Buying an apartment in Florida: rules and stages

There is no universal answer to the question of whether it is worth buying a property in Florida. A lot depends on the goals and the buyer’s own taste preferences.

But if the state was unattractive for life, internal migrants would not flock to it in large numbers.

Regardless of whether it is planned to buy a home as an investment or to move to permanent residence, it is worth considering a number of nuances:

Types of housing. Houses in Florida can be private if they are detached and are not included in the line of townhouses. In the latter case, residents are required to comply with the rules established by the owners’ association. They also apply to owners of apartments in condominiums or cooperatives. The rules apply not only to the amount of payments for the maintenance of common property, but also to living conditions.
For example, there may be a restriction on keeping pets or renting out housing.

The order of purchase. It concerns documentation and deadlines, which are also set by the owners’ association individually within the existing community.

Mortgage restrictions. If we talk about cooperatives, then the peculiarity of this type of real estate is the lease of a land plot. Usually these are complexes located by the sea. The land is leased for up to 100 years, during which the owners pay a rental fee for the land. Usually banks do not approve the purchase of property in cooperatives with the involvement of mortgage loans. The reason is the leased land. And this means possible difficulties with the sale of housing in the future, since not every buyer is willing to pay in cash.

Therefore, when figuring out where it is better to live in Florida for a Russian, it is worth considering not only the location of the object, but also the type of housing.