5th of 6 Steps to Purchasing a Household or Condo in Florida

You must compare the market value of homes to what the market is actually willing to pay for those homes.

If the value of homes in your area is a lot higher than what people are willing to pay, it is simply better to rent an apartment. The sound of a two bedroom apartment worth $1,200 is a lot easier on the ears than a two bedroom apartment worth $2,300.

The previous article in this series (#4) covered the negotiating step which, when done successfully, leads to a contract for you on the property you want to buy. Getting from the contract to the closing.

The first thing that generally gets done once a contract is obtained is to send a copy of the contract to whoever is handling your financing (if you aren't paying cash). A properly done contract becomes important again at this point as it can protect you in the event that the inspections find serious problems.

If you are buying a house, you will also have to contact your insurance agent to have them get you a quote on homeowner's insurance and, if needed, flood insurance.

If you are buying a condo or townhouse, you will have to verify that the condo association pays for the building insurance. Condo association application and reviewing condo documents and budget, utility account transfers, property survey, etc.

One of the last steps that you will do is a final walk-through inspection of the property.