Tampa, Florida sits on the west coast of Florida near the Gulf of Mexico and is the largest city in the Tampa area. It is known for its museums, Busch Gardens, the Tampa Zoo, and other cultural offerings.
Tampa is also a major business center with companies ranging from banks to tech firms and health care. There are several options available if you are looking to buy a luxury home in Tampa. Here are some tips to keep in mind as you search for your new home.
Can you Afford a Luxury Home?
You can generally find something in nearly any price range because Tampa is such a large area with many listings. But if you don’t have a lot of cash there are other ways to get into a luxury home.
Finding your dream home in the foreclosure listing is a possibility that could save you up to 15% off the market value.
Borrowing from your retirement account can be one way to lower your financed amount and give you more ash for a down payment. By law, you can borrow up to 50% of your vested balance to purchase a home.
Is the Time Right to Buy?
The law of supply and demand comes into play when you are considering such a large purchase. If you can time it right and hit a buyer’s market you can save money off the purchase price and may even find a home you normally wouldn’t consider falling into your price range.
If a property has been on the market for more than three months there is a good chance the seller has misjudged the market and the value of his home. This could make him more motivated to sell and receptive to a lower offer.
Title Insurance is Critical
Always, when making such a large purchase, buy title insurance. This will protect you from any unforeseen problem with the title. Also look at the exceptions page before you go to closing. You don’t need any bad surprises at the end of this process.
Hire a real estate agent you are comfortable with and listen to him. He won’t make your decisions but can make good and thoughtful suggestions.
Listen to your financial planner. He and your agent should agree on what you propose to do and should be looking after your best interests.
Have the Property Inspected
Again, this is an area where you don’t want surprises after it is too late to do anything about them. Get a reputable inspector to look for problems not obvious during a showing or an open house.
Check the Comps
Have your agent research similar homes in the same price range that have recently sold. This information can give you a better idea of the type of offer to submit. Don’t be afraid to negotiate.
It is very important to get everything in writing throughout the entire home buying process. Even the smallest detail should be written down. This includes being diligent about your personal information including proper documentation of your income and expenses.
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