Riverside Realty Group
2053 W. First St.
Fort Myers, FL 33901
Phone: 239-313-5544

Info@RiversideFL.com

Bedrooms
Baths
Min Price
Max Price

DON'T MISS A NEW LISTING AGAIN!
Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Blog: Fort Myers

Condos Fees Explained...

A lot of people complain about the cost of condo fees and say that is the biggest deterrent from them giving up their single family homes and moving to a condo. However not all condo fees are created equal.  You really must investigate exactly what each condo fee includes and what it doesn't.  Often included are amenities like swimming pool, community spa, fitness room, etc. but what you may not realize is a lot of them also include cable, sometimes internet, building insurance, water, sewer or trash, exterior pest control and much more.  If you add up what you are paying for these items at your current home you may be surprised condo living is actually more affordable than you thought and you gain the advantage of an almost maintenance free lifestyle.  When working with a real estate professional they should be able to fill you in on what is and what is not included.  This great 16th floor condo in Riviera has a ton of amenities and is very affordable for what you get and you simply can not beat the views!!!

Seven Things A First Time Buyer Should do before starting a Home Search

Buying your first home is a big step! It’s wonderful to dream dreams, and it’s easy to get swept up in the excitement of searching property sites like Zillow.com or Realtor.com. Before going too far, however, it’s a good idea to hit the “pause” button and consider these more serious points.   

1. Know when the time is right. Do some soul searching and make sure you want to buy a home because you genuinely want a home—not because you need an investment or simply think it’s “time” to settle down. Homes require a great deal of time, money, and energy to purchase and maintain. You want to love your home. If the timing isn’t right, you may regret the decision.

2. Review your credit score and get a credit report. You can (and should) request a free report once a year, at annualcreditreport.com(link is external). Review your report for any inaccuracies or disputes. It will take time to fix any issues, so start early.

3. Address any weaknesses in your credit history. If you have outstanding credit card or other consumer debt, start paying it off. If you are debt free but have very little credit history, you may need to start establishing a solid credit record. Important caveat: Do not apply for a new line of credit or a credit card if you plan to buy a house right away. Mortgage lenders are interested in a borrower’s well-established track record but may view a new credit line as a “red flag.”

Once you’ve been extended credit, use it and pay it off every month to establish a good record of managing credit obligations and debt. Don’t close old accounts, since they are a part of your history. Instead, use them occasionally – paying them off in full, so they remain active. To show credit worthiness, it’s best to have three or four open accounts, in good standing.

4. Start saving. Buying a home requires saving for a down payment on the purchase price. The more you save towards a down payment (in terms of a percentage of the purchase price), the better your mortgage terms can be. You also need to save money for closing costs. Many first-time buyers are not financially prepared for the cash required at the closing table. Closing costs vary, but on average, you can expect to pay between two and five percent of the purchase price of the house.

Working with your banker to set up a savings plan will help foster a good relationship and may provide a valuable resource when you are ready to apply for a mortgage loan. Let your banker know your plans and your timeline, and ask for their advice on preparing, financially, to purchase your first home.

5. Recognize the responsibilities. Your living costs will probably increase when you shift from renting to owning a home. You will no longer be able to call a landlord when something goes wrong. You are now the landlord, and will have to fix, or pay to repair, anything that goes wrong. Aside from household systems (air conditioning, heat, plumbing, electrical), you may also need to buy or replace major appliances.

The cost of insuring a house is also much higher than renter’s insurance because you aren’t simply insuring the contents of the house—you’re also covering the structure and any liability for visitors who may get hurt while on your property. Additionally, you’ll have to pay property taxes, which is a pretty hard hit for any homeowner, but can be especially challenging for new owners.

6. Get educated. Before you begin looking at houses, educate yourself about the buying process, what to expect, and what to avoid. Do your homework before you start looking to be an informed consumer.

7. Interview buyer’s representatives. Buying a house is a big deal, so you’ll want to select a qualified real estate professional to represent you in your transaction—someone who is both knowledgeable and will look out for your interests.

As a first-time buyer, you may not know there are differences in buyer’s representatives. If you select an Accredited Buyers Representative Like Don Molloy you can be assured you’re working with someone who has received special training in representing buyers and has already established a track record with buyers. 

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu