Your complete guide to buying a luxury home in South Florida. Step-by-step journey, financing tips, closing timelines, and expert concierge relocation services.
Your Real Estate Advisor will customize a property search for you that encompasses both new construction and resale opportunities. As a member of the local MLS and Sotheby's International Realty, your advisor has access to the most accurate and complete information.
You can finance a home with a loan from a bank, savings, credit unions, a private mortgage company, or various state government lenders. Lenders offer different interest rates and fees, talk with several before deciding.
In most cases, yes. The amount varies by lender and your financial situation. Paying at least 20% can help you avoid private mortgage insurance, but some loans require as little as 3-5% down.
Pre-qualification is an informal calculation of how much house you can afford, while pre-approval is a thorough, verified analysis of your mortgage application. Pre-approval signals to sellers that your offer is serious.
Once you find a home and have an accepted offer, it typically takes 30-45 days to close. The timeline for finding the right home varies based on your criteria and the current market.
Common inspections include general home, pest, and mold inspections. Your advisor will recommend additional inspections based on the property. If repairs are needed, your advisor can help you negotiate with the seller.
Closing costs vary depending on the home and lender. These costs will be detailed prior to your financing consultation. Generally, plan for 2-5% of the purchase price in addition to your down payment.
Title insurance protects against unknown claims or defects in ownership. In Florida, the seller typically pays for the owner's title policy. It covers issues not discovered during the initial title search.
Property taxes are calculated as a percentage of your property's assessed value and vary by county and municipality. Florida's Homestead Exemption can significantly reduce your annual tax bill on a primary residence.
Possession usually occurs after the deed is recorded in your name. The exact timing is negotiated as part of the offer and can range from immediately upon recording to several days later.