10 FAQ for Buying a Home in Florida

Why should I buy, instead of rent?

 You'll love the feeling of having something that's all yours - a home where your own personal style will tell the world who you are. A thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen...when you own, you can do it all your way! But there's more to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes, too. And interest will compose nearly all of your monthly payment, for over half the number of years you'll be paying your mortgage. This adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up through the years.

What should be my first step?

Determine what you can afford so you can understand how much of a mortgage you will need and how it will affect your household expenses every month.

I've had bad credit, and I don't have much for a down-payment. Can I become a homebuyer?

You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local government to see if there are any local home- ownership programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county executive's office.

I'm a single mother. How would I go about buying a home?

Although you won't have the benefit of two incomes on which to qualify for a loan, there's no reason that you can't become a homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan. You might want to contact one of the HUD-funded housing counseling agencies in your area to talk through your options. And you also might want to think about buying a HUD home - they can be very good deals. Also, contact your local government to see if there are  any local home buying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county executive's office.

What does pre-qualify really mean?

You find an expert in home financing who will help you determine if you can afford to buy a home and if you can afford to pay for it monthly.  Pre-Qualifying is free. It will only cost you some time to make a phone call or to meet the expert.

Who can pre-qualify me?

The best person is a Licensed Mortgage Broker, or an Accountant. There are many ways to find a Licensed Mortgage Broker. They may be affiliated with the Real Estate Brokerage of the Realtor you work with, you may get a recommendation from a friend or you can visit your local bank and ask to nspeak with the licensed mortgage broker there.

They’ll ask you a few questions about your yearly income, your monthly expenses, your credit card debt, car loans and how much money you have available to use a down payment. They will also ask for Social Security number(s) so they can obtain a credit score. Once all this information is collected, they can counsel you on how much you can pay for a home based on all the information you gave them, the current status of interest rates and the down payment requirements of the mortgage lenders.

Where do I want to live?

Location, Location, Location. Really, it’s true. People are most satisfied with their home purchase because they knew what surrounding amenities were most important to them and their family. Here is a list of some things you must consider and put them in order of importance:

Schools

Location of Work

House of worship

Transportation Options that have an impact such as public transportation

Access to highways, airports, and shopping

Recreation; such as Parks, Swimming, Tennis, Golf, YMCA, etc.

What Type/Style of Home do I want?

Single Family,  Town Home, Villa or Apartment/Condo.

What are the most important features I want in my home?

Number of bedrooms & baths

Great Room and/or Formal Living Room

Formal Dining Room

1 or 2 car garage

Large lot

Direct Waterfront & type of water front

Pool

Age of Home

Enclosed Patio

Anything else would you like...

What is the difference between a community with a Home Owners Association (HOA) and one without besides the monthly member fees?

There are many differences, however the most important is that when you have an HOA you have Written Rules that every homeowner agrees to live with. The differences that exist between individual HOA’s is so varied since they are determined initially by the developer then modified by the homeowners.

The best way to learn about the HOA Rules of any of the communities you are interested in is to ASK YOUR REALTOR. This will help you decide which community is the best fit for your ideals. Their knowledge of the various communities is just one of the important services a realtor can provide to make your search and purchase less stressful.

Mary Zohar, is a long-standing member of the Coldwell Banker North Tampa Office and an active member of the Greater Tampa Associates of Realtors. Besides having a Bachelor in Science from the University of Florida, she holds: Certified Home Marketing Specialist, Certified Negotiation Specialist, e-Pro, Short Sale and Foreclosure, and Accredited Buyer Representative and Certified Residential Specialist certifications; and received the International Diamond Society Award this past year. She also is the representative of the North Tampa office for Coldwell Banker CARES.  And is current in Continuing Education and licensure for the State of Florida.

Having lived in the Tampa Bay area since 1981, makes her an expert in the the community at large. If she doesn't know what you're looking for, she surely knows who to ask or how to find out. Watching Tampa Bay grow, after these years makes her knowledge priceless. She can be reached at 813-417-6696, and is eager to assist you with all of your Real Estate needs.