Published March 5, 2020
7 Things You Need to Know Before Buying a Home in Tampa
I’m covering the seven things all Tampa newcomers should know.
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Today we’re going to talk about the seven things you need to know before buying a home here in Tampa! Without further ado:
1. Homestead exemption. This nifty benefit allows you to knock $50,000 off of your home’s value for tax calculations. You also get tax increase caps of 3% per year, not to mention that you can actually make your home judgment-proof!
2. The Tampa region is comprised of four different counties. Hernando, Pinellas, Pasco, and Hillsborough counties (the last one housing Tampa proper) each have a distinct flavor. Ask yourself some important questions about lifestyle and what qualities of an area matter most to you. That way, we can find the right part of the region to match you up within your property search.
3. Insurance costs and requirements. You need to be aware of the different inspection reports required when you own a home in Florida. Flood insurance is not the same as your homeowners' insurance; the flood insurance actually covers any type of rising water, whereas your home/hazard insurance covers the other parallel.
Depending on the age of the home, you may be required to have a wind mitigation inspection, which tells your insurance company how your roof is actually attached to your trusses and how up to code it is. This determines the number of discounts that you get on your homeowners' policy. Don’t forget about the four-point inspection. It tells your insurance about four of the major things: roof, plumbing, HVAC, and electrical.
Also, you need to know about sinkholes. Typically, sinkhole coverage is excluded on all of your homeowners' policies. This doesn’t you’d be at a total loss if your home was greatly damaged due to some issues with settlement activity. Something called catastrophic ground collapse is a requirement of every homeowners' policy in the state of Florida, and it protects insurance companies against frivolous claims as opposed to true sinkhole situations.
All of the entertainment hubs are a short drive apart, and there’s
always cool waterfront activities and fun concerts.
4. Florida is a lien theory state. This means that when you buy your home, even if you have a mortgage attached as a lien, you actually get a deed after closing. Putting a lien on your home in the form of a mortgage helps the bank hold your property as collateral, but you get the deed before the property is ever paid off.
5. We were rated the top place to live for beaches, recreation, healthy lifestyles, the waterfront district, first-time homebuyers, and staycations, as well as a top wedding destination. We’re also one of the hippest, fastest-growing cities, as we lead in millennial relocations, equality, real estate investors, office investors, and corporate relocations, and boast top-rated international airports.
6. Gulf access and warm beaches. Tampa has been rated one of the No.1 places to escape the snow in January. This does bring a little extra traffic but a hot spot to live in the winter months is worth it.
7. There’s so much to do. All of the entertainment hubs are a short drive apart, and there’s always cool waterfront activities and fun concerts.
If you want to hear more information on any of the seven items or about Tampa living in general, don’t hesitate to reach out by phone or email. I’m always happy to hear from you and help in whatever way I can!
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