South Florida Buyer’s Guide
South Florida buyer’s guide
Buying in South Florida:
what’s different.
Property taxes, insurance, flood zones and condo rules shape what you can afford here as much as the interest rate does. Here’s what to know before you make an offer.
Property taxes
Your tax bill resets when you buy.
Florida reassesses a home at market value when it sells, so the seller’s current tax bill can be far lower than yours will be. Estimate from the price you’re paying, or use your county property appraiser’s tax estimator.
Homestead exemption
If the home is your permanent residence on January 1, apply to your county property appraiser for the homestead exemption by March 1. It takes up to $50,000 off the assessed value (the first $25,000 applies to all taxes, the second to non-school taxes). The Save Our Homes cap then limits yearly increases in assessed value to 3% or the change in inflation, whichever is lower.
Miami-Dade Property Appraiser · Broward County Property Appraiser
Insurance
Insurance is part of your approval, not an afterthought.
- Homeowners and windstorm: your lender needs proof of coverage before closing. Florida premiums depend on the roof’s age, wind mitigation features and distance from the coast, so get a quote as soon as you’re under contract.
- Flood: if the property is in a FEMA high-risk flood zone (zones beginning with A or V), flood insurance is required for a federally backed or regulated loan. Many buyers outside those zones buy it anyway.
- Hurricane season: insurers usually stop writing new policies while a named storm threatens the area. A closing can be delayed until they start again, so get your policy bound early.
Condos
Financing a condo means financing the building too.
Lenders review the condominium association as well as you. Expect a condo questionnaire covering the budget and reserves, insurance, special assessments, pending litigation, how many units are rented, and whether any one owner holds many units.
Since the 2021 Surfside collapse, Florida law requires milestone structural inspections and structural integrity reserve studies for condominium buildings three stories or taller, and associations can no longer waive reserves for structural items. Some associations are raising fees or levying special assessments to catch up, and buildings with significant deferred maintenance or critical repairs may not qualify for conventional financing.
Ask early: before you sign, ask for the latest milestone inspection, reserve study, budget and any planned assessments. Send them to us and we’ll tell you how lenders are likely to view the building.
Closing
Florida closing costs and timeline.
- Florida taxes: documentary stamp tax on the deed and the note, and intangible tax on the mortgage, are set by statute. Estimate them here.
- Title: title insurance premiums are set by the state. Who pays for the owner’s policy depends on the contract and county custom. Our sister company, Professional Title and Closing Services, can quote and close.
- Timeline: financed purchases often close 30 to 45 days after contract. Condos, self-employed income and storm season can add time, so start the financing review before you make an offer.
Shopping in South Florida?
Get pre-qualified before you make an offer. Or call 305-933-1626 to talk it through.