The South Tampa real estate market continues to be active with many first time homebuyers being attracted to the area’s great location, variety of homes for sale and quality of life.
If you’re considering buying your first home in South Tampa, the following Q & A can help set you get started, understand what to expect, determine how to find the property that’s right for you, and help you understand the advantages of home ownership.
Start by asking yourself:
Q: Why do I want to live in South Tampa?
A: In reality, this is a pretty simple question to answer. South Tampa has a variety of unique neighborhoods that each offer great living choices. Need a school nearby? Want to be close to work? To find the right house for you start by searching for the best location and neighborhood to suit your needs and explore from there – maybe this is the place, maybe another area is better suited for your needs...
Be realistic and honest with yourself, since the purchase of a house will most likely be the largest single investment you will ever make. Location, amenities and lifestyle all factor into the purchase of a South Tampa property so do your homework.
Q: How much house can I afford?
A: So you’ve determined that South Tampa is the perfect location for you. Now you want to find out what your total monthly housing costs will be, including taxes and homeowner’s insurance. Your South Tampa Realtor can help you determine what you can afford using a free mortgage calculator. Just plug in the loan amount, down payment you have to spend, current mortgage interest rate and term specifics to determine approximate monthly payments.
Due diligence is very important with first time buyers because in some cases what you pay for your taxes and insurance escrow can almost double your mortgage payment. To estimate insurance costs, start by picking a South Tampa home for sale and calling a local insurance agent for an estimate (we can help you find an experienced agent). You won't be obligated to buy a policy but you’ll get an idea of what you’ll pay when you do buy. Keep in mind that tax exemptions can create differences between what the current owner pays and what you’ll pay as a new homeowner. Again, do you homework.
Q: What South Tampa homes are currently for sale?
A: To help you begin your search and get a feel of the South Tampa real estate market, we have included the following links to homes currently on the market in some of the area’s premier neighborhoods:
Q: Are closing costs expensive?
A: Loan origination fees charged by the lender, title and settlement fees, taxes and prepaid items including homeowner’s insurance must be factored in. Your South Tampa Realtor can explain the entire closing process and help you understand the financial picture at the beginning so you know where you stand.
The Answers You Need are Here
Your Realtor is ready to provide answers for first time homebuyers, help you understand what to expect, determine how to find the property that’s right for you, and help you understand the advantages of home ownership.