Lady Lacha and I are going to set down roots, it seems: we’re buying a 2 bed, 2 bath house! The housing market here in south Florida seems pretty close to bottom, we had money enough for a down payment in our savings account, we pre-qualified for an FHA loan – so awaaaaaaay we go!
Found a place we liked two weekends ago, negotiated on a price, the contract was executed this past Monday, and we have the home inspection tomorrow. I also have to get our deposit into escrow tomorrow. We also have to get the loan application off along with the authorization to conduct a home assessment. Busy, busy!
We were very surprised that such a large decision was settled by so great of a “gut” feeling, but several people have confirmed that: you know what features you want, you know your budget, you go to several showings and then you see one and bam! You start decorating in your head, and you try hard to not fall in love so your heart doesn’t get broken if the deal doesn’t go to contract, or if it all goes kablooey before closing.
Welcome to home-owner-ship!
I bought my house in S. Florida about 10 years ago, so I’m not sure I have any good advice right now. I guess the best I can come up with is to ask around for references when you need to have work done.
And hope that TD2, which was just formed, doesn’t get in the way of your closing. It’s hard to get insurance with a storm out there.
Make sure the house does not have Chinese Drywall, as many bargain new homes in South Florida do!! The reason the homes are so cheap is not just because of the market. A house with Chinese Drywall will need to have all of the walls, wires, and pipes completely replaced! It will also smell like rotten eggs in the meantime. Do not, do not, do not purchase a house that was built with this drywall!
Also, research the neighborhood! There are places like Lehigh Acres in South Florida where you do not want to buy, regardless of the tempting prices.
I agree, 100%. A former boss’s house was built with Chinese drywall, and her life was made miserable. Ended up virtually abandoning the home. The house we’re looking at was built in 1964, so I’ve had to sign a passel of “lead-based paint” documents, but these don’t worry us; Lady Lacha gave up chewing on the wainscotting years ago.
The neighborhood is very good, very stable, and the house prices didn’t actually move all that much in the last 5 years. That being said, we’re picking it up for $20K below the asking price. Close to well-rated schools, shopping, an I-95 on-ramp, and relatively close to the beach.