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St. Petersburg Real Estate Services
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Buyer Resources
Getting Ready To Buy
Purchasing a property is probably one of the biggest financial decisions you will ever make. Regardless of whether you are a first time home buyer or experienced investor, you must make careful decisions throughout the buying process. Below are some things to consider before you buy.
Why Are You Buying?Are you tired of paying expensive rent or simply outgrown your current home? Are you looking for an investment property? Having a clear sense of your “why” behind a new purchase will help you evaluate the right factors and choose the best property.
Are You Ready to Invest?Property ownership has been one of the top strategies for building wealth - and still is! Whether it’s your first home and you’re building your first asset, or looking for a rental property, it’s a great time to invest. Property investments are also some of the most stable assets to build and don’t carry the risk like other forms of investment, such as stocks or collectibles.
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Buyer FAQs
Answers to your frequently asked questions
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Should I get pre-approved before looking at homes?
Yes. Getting pre-approved helps you understand your budget, shows sellers you’re serious, and strengthens your offer in competitive situations. -
How much money do I need for a down payment?
Down payments vary depending on the loan type and buyer qualifications. Many loan programs require anywhere from 3% to 20% down. A lender can help determine what options are available to you. -
What are closing costs?
Closing costs typically range from 2%–5% of the purchase price and may include lender fees, title services, escrow fees, appraisal fees, recording fees, and prepaid taxes and insurance. -
Do I need a home inspection?
Yes. A licensed home inspection helps identify potential issues with the property, such as structural, roofing, plumbing, or electrical concerns. Inspections allow you to make an informed decision before closing. -
How long does the home buying process take?
Once an offer is accepted, closing typically takes about 30–45 days, depending on financing, inspections, and appraisal timelines.
First Time Buyer FAQ
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How much do first-time homebuyers need to put down in Florida?
Not always. Many buyers qualify for low-down-payment options, and some may qualify for no-down-payment loans. Ask a lender to compare programs before assuming you need 20% down. -
Does Florida offer assistance for first-time homebuyers?
Yes. Assistance may be available through state, county or city programs. Funding, income limits, location and loan requirements vary, so confirm details with the program and your lender. -
Does Pinellas County offer down payment assistance?
Yes. Pinellas County lists assistance up to $75,000, subject to current funding and eligibility, for qualifying buyers in eligible areas. Buyers in St. Petersburg, Clearwater or Largo should check their city program first. -
Does St. Petersburg offer first-time homebuyer assistance?
Yes. Eligible buyers purchasing within St. Petersburg city limits may qualify for assistance up to $75,000, subject to current program requirements and funding. -
What should I do first when buying a home in Florida?
Start with your budget and mortgage pre-approval. Then research assistance programs early, since some require education, approved lenders or extra paperwork. -
Do I need flood insurance to buy a home in Florida?
Not always. Requirements depend on the property, flood zone, lender and loan type. Check FEMA flood maps and ask an insurance professional about coverage. -
What costs should I budget for besides my mortgage?
Plan for taxes, insurance, possible flood insurance, HOA or condo fees, utilities, maintenance and repairs—not just the mortgage payment.
Tips For Buying
Don’t Max Out Your Budget
Just because you’ve been approved for a max amount, doesn't mean you should spend it all on the home's sale price. You will want to set some of that aside for closing costs, taxes and potential home repairs or remodeling.
Get to Know the Area
Make sure the neighborhood works for you and your family - are you close to schools and is shopping conveniently located?
Don’t Skip the Home Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make more informed decisions about your purchase.
Get Pre-Approved
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a home and that you are not just window shopping.
Make a List of Deal Breakers
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.
Look at the Age of Appliances and Other SystemsAppliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.
Check For HOA RequirementsMost neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.
