How to Make a Smart South Florida Home Purchase
Has your boss just given you the incredible news that the company is moving its operations to South Florida? It may interest you to know that you are not alone. Fox Business news recently reported that businesses are relocating to the Sun Belt area on a massive scale—why? Because “It’s a fantastic place to be. The prices are affordable, the talent is around and is seeking an opportunity.” Corporate Florida is vibrant with new cosmopolitan city hubs taking root, especially South Florida, where formidable players such as Goldman Sacks, Blackstone, and Citadel are leading the way.
Let’s look at what you can expect should you choose to purchase a condo or house in South Florida and offer some local tips on how to navigate a smooth real estate transaction in a very complex and swiftly growing market.
Consider the Exceptional Investment Opportunity
Any big life transition, like moving to a new state, can be very stressful. However, if you need to relocate to Florida, the good news is that in addition to moving to an area free of state property taxes and famous for its exceptional weather and recreational fun, you can’t beat Florida’s property investment opportunities. A quick glance at the Sunshine State’s year after year increase in property values, as compared to other states, and other investment options, such as buying CD’s and investing in the stock market, shows what a popular state can do for your personal net worth. Purchasing Florida real estate can be uber smart.
As of February 2023, the typical Florida home value has grown by 11.1% over the last twelve months. The one-year average CD rate is 1.7% as of February 1, 2023, and the average Dow Jones return for the last 20 years was 8.91% (6.40% when adjusted for inflation), which is lower than the average 10% return.
Review Your Budget and Lifestyle Requirements
The key to a successful home buy in South Florida is prudent budgeting. Review your income and your current cost of living and then investigate the cost of living in the city you are moving to, including housing, utilities, transportation, child care and taxes.
Your personal lifestyle needs will take precedence once you start considering specific properties. Are you in the position to purchase high-end real estate where you plan to live for the next several years and enjoy horseback riding and sportfishing? Do you have young children where the quality of the neighborhood and schools are most important? When you pin down the elements that support your lifestyle requirements, it can help you identify a South Florida community that will suit you best.
Find a Local Residential Realtor
A local real estate agent who understands the specific needs of a homebuyer is your best resource to locating area properties that are a perfect fit. Local agents also know of off-market listings in some of the most desirable communities, those with low crime rates and exceptional home equity growth. Some of the best properties in South Florida, for example, are bought and sold without ever being advertised on the MLS listings. Additionally, when you have a reputable realtor in your desired community, they can refer you to the best real estate attorneys to manage the legal aspects of your transaction.
Use a Florida Board-Certified Real Estate Attorney
When you are investing in real estate in South Florida, you are buying into one of the most desirable and competitive markets in the world. A cross country purchase can be complicated and involve several legal issues. Having a closing attorney that is local and well-seasoned in state-to-state transitions is an absolute necessity. When selecting real estate counsel in the State of Florida, choosing a lawyer who is Board-Certified in Florida Real Estate is especially critical.
When an attorney is board-certified in Florida, he or she has undergone additional training and education in their specific type of law and has successfully passed an examination on the subject. The attorney also has been reviewed and approved by their peers, and devoted a significant portion of their practice to the subject matter. A local Florida Board-Certified Real Estate Attorney not only has the expertise in Florida and area real estate law you need, but he or she will also have the experience and knowledge to fully protect your interests.
Why Choose the Rabideau Klein Real Estate Team
Investing in real estate in Florida is a sound investment decision, but it’s essential to take the right steps and perform due diligence beforehand. Once you and your real estate agent have identified your new Florida home, your real estate attorney will safeguard your interests throughout the property transference process. Having serviced all of the top performing realty companies in Florida, the Rabideau Klein real estate law firm has already established a strong working relationship with the company likely to act as your real estate agent.
At Rabideau Klein, both Guy Rabideau and David E. Klein have the distinction of being included in a small group of real estate attorneys that are Florida Bar Board Certified in Real Estate Law. With an impeccable reputation in the industry and specializing in Florida and cross-border real estate transactions, our team can provide you with the experience and knowledge needed to ensure your interests are protected throughout your Florida purchase or sale. Contact Rabideau Klein and we’ll be happy to discuss your upcoming Florida real estate plans and share with you how and when you need to involve your Florida closing lawyer.