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Building a House in Boca Raton Florida

Buying Land & Building a Home Before you spend much time looking for land to buy, first do a little research to find out what costs and steps have to be take before the actual construction. You may decide it is worth more to buy an existing home and make personal modifications. Many first time home builders think you just buy a lot and get some building permits and start building. Not so, there are a number of steps and…

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Buy Boca Raton Real Estate

How Much House Can You Afford? There are several ways to gauge how much you can afford to spend on a house. But, before you go house-hunting, get pre-qualified for a mortgage so you’ll know in what price range you can shop. It is not unusual for first-time buyers to be somewhat baffled about how to estimate what mortgage payment they will be able to handle each month, plus how much money they’ll need for a down payment and closing…

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Capital Gains on Florida Real Estate

Tax Changes and Effects The new capital gains law allows homeowners to avoid paying taxes on the first $500,000 of profit if they are married or on the first $250,000 if they are single. You must have lived in the home as your primary residence for two of the last five years. You are allowed to use the provision as often as you like, as long as it fits in that two year period. Any gains above the limit will…

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Choosing a House in Boca Raton Florida

Before Looking Before you actively look at homes to buy, it’s necessary to know how much you can qualify for. Use mortgage calculators to determine how much you can buy with your down payment and closing cost money and what your monthly payments will be. Know Your Credit Worthiness Look at your credit report before you go to a lender. It is not uncommon to find problems with reports, especially if you have a common last name. To get copies…

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Real Estate Closing Costs

Down Payment Most lenders require at least 10% of the purchase price, though new programs are available for 3%-5% down. 100% financing can be found, but you credit must be excellent and PMI insurance will be required. Loan Origination Fee A lender’s fee for establishing a new loan. Government regulations allow only 1% origination fee on FHA or VA loans. Conventional loan fees can vary from -1 to 3+ points, plus other costs. A point is 1% of the loan….

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Boca Raton FL Condos

First Time Buyer Condominiums are a good way to get into the housing market if you can’t afford to buy a house or prefer this type of lifestyle. Condos are also great if you don’t want to spend a lot of time doing yard work or maintenance. One important thing to remember about a condominium is that you don’t actually own the unit you live in nor the lot. You own the air space inside the walls, ceiling and floor…

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Florida Real Estate Contracts

Contract Knowledge Buying a home, you are entering into a legally binding contract that must be clearly understood both in terms of rights and obligations. Today’s real estate contracts are quite lengthy. Agents are trained to understand and explain the contract along with the reports that are involved in a real estate transaction. Have your agent give you a sample contract to read over prior to you making your first offer. Get explanations to areas you don’t understand. This will…

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