By: Emily Miller & Dan Fischer | My Tampa Bay Broker | January 26, 2021
It is only natural to be excited at the prospect of starting house hunting, but buyers often face decision paralysis: there are so many choices on the market, and they have no idea what to look for. What size? How many rooms? Is the roof in good condition? Does it have a pool? What needs to be replaced? Can that wall be torn down?
Fortunately, those decisions can be simplified. Here’s what to look for when buying a home.
How Old Is the Property?
One of the most important pieces of information you need about the potential home is its age. How old is the property? That’s going to tell you a lot about the size of the house, the floorplan, the structure, and some of the architectural features of the home. It will also give you an idea of how much maintenance or upgrading work may be necessary to modernize the structure.
Old properties in Florida have a certain architectural charm, but they can also retain traces of dangerous materials (like lead paint) and be more difficult to maintain. A very thorough inspection is highly recommended, as well as a proper appraisal. Please be aware that during the pandemic, inspection and appraisal were done over video or as a drive-by, which is more likely to backfire on an old home that may hold hidden damage.
What Is the Ownership History?
There is also a lot to be learned about a property by looking into its ownership history. Finding a few owners who have each had the house for years and years is a good sign, that means that it’s a solid property that’s likely been beloved and taken care of.
On the flipside, a very diverse ownership history of a succession of people who’ve sold the home after only a few years or even months tends to indicate that there is something wrong that no one else has wanted to deal with. Whether it’s a roof that’s caving in, hidden mold, or other issues, you’re better off moving on to a different property.
How Long Has the Home Been On The Market?
The amount of time a home has been for sale on the market is a pretty good indicator of where the market is at – is it a seller’s market? Is it a buyer’s market? – but also of the home itself and how desirable it is. Or not. The Florida market is hot, which means it’s a seller’s market and homes don’t sit around for very long before they get snapped up.
A home that has been on the market for 135-164 days and has seen interest is very desirable and the seller is likely to charge towards the upper end of the price bracket. If a home has been on the market for 196-226 days, you are more likely to get a lower price, because it means interest in the home hasn’t been particularly high.
A home that’s been on the market for over 227 days in Florida means one of two things: either buyers are scarce, or there’s something wrong with the house. A home in this bracket may be heading towards foreclosure and may end up being a steal, but it warrants a very thorough inspection to make sure the home is in tip-top shape.
Is the House Tech-Friendly?
In 2021, most young buyers are looking for a home that can be seamlessly wired to the latest technology, if it doesn’t already feature it. Tech features including video doorbells, smart speakers, and high-speed internet are not only luxurious, but also incredibly convenient.
Especially if you happen to work from home or you’re running a business from a home office, making sure your new home is tech-friendly is an investment in your present and future success. The home doesn’t necessarily need to be already set-up, but it’s good practice to check up on local coverage and providers to see what your options are like. You don’t want to be a remote worker stuck in an area with slow internet, for example.
Is the House Climate-Appropriate?
Ensuring that the house is climate-appropriate is incredibly important, and in Florida, that means making sure it’s properly equipped to withstand the heat, the humidity, and especially hurricanes. If you’ve never lived in such a climate before, there is a helpful checklist of things you should be looking out for:
• Tiled flooring – You will notice that most homes in Florida have tiling all throughout the house, rather than it being limited to the kitchen and bathroom. That’s mainly because of the humidity and the water and flooding that occurs as a result of hurricanes. You don’t want wood flooring that will soak up all that water or go moldy. It’s also much easier to clean and is cooler in the heat than carpeting or wood flooring.
• HVAC – The heat is no joke in the South, so you would best make sure that the home has a working HVAC system. If it needs to be added or replaced, that’s going to represent a significant cost that needs to be factored into the total price of the property.
• Waterproof basement – The basement is the safest part of a home during a hurricane, as long as it’s properly waterproofed and insulated. You’ll want to look for a roomy basement with storage space for extra food, should you be required to take shelter from a passing hurricane, especially in high-danger areas like Tampa.
Bottom Line
Searching for a home is an exciting time in someone’s life, but it can also be overwhelming, if one doesn’t know what they should be looking for. Between the legal process itself and a million other details to be aware of, it can be difficult to keep your eyes open to the intricacies of the market.
When it comes to buying in sunny, beautiful Florida, in addition to things like the size of the house, its age, or previous owner, you’ll also want to look out for hurricane preparedness. It’s one of the realities of living here that one cannot escape, and it’s always best to be safe than sorry.
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