Posts made by author 'Kristin Petersen'

Florida's homestead rules can be a powerful part of your long‑term budget. If you make a Florida property your permanent residence and you meet the criteria, the homestead exemption can reduce the taxable value of your home by up to $50,000. It also unlocks the Save Our Homes assessment cap, which limits how fast your assessed value can rise each year (subject to state limits).

Moving within Florida? You may be able to "port" some of your Save Our Homes benefit to a new homestead, which helps keep taxes manageable when you trade up or down. Each county property appraiser provides details, deadlines, and required documentation, so check local guidance early in your move plan.

For buyers new to the state, remember that online listings often show the seller's current taxes, which may be based on years of capped assessments. Your bill after purchase can be different. Ask your agent for estimator tools and talk with the property appraiser's office to model scenarios bef...

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First‑time buyers are a vital part of our market, and preparation is your superpower. Start with a clear budget and an underwritten pre‑approval so you know your real purchasing power. Explore loan options (FHA, VA if eligible, and Conventional) with a local lender who understands our coastal insurance landscape. Some state and local programs may offer down‑payment or closing‑cost assistance—eligibility varies by income, price, and location.

Next, map your total monthly cost: mortgage, taxes, insurance (wind and flood if needed), and any HOA or condo dues. This all‑in number guides smart home selection. Expect to budget an additional 2%–5% of the purchase price for closing costs and prepaids.

When you shop, prioritize condition and insurance‑friendliness (roof age, wind protections) alongside location and layout. Write offers with realistic timelines for inspection, appraisal, and loan approval. If the home needs updates, ask your lender about renovat...

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Insurance is part of the monthly cost equation, especially near the coast. In Florida, you'll encounter separate conversations around homeowners (wind) coverage and flood insurance. Lenders on a mortgage typically require both when the home is in a special flood hazard area; outside those zones, flood is still smart risk management.

Ways to improve insurability and cost: newer roof coverings, secondary water resistance, improved roof‑to‑wall connections, impact protection, and updated electrical and plumbing. A wind mitigation report can document credits your home may qualify for. If you're buying, ask for existing inspection reports and insurance declarations to estimate premiums.

Shop coverage early—well before you remove contingencies. Compare replacement‑cost estimates, hurricane deductibles, and any exclusions. Consider higher deductibles only if you have the emergency funds to back them up. If you're debating two similar homes, the one with a newer roof...

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Florida's post‑Surfside safety reforms changed how condos operate, fund, and disclose building maintenance. Condominiums three stories or higher must undergo milestone structural inspections and maintain a Structural Integrity Reserve Study (SIRS), with funding requirements for key components. For buyers, this means better transparency—and sometimes higher monthly dues or special assessments when associations are catching up.

Before you fall in love with the view, read the documents: most recent budget, reserve schedule, SIRS, year‑to‑date financials, board meeting minutes, and any notices about inspections or assessments. Ask your lender and insurance agent whether the building qualifies for financing and standard coverage; some buildings with large deferred projects may narrow your options or require larger down payments.

Higher dues aren't "bad" if they reflect healthy reserves and proactive maintenance—those buildings often age better and attract stable...

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Waterfront living is a dream for many, and due diligence is your best friend. Start with FEMA's Flood Map Service Center (an official source) to identify a property's current flood zone. Zones like AE or VE generally indicate higher risk (and typically a lender requirement for flood insurance), while X zones indicate lower risk—though "low risk" is not "no risk."

What to pull: the property's map panel, Base Flood Elevation (BFE), and any Letters of Map Amendment (LOMA) on file. Ask whether an elevation certificate is available, and have your insurance broker price a policy early. Premiums can vary widely based on elevation, distance to water, and building characteristics such as first‑floor height and flood openings.

For homes near canals, rivers, or the beachside, also consider sea‑level and storm‑surge exposure, drainage patterns, and whether the structure is elevated on piers or a raised slab. Simple resilience upgrades—flood vents, improved grading, bac...

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