South Florida First-Time Buyer Guide

Buying your first home in South Florida can feel like a lot at once: competitive listings, insurance costs that surprise people from other states, and a process with its own Florida rules. This guide walks through it in order, from budget to keys.

Understanding the South Florida market

Inventory is limited in the most popular neighborhoods and demand comes from buyers relocating from across the country as well as locally. Miami-Dade tends to be the most expensive county; Broward, Palm Beach, Martin and St. Lucie counties offer a wider range of price points while keeping access to beaches, job centers and the water.

Step 1: Know your budget before you search

Before you browse, work out what you can comfortably afford. Include:

• Down payment: FHA loans allow as little as 3.5% down, and some conventional programs start at 3%.
• Monthly payment: principal, interest, property taxes and insurance together, not just the loan.
• HOA and condo fees: many condos and single-family communities in South Florida have monthly dues.
• Insurance: homeowners, wind and flood coverage in Florida cost more than the national average, so get quotes early.
• Property taxes: Florida has no state income tax, but property taxes are assessed every year. A primary residence can qualify for the Homestead Exemption.

Step 2: Get pre-approved early

Sellers in South Florida expect an offer to come with a pre-approval letter. Choose a lender who knows Florida: condo financing rules and flood zones both affect which homes you can finance.

Step 3: Choose your agent and sign a buyer agreement

Since August 2024, buyers sign a written agreement with their agent before touring homes. It spells out the services you will get and how, and how much, your agent is paid. That compensation is negotiable, so read the agreement and ask questions before you sign. A good buyer's agent will:

• Know the neighborhoods and building types you are considering.
• Help you write a competitive offer without overpaying.
• Negotiate inspection and appraisal issues on your behalf.
• Guide you through the Florida contract and closing process.

On Swipe Home you can choose your own agent, or let the app match you with the one whose closed sales best fit what you have been saving. Your details go to that one agent, with your consent.

Step 4: Search with intent

Good listings move quickly, so be ready to tour and decide within a day or two. Swipe Home learns what you actually want from the homes you save and pass on, not just the filters you set, so the homes that fit rise to the top.

Step 5: Make an offer and close

Your agent will help you structure the offer. Key terms include:

• Price, and whether to include an escalation clause when competition is heavy.
• Inspection period: the standard Florida contract sets 15 days unless you negotiate otherwise.
• Financing contingency, if you are not paying cash.
• Closing date: 30 to 45 days is common with financing.

Closing costs in Florida commonly run 2% to 5% of the price, including title insurance, documentary stamp taxes on the mortgage and lender fees.

General information, not legal, tax or financial advice. Confirm details with your agent, lender, attorney or insurer.