10 Things You Should Know About Buying Property in Pasco County, Florida

The boom has gone out of real estate here in Florida.

For years our homes stayed pretty much the same price. Then we had the boom a few years back when locally our properties tripled in price. It really didn't matter what property you bought then, you could turn around a few months later and make a killing on it.

The change came after our year of hurricanes, Charlie, Frances, and Jeanne. People started to be conscious about buying properties in Florida. The 'for sale' notices started going up more frequently and also the 'for rent' signs.

If you are planning to buy a property in Florida these are a few points you may wish to consider:

1. Look for areas outside of main cities and towns where prices will be cheaper.

2. Do not purchase on the coastline because the prices will reflect in the asking price. Also you will have to buy flood insurance as well as the insurance being higher.

3. Even if the property is inland you will need to make sure it is not in a flood area, as this would mean purchasing regular insurance and flood insurance too.

4. Many builders are having difficultly in selling their new homes. I have seen several in the local papers having auctions on them.

5. If there are several properties for sale in the same street/development check them all out. Recently one property in our drive went for $40,000 less than the asking price, as none are selling right now.

6. If you don't have a big enough down payment for a bank, check to see if the seller will hold a note for you. They will normally allow you to rent to buy, or put a smaller down payment on the property.

7. Right now more people are moving out of Florida than moving in so if you want to come and live here, it is by far the best time to buy. You really do have your choice of properties at bargain prices.

8. Do your homework with regards to insurance and don't just listen to what the seller tells you.

9. If this is your only residence you are purchasing here in Florida, in the new year you can claim homestead, which as the law stands right now, gives you a $25,000 tax break on your home.