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Tuesday, April 03, 2012

Home Buyer Tips - Numbers that matter when buying a home....

First of all I am not referring to credit score.  I am talking about process of "buying" not "making the decision to buy."  The mortgage pre-approval process has already addressed the very critical credit score.

The first number is price.  It is what a buyer is willing to pay for their new home. This is where I remind first time buyers - the approved amount is not necessarily what you should spend!

Another number is size.   I am referring to square footage.  Size may be described by some buyers as the number of bedrooms and baths required or it may be just the number of square feet.

In Florida the number of square feet usually refers to heated/air conditioned space – not the back porch, lanai or garage.

With our Brevard County, Florida MLS system the size of the structure is automatically fed into the MLS from the property appraiser data.

In my experience it is usually pretty accurate although I have at times seen an MLS entry that includes a notation that "the tax records are wrong."   This is always a red flag for me.

Why the discrepancy?  Was there an improvement where a permit was not pulled and subsequently not cleared by building department inspectors?  Investigate the reason behind the difference.

There are other numbers buyers should not overlook when buying a new home.  Although not all inclusive remember these
  • Association Dues 
  • Homeowner Insurance 
  • Flood Insurance, if required. 
  • Taxes
  • Special Assessments (governmental, association)
  • Closing Costs. Check your lender's GFE (Good Faith Estimate).
When you are ready to buy or sell a home in Viera, Suntree or Rockledge, Florida, call me at 321-693-3850 or email me.

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