How can Tampa, Florida home buyers maximize the home buying experience and opportunity, while minimizing the stress?
Buying a home in sunny Florida will hands down be the best move many individuals and families will ever make in their lives. But that doesn’t mean that there can’t be some challenges to navigate on the way. Recognizing and respecting the fact that there are potential pitfalls and stressors, and finding ways to preempt them will make all the difference in buying a home that you’ll really love for years.
Tampa, FL is undergoing amazing growth. New companies are coming, tech jobs are flourishing, new entertainment and dinning is being unveiled, and developers are designing incredible new buildings for discerning buyers and renters that want all the best in luxury, convenience, and lifestyle.
It’s a great time to buy property in Tampa. Those that do now, are likely to see a growing investment that they’ll look back on as a savvy, and highly rewarding move for decades. And surprisingly, in spite of the city’s national and international popularity, it is still quite affordable.
There are potential frustration and pitfalls with buying a home or any other type of real estate anywhere. Real estate agents love to promise a “fast, enjoyable, stress free experience.” In reality that is probably the extreme exception.
Six common challenges to a spectacular home buying experience today include:
- Waterfront usage rights
- Title issues
- Shabby and rushed rehabs and new construction
- Real estate and mortgage fraud
- Unexpected expenses
- Achieving an on time real estate closing
Here’s how to beat them, and actually enjoy a great experience, profitable asset, and home…
- Be Alert
Pay attention to current issues. What types of real estate and mortgage fraud are trending now? What hiccups are tripping up others in the process? Where might the transaction get stalled? Knowing is half the battle.
- Get Experience & Proactive Professionals on Your Side
No one will claim to be inexperienced. Yet, even if you sift out the true veterans from the newbies and fly-by-nights, the biggest difference in a profitable and timely transaction is having a team of professionals that are proactive about squashing potential issues in advance. You can’t afford to find out there is a delay on the day of closing, when it is something a processor should have mentioned 3 weeks before. You might not like every update, but choose a title company, mortgage broker, attorney, Realtor, and insurance agent that will tell you what you need to now, fast, even when it isn’t easy.
- Give Yourself Extra Time
Missing your closing date can be disastrous. There is no reason for sellers to help you. Aside from losing your dream property and having to explain that to your family or partner, it can mean a sizable financial loss too. Always allow extra time to close and move, just in case. This is especially true if you live out of the area or abroad, or will be traveling. Whenever there is a request for action or additional information, make it a priority to get it done fast.
- Get the Right Mindset
In spite of all the above; be positive. Hope for the best, but be prepared for the worst. Anticipate delays, extra costs, mortgage lenders to ask for bizarre paperwork at the last minute, and other stressors. If you know they are coming and are prepared you can breeze right through them.
- Check the Paperwork
Breezing through all the forms and stacks of disclosures has become much easier thanks to technology and even electronic signatures. However, that can lull some into just automatically signing without reading first. Read everything, especially the fine print, and ask if you don’t understand it. If it isn’t accurate make sure the docs are changed before you sign.
Put the above into play and you can enjoy a highly rewarding home buying adventure…