings is priced out of the searches buyers run, or presented so poorly online that they never book. In a market where comparable homes are going under contract in weeks, the problem is almost always price against condition, and the fix is a pricing correction based on what has sold since you listed, not another small cut. Insurance, an old roof or association issues can also stop financed buyers cold, and those have their own fixes.

Question 34

How do I sell a home with a tenant in place?

Accepted Answer

You can sell a home with a tenant in it, but the lease goes with the house: a buyer takes the tenant on the existing terms until the lease ends, so an occupied home sells mainly to investors unless the lease is about to end or the tenant agrees to leave. Florida law and the lease itself govern showings and notice, and the security deposit transfers to the buyer at closing. The choice is between selling now to an investor, or waiting for the lease to end and selling to the whole market.

Question 35

Should I sell my luxury property privately or list it on the MLS?

Accepted Answer

The MLS puts your home in front of every buyer and every agent, which is how a luxury home finds its best price; a private sale limits who knows it is for sale, which protects your privacy and the home's market history but shrinks the buyer pool. Most sellers who need discretion start with a private exclusive offered to qualified buyers and the brokers who represent them, with the option to move to the MLS if the right buyer does not appear. The decision turns on how much privacy is worth to you against the price a full market usually produces.

Question 36

How do I sell a jointly owned property after a divorce?

Accepted Answer

Both owners have to agree to the sale, the price and the terms, or a court has to order it, and the marital settlement agreement or the final judgment usually says which. Once that authority is clear, the sale runs like any other, with one difference: everything, from the listing price to the offer you accept and the split of the proceeds, has to be documented so that neither side can question it later. A neutral agent and a written pricing analysis protect both of you.

Question 37

What happens when a Florida homeowner sells before foreclosure?

Accepted Answer

A homeowner who is behind on payments can sell the home at any point before the foreclosure sale, and doing so usually protects both your credit and whatever equity you have. If the home is worth more than you owe, a sale pays off the lender and the arrears and you keep the rest. If you owe more than it is worth, the sale needs the lender's approval as a short sale, which takes longer but ends the debt on terms you agree to. Either way, time matters: the earlier you start, the more options you have, and a foreclosure attorney or a HUD-approved housing counselor should be in the conversation.

Question 38

What should foreign owners know before selling U.S. real estate?

Accepted Answer

A foreign seller can sell Florida property exactly as a domestic seller does, with one large difference at closing: under FIRPTA the buyer must generally withhold a percentage of the sale price and send it to the IRS, and the seller recovers any excess by filing an American tax return. The withholding can be reduced or avoided in some cases by applying to the IRS before closing, and how the property is owned (personally, through an entity or a trust) changes the tax picture. Plan the sale with a tax adviser who handles non-resident sellers before you list.

South Florida Real Estate Questions, Answered

Questions From Home Buyers

Questions From Investors

Questions From Home Sellers

Landlords and Renters

Buying or Selling a Business

Comparing Two Cities

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