I like a house, but I’m not sure about the area. How do I know if it’s a good neighborhood?
Don't judge a neighborhood only by the city name. South Florida can change dramatically from one neighborhood—or even one block—to another. Check: Crime and safety Flood risk Traffic Insurance costs Nearby shopping and restaurants Schools if important to you Property values What the neighborhood feels like at night…
Read Karen’s answer →My aunt died and left me her property. What am I supposed to do first?
Start by finding out exactly how the property is titled. Gather: The deed Will or trust Death certificate Mortgage information Property tax records Insurance HOA or condo information You may need probate before the property can legally be transferred. Don't rush to sell or transfer the property until…
Read Karen’s answer →I’m thinking about buying a condo, but I’m worried about assessments. Is a condo riskier than a house?
Sometimes. With a house, you are responsible for your own repairs. With a condo, you also depend on the financial health of the condo association. A poorly maintained building can result in large special assessments or rapidly increasing monthly fees. Before buying a condo, check the reserves, insurance,…
Read Karen’s answer →I found an apartment that says it’s a co-op. What’s the difference between a condo and a co-op?
With a condo, you own your individual unit. With a co-op, you usually own shares in the corporation that owns the building, and those shares give you the right to live in your apartment. Co-ops can have different financing, resale, rental, and approval rules, so read the documents…
Read Karen’s answer →Florida is changing the homestead rules. Should I buy now or wait?
Probably not just because of possible homestead changes. If you find the right property at the right price, things like purchase price, mortgage rates, insurance, taxes, flood risk, and condition will usually matter much more. However, Florida homestead rules can affect your future property taxes, so it is…
Read Karen’s answer →I’m buying a condo. What is a milestone inspection, and should I be worried?
A milestone inspection is a structural inspection required for many older Florida condo buildings. A licensed engineer or architect checks the building for serious structural problems. If you are buying a condo, ask for the inspection report and find out whether repairs or special assessments are coming.
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