Mistakes Home Buyers Make in St Petersburg
Mistakes I’ve seen home buyers make in St Petersburg Florida, that are totally avoidable if you’re prepared and working with a good agent! Why specify location? Well, real estate law is different in every state and frequently is performed different from county to county. This is why it’s important to work with an agent who knows your area and the strategies to implement so you’re represented, and represented well!
Home Buyer Mistake Number One:
When you purchase a home in St Petersburg, the property taxes are based on the previous appraised value until the new year taxes. Depending on your date of purchase you may have a lower tax bill your first year than your second.
Buyers need to be prepared for their mortgage to go up to factor into the new appraised value if their lender is paying the property taxes, OR have property tax reserve funds set aside to account for the increase.
Talk to your lender about their method of paying property taxes and use the Pinellas County or Hillsborough County Property Tax Estimator to see what your taxes could increase to. Just click “search our data base” then type in the property address, scroll down and click “tax estimator.”
Home Buyer Mistake Number Two:
Buyers often don’t get a flood zone and homeowners insurance quote BEFORE making an offer. Or in a fast pace market, during the inspection period.
Did you know you can connect with a homeowners insurance company to get a quote even before you get an accepted offer? This is HUGE when estimating your monthly fees associated with buying a home here in St Petersburg.
Home Buyer Mistake Number Three:
New homeowners miss Homestead Exemption application deadline. If you’re moving from out of state or even if you’re a first time homebuyer, you’re probably like what the heck is “Homestead Exemption?!”
Homestead Exemption here in Florida is a tax break for property owners using the home as a primary residence. The exemption can reduce the taxable value of the home by up to $50,000, decreasing their tax liability.
Applications for Homestead Exemption are due March 1st and you can file online via your County Property Appraiser website
Home Buyer Mistake Number Four:
Out of staters not knowing the area and finding a pretty ticket home in a not so great area. There are many wonderful areas in St Petersburg I can suggest based on your needs. Whether you’re looking for charming and historic, or walkable waterfront, I’m familiar with all the hidden nooks and crannies of St Pete to ensure you land in a safe and favorable area!
Avoid these Home Buyer mistakes by hiring a good agent
Hey Hi Hello, my names Kodie and I’m a Florida Real Estate Agent. I’d love the opportunity to discuss your real estate needs! If you’re looking for an agent don’t hesitate to reach out. If I don’t service your area I can help you find a quality agent who does. Learn more about me and how I do business here!
