Despite the COVID-19 pandemic, home sales in Texas broke all kinds of records in 2020 with a 9.5% increase from 2019 sales. Experts agree that there are no signs of stopping the Texas real estate train.

If you’re a homeowner in the Lone Star State, chances are that you have heard about the busy real estate market. You might even be considering jumping aboard that train and cashing in your hard-earned home equity with a refinance.

Or perhaps you might be looking to downsize – or upgrade – your living situation and are leaning towards possibly selling your home. 

The strong sales activity and dwindling housing inventory of Texas make it a seller’s market. That means if you’ve ever been thinking about selling or refinancing your home, this would be an excellent time to do it.

But what would it cost you? How much does it cost to sell your home in Texas? How much are closing costs in Texas?

Those are great questions. Keep reading for an in-depth look into the costs involved when selling your home in Texas.

What Are Closing Costs?

Closing costs are any fees due and payable above and beyond the sale price of the home. These include, but are not limited to, escrow, title, notary, and legal fees, as well as taxes and any assessment or surveying fees.

How Much Are Closing Costs?

The national average for closing costs is 5% – 10% of the sales price. A quick, easy estimate of closing costs can be done by multiplying the sales price of your home by .05 or .10.

Example:             Home sales price: $150,000 x .05 (5%) = $7,500

                            Home sales price: $150,000 x .10 (10%) = $15,000

In this example, closing costs are estimated to come in between $7,500 to $15,000.

Closing costs can seem complicated, but with this as your guide, you should be able to make sense of them just fine. 

If you want to see what your home might sell for, click here and answer a few quick questions and we’ll send you a free valuation estimate!

Are Closing Costs the Same for Every State?

Each state has its own unique combination of closing costs. It’s always a good idea to understand what that combination is and what each of the costs includes.

What Are Closing Costs in Texas?

That’s not a simple answer. Let’s talk about closing costs in the great state of Texas. 

Brokerage Fees

Enlisting the services of a realtor in the sale of a home will add a closing cost of 5% – 6% of the sales price of the home. This is a cost that’s shared by both the buyer and seller and covers each party’s agreement unless otherwise specified in the purchase agreement.

Brokerage fees vary but the average rate for realtors in Texas is 2.5% – 3%. Be sure to pay special attention to this amount before signing any listing agreement with a realtor.

Escrow Fees

The escrow company handling the sale will charge each party a fee for its services. This fee typically comes in at $350 – $600 and is paid by each party as billed by the escrow company.

Escrow fees should include all services performed by the escrow company that are not otherwise billed separately. If you have a question about any of the charges billed by the escrow company, be sure to ask your realtor about them. 

Title Search

Speaking of fees charged by the title or escrow company, one for obtaining the most recent title report is another one of them. This fee is usually around $100 – $200 and is split between the two parties.

A title search confirms the home’s current ownership and ownership history and that the property is free from any liens or judgments.  

Title Insurance

Title insurance is a mandatory fee that protects buyers from liability for any liens or judgments that may not have shown up during the title search. This ensures that the buyer won’t be saddled with any fees that they weren’t aware of at the time of the purchase.

In Texas, title insurance will cost anywhere from .9% to .6% of the sales price. The higher the price, the lower the percentage.

The Texas Department of Insurance provides a complete table with the up-to-date rate and amounts due for title insurance (as of 2019).

In Texas, the buyer pays for the title insurance endorsements (expanded coverage to fit the specific needs of the property) and the seller pays for the premium.

Municipal Lien Search

Another protection for the buyer, a municipal lien search that looks for any otherwise unrecorded property issues that won’t or didn’t show up in the title search. Examples of things that would show up in this search include, but are not limited to:

• City and County code violations
• State code violations
• Utility service balances (water/sewer/solid waste)
• Open or expired permits
• Unrecorded liens
• Special assessments

This is a cost that’s typically split between the buyer and seller and comes in at around $100 – $200.

Pro-rated Property Taxes

The amount paid for property taxes in a home sale will vary depending on the date of the sale. The current owner will be responsible for property taxes payable for the days up to and including the date of sale and the buyer will have to pay the remainder.

Example:     Property tax amount: $1000.00

                    Date of sale: 8/1/2021

                    Number of days: 213

                    1000/365: $2.74 per day

                   $2.74 x 213 days: $583.62 amount due from seller

                   $1000 – $583.62: $416.38 amount due from buyer

HOA Estoppel

If the property is part of a homeowner’s association (HOA), an HOA estoppel letter is required. The cost for one of these is typically around $200 – $500.

An HOA estoppel letter certifies:

• The monthly fee payable for that fiscal year
• Current balance for the property
• Any special assessment fees that the buyer will have to pay
• Past dues, fines, or other fees

If there are unpaid dues or fees of any kind, or to enforce violations, the HOA can put a lien on any home included in its association. An HOA Estoppel ensures that the buyer isn’t walking into a hornet’s nest of issues with the HOA.

This cost is typically paid by the seller unless otherwise indicated in the purchase agreement.

HOA Bylaws and Rules

For any property subject to an association, the seller is required to furnish current bylaws and rules, and regulations at the seller’s cost. These have to be ordered from the HOA and will usually come in at a cost of around $200 – $250.

HOA Resale Certificate

This is an official rundown of all fees owed to the HOA for the property. The HOA may or may not include this as part of the package when the Bylaws and Rules are requested.

This is typically paid for by the seller and will cost about $200 – $250, the same as the Bylaws and Rules. If offered by the HOA as a package, the total comes to $400 – $500.

Outstanding Amounts Owed

If there are any amounts due on the property, from outstanding utility bills to unpaid HOA dues, these will be paid by the seller at closing.

Recording Fees

The final deed and associated documents must be officially recorded with the county the property falls under. Recording fees will vary depending on the specific county’s rate but range from $120 – $160.

The buyer pays for the recording fees for the deed and the mortgage, and the seller pays for the recording documents to remove encumbrances from the title, releasing them from future liability.

Loan Origination Charges

This amount is determined by the buyer’s lender and the terms agreed to between those two parties, so it can vary greatly. As you probably suspected, this is a fee paid solely by the buyer.

Home Appraisal Fee

Lenders require that an appraisal of the property be performed prior to their final approval of the loan amount. This is to be sure that it’s lending the buyer money for a property that’s at least worth the loan amount.

A qualified Texas home appraiser will be familiar with this type of request and likely has a set fee structure which can vary but will typically come in around $500-$750. This fee is typically paid by the buyer unless otherwise agreed to in the purchase agreement.

It’s important to note that if the appraisal finds that the property value is less than the sale price, this could potentially kill the deal. Knowing what your home is worth is essential to a smooth transaction. 

Credit Report

This is a necessary cost for a buyer using any Texas mortgage lender but the payment is usually grouped in with the final billing. Since only the buyer is subject to a credit check in a home sale, they are responsible for the cost of obtaining one.

A credit report will usually cost about $50 – $75.

Homeowner’s Insurance

The buyer will typically be required to put a year’s worth of insurance payments in escrow. This amount varies depending on the coverage but is typically between $400 – $1000.

As a buyer, it’s important to include homeowner’s insurance in your budget. Call around and see what kind of rates are offered in your specific area so that you have a realistic idea of what you’re looking at paying for this. 

Notary Fees

Notary services are required for several of the documents involved in a home sale. Buyer and seller will usually pay for the costs they incur directly.

Notary fees will cost around $100 in total but will vary depending on the type and amount of documents involved in the transaction.

Home Warranty

This is a safeguard for the buyer and covers items that may not be covered by the homeowner’s insurance policy (like the water heater, refrigerator, etc.) for a year. This ensures that the buyer gets off to a good start in their new home and doesn’t immediately have to fork out money to replace something.

This cost is typically paid by the buyer unless otherwise agreed to in the purchase contract. The cost usually comes in at around $500 – $700 depending on the size of the property and its contents.

Who Pays Closing Costs In Texas?

Here’s a recap of the fees and who is responsible for them:

Broker commissions: 5% – 6% of the home sale price, buyer and seller split. 

Escrow: $350 – $600, buyer and seller pay direct. 

Title Search: $100 – $200, buyer and seller split. 

Title Insurance: .9% – .6% of the home sale price, buyer pays endorsements, seller pays premium.

Municipal Lien Search: $100 – $200, buyer and seller split. 

Property Taxes: Varies, both parties pay pro-rated amounts. 

HOA Estoppel: $200 – $500, seller pays.

HOA Documents: $200 – $250, seller pays. 

HOA Transfer Certificate: $200 – $250, seller pays. 

Outstanding Amounts: Varies, seller pays.

Recording Fees: $120 – $160, buyer pays to record deed and mortgage, seller pays for recording to remove encumbrances. 

Loan Origination Fees: Varies, buyer pays.

Home Appraisal: $500 – $700, buyer pays.

Credit Check: $50 – $75, buyer pays.

Homeowner’s Insurance: $400 – $1000, buyer pays. 

Home Warranty: $500 – $700, buyer pays.

Notary Services: $100, buyer and seller split. 

Purchase Agreement Over Everything

Although we’ve assigned most of these costs, it’s important to remember that the Purchase Agreement rules all. Whatever is agreed to between the parties in that contract is what will become record.

Where Do I Start?

So how much are closing costs in Texas? They’re cheaper than missing out on a red hot seller’s market! 

Texas real estate is in high demand with low inventory. If you’re looking to sell or refinance your home, this is the kind of market that is most likely to provide the best return on your investment. 

If you’re not sure whether you’re ready to pull the trigger on selling or refinancing, getting an estimate of your home’s current value may help you decide. It’s fast, free, and easy!

Submit your address, answer a few quick questions and if you’re considering refinancing or selling. Once you submit the form, we’ll gather relevant market information and put together an estimated valuation of your home.

The post How Much Are Closing Costs in Texas? appeared first on iBuyer Blog.

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According to the U.S. Census Bureau, Florida ranks number eight on the list of the fastest-growing states in the country. With a 2020 population of more than 21.5 million and a population growth of 14.5% in the last decade, the rate of Florida’s growth surpasses that of both Arizona and South Carolina.

There are a lot of compelling reasons that one might move to the Sunshine State. Whether you’re drawn by the lack of state income tax, the gorgeous sunny weather, or the white sand beaches, Florida has proven to be one of the most popular destinations for Americans on the move.

However, living in Florida isn’t all sunshine and roses. Positioned on the southeastern tip of the United States and bounded by the Gulf of Mexico and the Atlantic Ocean, Florida is also the U.S. state that is most impacted by hurricanes and tropical storms.

If you’re thinking about moving to Florida, you might be wondering where the safest places to live in Florida from hurricanes are. For that reason, we’ve put together this list to help you understand which cities pose the smallest risk.

Leesburg

Leesburg, Florida is considered one of the safest places in the state when it comes to the risk of hurricanes. It has a hurricane and tropical storm score of zero and it also has a low flood score. It is located in central Florida’s Lake County and has a population of more than 21,000 people.

The population of this town has increased in recent years because of retirees moving to Florida as well as Orlando residents seeking a quieter and less populated region. Located about 45 miles northwest of Orlando, Leesburg is a part of the Orlando-Kissimmee-Sanford Metropolitan statistical area.

Every year, this town hosts the Leesburg Bikefest in the spring. The motorcycle festival draws more than 250,000 visitors each year.

Orlando

If you’re looking for hurricane-safe Florida cities, you’ll want to check out O-Town.

The largest city on our list is Orlando, which is home to more than 255,000 people. With the second-lowest combined hurricane, flood, and tropical storm score, Orlando is the city for you if you’re looking for an urban experience with a low risk of hurricanes.

Sanford

Out of our list of the safest cities in Florida from hurricanes, Sanford is another example of a central Florida city that presents a low risk. Located in Seminole County and home to more than 56,000 residents, Sanford is a quaint town with old Victorian homes and brick-lined streets.

Community is one of the main focuses in this town. There are monthly street parties hosted here, jazz concerts held in Magnolia Square, and musicals and plays put on at the Wayne Densch Performing Arts Center.

Kissimmee

Kissimmee is one of the 10 safest cities in Florida when it comes to hurricanes and tropical storms. Located in Osceola County, this town is home to more than 65,000 residents. Not far from Orlando, this is a great place to live if you want to be close to the amenities of a city while also having access to the native wildlife and ecosystem of central Florida.

Palatka

On our list of the safest place to live in Florida from hurricanes, Palatka is the smallest town. Home to about 10,500 residents, Palatka still manages to have a thriving culture. There are two popular annual festivals held at Ravine Gardens State Park in Palatka, which are the Florida Azalea Festival and the Blue Crab Festival.

Lake City

Lake City receives a hurricane score of zero and therefore is one of the safest cities in Florida from hurricanes. It also has low scores when you look at flooding and tropical storms.

Located in north-central Florida, this city is home to more than 12,000 residents. There are several festivals held here each year, including the Alligator Warrior Festival and the Olustee Battle Festival. The former is an opportunity to see how residents lived in the area during the 19th century, while the former is a re-enactment of the Battle of Olustee.

Naples

Located in Collier County, Naples is the first coastal Florida city on our list of hurricane-safe Florida cities. With about 19,500 residents, Naples is a thriving and vibrant city that draws tourists from across Florida, the United States, and the world.

This is one of the wealthiest cities in the country and is also a popular place to retire. Both locals and residents enjoy the tropical and pleasant weather here as well as the beaches, land reserves, vineyards, art galleries, golf courses, and shopping opportunities.

You might expect that a coastal city like Naples wouldn’t be on the list of the least hurricane-prone Florida cities. However, there are atmospheric factors that combine with the shape of Florida’s landmass that make it much less likely for hurricanes to land here. Hurricanes are much more likely to make landfall to the south of this area and travel east across the state or to curve towards the north and strike on the northern portion of the Gulf Coast.

Ocala

Ocala receives a hurricane score of zero and has low flood and tropical storm scores. With a little more than 53,000 people, this Marion County city is the eighth safest city in Florida from hurricanes.

If you’re thinking about moving to Florida, one of the primary draws might be that it is considered to be a more affordable state to live in. Check out our list of the most affordable places to live in Florida to learn more.

Gainesville

Gainesville is home to more than 127,000 residents and is located in Alachua County. With a hurricane score of zero, this city is considered the ninth safest place to live in Florida when it comes to hurricanes.

Like most college towns, Gainesville is a cultural center due to the presence of the University of Florida here. You can find the Harn Museum of Art, the Florida Museum of Natural History, the Hippodrome State Theater, and the Curtis M. Phillips Center for the Performing Arts here. On top of that, there are musical, dance, and art shows put on by the University of Florida College of Fine Arts.

Fernandina Beach

This Nassau County city has low scores when it comes to floods, hurricanes, and tropical storms. The northernmost city on Florida’s Atlantic coast, this city is located on Amelia Island. A part of Greater Jacksonville, Fernandina Beach is known as the “Isle of 8 Flags” because the flags of eight different nations have flown over it.

The population of this city was over 11,000 people according to the 2010 census.

Florida Hurricanes: What You Should Know

There are more tropical and subtropical cyclones that impact the state of Florida than any other state in the nation. There have only been eighteen hurricane seasons since 1851 when a hurricane or tropical storm didn’t impact Florida. There have been more than 10,000 deaths due to hurricanes during this time period in the state, however, most of them occurred before 1943 when hurricane hunter flights began.

So why is it that Florida is so frequently impacted by hurricanes?

There are a number of reasons that Florida deals with storms from hurricanes more often than other coastal states. One main reason is that hurricanes in the northern hemisphere typically begin in subtropical areas or tropical areas and then travel west-northwest, leaving Florida frequently in its path. Another primary reason is that the water temperatures on the east coast are more favorable to hurricane conditions, usually over 80 degrees, while the water temperature on the west coast rarely exceeds the low 70s

When hurricanes form in the Pacific tropical or subtropical waters, they tend to move west-northwest. This means that the landmasses that deal with the brunt of the impact are the Southeast Asian islands or china. If you’re interested in living on the coast but think you might prefer the Pacific coast of the U.S., check out the cheapest places to live in California.

What Happens During a Hurricane?

There are a number of serious hazards that come along with hurricanes striking a coastal area. These include high winds, heavy rains, a storm surge, and tornadoes.

High winds can cause a tremendous amount of damage during a hurricane. Hurricane-force winds can destroy mobile homes and buildings. It can make normal objects like roofing material, signs, and siding into flying missiles. The winds from a hurricane can maintain hurricane strength far inland from the coast.

Heavy rains can result in destructive and deadly floods during a tropical storm or hurricane. Flash flooding occurs when water levels rise rapidly, and long-term flooding can occur due to rivers and streams swelling from the rain.

Storm surges are phenomena that occur when the storm’s winds cause an abnormal rise in water level. These can span hundreds of miles of coastline and reach heights well over 20 feet.

A combination of storm surge and the astronomical tide can create what is known as storm tide. This is the water level rise that occurs during a storm.

Lastly, tornadoes can also be produced by tropical storms and hurricanes. These typically happen in thunderstorms that are embedded in rain bands quite some distance from the hurricane’s center. However, tornadoes can also form near the eyewall.

These tornadoes are typically short-lived and on the weaker side, but that doesn’t mean they don’t pose a serious threat.

What Are the Most Hurricane Prone Florida Cities?

When you look at the list of the worst places in the country for hurricanes, you’ll notice that regions of Florida dominate the list. Southeast Florida is considered the most likely place in the US to be hit by a major hurricane, while Key West, the Florida Keys, and Southwest Florida follow. Also on this list include West Florida, the central Florida Atlantic coast, and the Florida panhandle.

Florida isn’t the only US state that has to deal with hurricanes. Other places that are at high risk for hurricanes in the near future include

• The Outer Banks islands in North Carolina
• The Central Texas Gulf coast, the central Gulf coast
• The south Texas Gulf coast

According to a list of the places that have most frequently been impacted by tropical storms and hurricanes, Miami experiences storms more often than any other area in Florida. According to this data, Miami is hit or brushed by tropical storms and hurricanes every 1.96 years. That being said, there are plenty of lovely places to live in South Florida.

Cape Canaveral has a similar frequency with which it experiences these storms.

The Safest Places to Live in Florida from Hurricanes: Is One of These Locations Going to Be Your New Home?

If you’re looking for the safest places to live in Florida from hurricanes, this list can help guide your research into safe Florida communities. The rankings on our list are based on a number of different factors. These include the number of storm events in each city, storm-related property damage, storm-related deaths, and storm-related injuries between the years of 1965 and 2014.

It’s important to understand that the cities on this list are not in any way guaranteed to be safe from tropical storms. Florida is a coastal state, and its location makes it the most impacted state in the country by hurricanes and tropical storms. That being said, some cities tend to receive fewer pummelings than others.

Millions of people live happily in Florida, and the risk of hurricanes likely shouldn’t spoil your plans for tropical living entirely. However, it’s important to understand the risks of hurricanes and tropical storms so you can be prepared and plan accordingly.

Is it time for you to sell your home and make your move to a tropical state? If so, learn how much your home is worth with our free home valuation tool and get a no-obligation offer.

The post Safest Places to Live in Florida From Hurricanes appeared first on iBuyer Blog.

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Did you know that, as of 2021, the population of Florida is around 21,944,577? With this large number, it’s not surprising that Florida is a very popular place to live. After all, Florida is a paradise for many with its long, sandy beaches and warm weather.

However, if you’ve been thinking about moving to Florida, you’ve no doubt been asking yourself questions such as: Is it expensive to live in Florida? What is the average cost of living in Florida? Can I afford to live in Florida and is it the right choice for me?

Luckily, you’re in the right place to have all these questions answered. You’ll learn all about rent in Florida, some of the most locations to live in Florida, as well as other costs such utilities, food costs, and transportation. After all, if you’ve been thinking about moving to Florida, you can’t make the move without making sure you can afford the Florida lifestyle. 

By the end of this article, you’ll be able to use the information you learned to make more confident decisions regarding your potential move to Florida. To start, let’s take a closer look at what you should expect from housing costs in Florida.

What Are The Housing Costs in Florida

Housing is what people spend the largest chunk of their money on. Housing, of course, is also one of the most essential aspects you need to consider when moving to a new location. However, when asking yourself, “how expensive is it to live in Florida,” you can come up with several different answers depending on what part of Florida you decide to settle down in. 

The cost also depends on what kind of housing you’re looking for. This is because there is a big difference in the cost of renting an apartment compared to buying a house. Another important factor to consider is the size of your housing, with bigger almost always being more expensive. 

And of course, we need to take a look at location. Some of the most popular places to live in Florida include Miami, Naples, Orlando, and Tampa. Some of the less popular but cheaper alternative locations include Kissimmee, Cape Coral, and Gainesville. 

Let’s see how much the cost of living is in Miami (one of the most expensive places to live in Florida) when compared with Jacksonville, one of the cheapest places to live in the state. 

The Cost of Living in Miami

The city of Miami boasts long beaches, expensive yachts, delicious food, and an eternal nightlife. Miami is the place to be if you really want to live life to the fullest. You’ll also be able to enjoy warm, breezy weather throughout the year, even in the middle of winter when the rest of the country is blanketed in snow.

However, keep in mind that Miami is not for those looking to live on a budget. If you’ve ever looked for apartments to rent in Miami, you already know that the cost of rent is significantly higher than in other parts of Florida as well as the rest of the country. In fact, a one-bedroom apartment in the heart of Miami easily costs around $2000 every month, and it can sometimes cost more depending on your location and your view of the city. 

You also can’t forget about the utility bills that go along with the rent. Utility bills, depending on how much you try to save on electricity and water, tend to hover around $150 per month. If you plan on buying a house, you’d better have several hundreds of thousands of dollars on hand, if not millions, because housing in Miami does not come cheap. 

If you’re frugal and don’t eat out too often, you can expect to spend around $400 per month on food. Of course, if you’re living it up at the impressive nightclubs and bars strewn throughout Miami, you can expect to spend much more than that. 

If you want to live especially affordably, you can ditch your car in favor of public transportation which tends to be quite cheap. On the other hand, if you have a car, you’ll need to consider car insurance and the price of gas. 

The Cost of Living in Jacksonville

Unfortunately, not everyone can afford to live the Miami lifestyle. However, just because you can’t move to Miami doesn’t mean you should give up on your dream of living in Florida altogether. There are plenty of beautiful and more affordable places to live in the state such as the city of Jacksonville. 

Jacksonville is not as large as Miami, but it still has plenty to offer in terms of a bustling nightlife, good food, and warm weather. It’s also not far from the Jacksonville airport or from Savannah, Georgia. A big benefit of moving to Jacksonville is that the cost of living is below the national average compared to Miami which is far above. 

While the price of houses can vary depending on what neighborhood in Jacksonville you’re interested in, you often won’t spend much more than $300,000 or even $250,000. Rent is especially affordable, usually hovering around $1,109 per month compared with $2,000 in Miami.

More than the price, apartments are easier to find in Jacksonville because there is not as much competition compared to the very much sought-after city of Miami. You might be wondering if Jacksonville is so cheap because it might be in an undesirable location. However, this is incorrect.

Jacksonville, much like Miami, is on the Florida coast, although it is on the north-eastern coast compared to the southern coast of the state. Because it is in the northern part of the state, the winters might get a bit chilly, but if you’re from the states in the far north of the country, you’d hardly consider Jacksonville’s winter a winter at all. Beyond that, you could still get your fill of sandy beaches and swims in the ocean when living in Jacksonville. 

A Few Things to Consider About Housing Costs

We’ve seen the high cost of living in Miami and the lower cost of living in Jacksonville. It’s important to keep in mind that other locations throughout Florida can vary in a similar fashion. Also keep in mind that, although living in Florida may conjure up images of beach-side mansions with marble floors and swimming pools, not every house has to be as lavish if you don’t have the money to afford it. 

Also, consider that the size of your family unit can increase or decrease how much you can expect to spend on housing. For example, if you are a family of four, you will be spending much more on housing than a single person or a couple. 

If you are making good money at your job, you likely won’t need to worry too much about the price of housing. On the other hand, if you’re looking to move to Florida to retire, you might want more affordable options.

By being aware of the details when it comes to housing throughout Florida, it is important to make sure you can plan out what you can afford and what you can’t. By doing this, you can bring your plans of moving to Florida closer to reality. 

The Cost of Food in Florida

When asking yourself, “How much does it cost to live in Florida?” or “Is Florida expensive to live in?” the next thing you need to consider beyond housing is the cost of food. This is because food is the next thing that you will be spending most of your money on besides housing. 

Amazing food can be found throughout Florida from Miami in the far south of the state to Jacksonville in the north. There are vegetarian options, Mexican and Cuban restaurants, sushi dives, as well as any other kind of restaurant you could think of. In short, you’ll never be bored when it comes to eating out in Florida.

However, you likely already know that eating out can be expensive if you indulge in it all the time. Instead, eating at home can be an affordable and equally delicious option. As mentioned before, you can expect to spend around $400 per month in Miami when eating out a few times every month and eating most of your meals at home.

Unlike housing prices, the price of food doesn’t change as drastically when living in different locations in Florida. While more affordable cities like Jacksonville may sell food cheaper than in Miami, you likely will only save around a hundred dollars or less on food. Of course, if you remove eating out from the equation, you can expect to save a bit more, but what’s the point of living in Florida if you can’t enjoy the local cuisine?

A benefit of buying groceries in Florida is that, because of the state’s warm climate, you can have the opportunity to buy more fresh produce throughout the year. This especially applies to more tropical foods such as lemons, oranges, and bananas. 

The Cost of Entertainment in Florida

When considering the question, “how much is it to live in Florida?” it’s important to realize that the cost of living can go beyond housing and food. Entertainment is also a very important aspect to think about. Luckily, there is no shortage of things to do in Florida. More than that, since the state is generally warm throughout the year, there’s always activities to do even in the middle of winter. 

However, because there are so many things to do in Florida, one of the more important Florida living cost tips is to remember not to splurge all your money by having a bit too much fun. The good thing is that, while there are plenty of activities that you need to pay for, there are also many fun things you can do without spending a dime. 

For example, if you love the great outdoors, Florida is full of stunning state parks. Many times, these parks are free and you can spend your time hiking along the trails, fishing, and even canoeing in some of the rivers or lakes. These parks are also great locations to bring your family and set up a picnic under the canopy of tall trees and Spanish moss.

Other parks may require you to pay a fee when entering the park or when pulling into a parking lot, but these fees are usually very cheap. These fees are usually used to upkeep the park and to make sure its environment and the local animals stay in good condition. 

Other Entertainment Options

When following a Florida living cost guide, remember that you’ll always be free to think outside of the box. When not worrying about the basic Florida living expenses, you can take time to spend some extra money on special experiences such as hang gliding over the ocean or taking a visit to Disney World. 

If those more extravagant experiences don’t attract you, there are always other options to consider that won’t cost you much money. For example, if you prioritize fitness, there are plenty of gyms you can sign up with throughout Florida. A big benefit of these gyms is that a membership is often not very expensive, depending on what kind of membership you get.

In fact, in some gyms, you can get a basic membership for around $10. If you are very conscious about the Florida living costs, however, you can avoid spending any money when you go for a jog out in some of the warm Florida parks. 

Is It Expensive To Live in Florida?

After reading this article, you now know the answer to, “Is it expensive to live in Florida?” You now know all about the cost of housing, food, transportation, and entertainment in Florida. With this information, you’re one step closer to making your move to the Sunshine State.

Ready to move? If so, you can sell your house to an iBuyer and move on rather than having it take over your life for months. Find out what iBuyers would pay for your house and get a no-obligation offer!

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The foundation of a home needs to be in solid condition in order for the rest of the building to be structurally sound. If the foundation becomes damaged, it can compromise pretty much any other part of the home.

One of the most expensive home repairs owners can face involve issues with the foundation. If you’re purchasing a home that has some problems with the foundation, you will definitely want to learn as much as possible about the necessary repairs so you know what you’re getting into.

Getting a home foundation inspection by a structural engineer can help you understand the scope of the problems as well as what repairs might be necessary. With this information, you can gather quotes from foundation repair companies to determine how much it would cost to bring the home back to a state of structural soundness.

How much does a home foundation inspection cost, though? Let’s take a look at the answer to this question and more.

How Much Does a Home Foundation Inspection Cost?

It costs between $300 and $1000 to have your home foundation inspected, on average. There are a number of factors that can influence how much the service costs, including:

• Ease of access to the foundation
• Local market conditions
• The size of your house

If you are thinking about buying a home that has foundation issues, you will definitely want to hire an inspector so you can understand the extent to which the foundation is damaged. It is important to understand the issues with the foundation can be difficult to repair and can lead to major structural problems in a house.

The foundation inspection cost does not include the cost of making repairs. It is usually advised that homebuyers get a foundation inspection in addition to purchasing a general home inspection. A competent real estate agent should be able to help you navigate the foundation inspection process.

Why Do I Need a Foundation Inspection?

Having a home with foundation issues can lead to major damage. When the foundation isn’t sound, it can cause your home to literally start falling apart with crumbling floors, Boeing walls, and a collapsing roof.

The cost of preparing a damage foundation can range widely. It can sometimes even cost more to fix a foundation in the home is worth.

You’ll want to have the foundation professionally inspected if there are signs of a potential foundation issue when buying a home. Once you have learned more about the foundation problems, you might choose to negotiate or walk away completely.

Another major issue that can turn up during a general home inspection is a termite infestation. If you’re a home seller that is trying to sell a house with termites, take a look at this article.

Who Performs a Foundation Inspection?

Structural engineers perform foundation inspections. When you are buying or selling a home, they are an unbiased third party.

These professionals specialize in designing, planning, analyzing, and researching structural systems and components in a building. They typically have a bachelor’s degree in civil engineering as well as a master’s degree in structural engineering. Structural engineers in the U.S. will also be licensed in the state that they practice.

A structural engineer foundation inspection goes beyond the service you will receive from a general home inspector. General home inspectors aren’t licensed or qualified to inspect a home in the way that a structural engineer is. For this reason, a general home inspector will usually recommend hiring a structural engineer foundation inspector if they see any of the signs or symptoms of foundation damage.

How Long Does a Foundation Inspection Take?

Typically, a home foundation inspection will take two hours or less. The structural engineer will begin the process by interviewing the owner about relevant past events and the history of the home.

(Are you wondering how much value it would add to your home to replace the roof? Check out this article to learn more.)

How Does a Structural Engineer Inspect a Foundation?

They will then visually inspect the home’s exterior, interior, and surrounding property. During this time, they will be looking for symptoms of foundation damage such as cracks and signs of moisture.

The next step is for inspectors to check the walls and doors for “plumbness” and measure floor elevations. They will then determine the source of any issues using a forensic analysis. This could be a number of causes, including poor grading or standing water under the home.

After the inspector leaves, they will then write up a report filled with both observations and recommendations. The party who ordered the report will then receive a copy, usually after several days.

What is not included in the report are quotes for how much repairs will cost. You will need to get these figures from a foundation repair company if you need this information as a part of negotiating a home transaction.

When Should You Get Your Foundation Inspected?

There are a number of different situations where it is common to get a professional foundation inspection. Let’s take a look at some of these scenarios.

Buying a House

If your general home inspector finds any signs or symptoms of damage, they might suggest a more in-depth look. You’ll want to hire a foundation specialist in order to have them take a look at your foundation and give you a report.

Another issue that can crop up when buying a house is problems with mold. If you’re selling your home and you’re concerned it has mold, you can learn more here about what to do.

Selling a House

A home seller might choose to have a foundation report conducted when they are selling an older house. This can help prospective buyers know right away that there aren’t any issues to be concerned with when it comes to the foundation.

Are you selling a house that has foundation problems? While it’s possible to sell a house that has issues with the foundation, the process might not be as smooth as if the foundation was sound. Learn more here in this guide.

Noticing Symptoms

If you live in a home where the symptoms of foundation issues are starting to appear, it’s best to have a foundation inspector come out and take a look right away. Some of the signs and symptoms you’ll want to watch out for include:

• Cracks in tiling
• Bowing walls
• Cracks in walls
• Doors and windows that don’t close properly
• Uneven floors
• Baseboards separating at corners
• Indoor humidity
• Bugs in the basement
• Crooked chimney
• Standing water in the crawlspace

If you suspect that there is foundation damage, you’ll want to take action right away. The sooner you catch an issue, the greater chance you’ll be able to prevent a larger problem from occurring. Preventative repairs can be much cheaper and easier than repairs for more serious damage. If you ignore foundation problems, they will only get worse over time, not to mention more expensive to repair.

Potential Damage

Events can sometimes negatively impact your foundation. This might include an earthquake or a large water leak in your home. A professional can let you know if your home has been impaired in some way with a foundation inspection.

Inspecting a Home Foundation Can Give You Valuable Information When You’re Purchasing a Home

As you can see, your home foundation inspection cost can vary depending on a number of different variables. However, if you’re concerned about there being structural issues with the house you are considering buying, it will definitely be worth the cost. Understanding what issues the foundation of a house has before you buy it can help save you from getting in over your head in terms of repair costs.

If you’re the home buyer in the process, the report the foundation inspector gives you can be used as a negotiating tool as a part of buying the home. Depending on the information that the inspector comes back with, you might even decide that you’d rather walk away from the deal altogether.

Is it time for you to sell your home? If you’ve ever been through the process before, you know it can be stressful, overwhelming, and drag on for what seems like an eternity. If you’re hoping to sell your home fast for a good price and move on with your life, you might consider selling to an iBuyer.

Are you wondering how much cash an iBuyer would give you for your home? If so, check out our home valuation tool here.

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According to CNBC’s annual America’s Top States for Business study, California is the third most expensive state to live in after Hawaii and New York. In California, you’ll find that the taxes are high, the housing is expensive, car insurance is pricey, and regular goods cost more than in other states.

For this reason and others, the population of the nation’s most populous state is declining for the first time since it was founded in 1850.

If you’re considering selling a house in California in order to get out of dodge or simply to relocate to a better property for your family, there are a number of things you’ll want to take into account.

Let’s take a look at what you should know about selling your Golden State home.

What Is the Best Time to Sell a House in Southern California and California Overall?

One of the most important decisions you’ll make when selling a house in California is choosing when to list. You can sell your home faster and for more money when you get the timing right.

The best month to list your home differs depending on which southern California city your property is in. For example, the best time to list your house in San Diego is between April 1 and 15. For San Francisco, the ideal timeframe is between April 16 and 30.

If you’re selling a home in Riverside, California, you’ll want to aim to list it between May 1 and 15. If the home you’re selling is in Los Angeles, the ideal timeframe is between May 16 and 31.

In general, May, June, and July are the biggest months for selling in 85% of California markets.

When it’s time to sell your home, you’ll want to check out our definitive guide to selling a house.

Legal Requirements When Selling a House in California

California is considered the most heavily regulated state in the nation. This makes it a complicated place to do business including selling a home. To give you a sense of the types of regulatory restrictions you’ll be facing when you list your California home, let’s look at a sample of tasks and addendums you’ll be required to take care of.

Filling Out Your Disclosure Form

Sellers have to fill out any defects or “material facts” that could pose a risk to the safety or health of the buyer or could negatively impact the value of the home.

This is something that you have to fill out on your own as a seller. However, your agent can help a bit in terms of phrasing and can help answer questions you have.

Sharing Natural Hazard Risks

There are a number of natural hazard concerns in California, and sellers are required to provide a Natural Hazard Disclosure Statement to buyers within one week of accepting an offer so long as the home is in one of the following areas:

• A “high fire hazard severity zone”
• An area of potential flooding after the failure of a dam
• A flood hazard zone
• An earthquake fault zone
• A wildland fire area
• A seismic hazard zone

Disclosures are also required to include whether there is a farm, airport, abandoned well, ranch, gas pipeline, or mining operating in the near vicinity.

Death Disclosures

If someone has passed away on the property in the last three years, you’ll need to disclose this, too. This is true regardless of the cause of death.

Transfer Taxes

You’ll have to pay a real estate transfer fee in California when you sell your home. There is a tax at the county level and also some municipalities also have a transfer tax.

Alert Buyers About Wire Fraud and Other Safety Issues

California also requires disclosures that have to do with safety and privacy issues. These include:

• Information about the registered sex offender database and Megan’s Law
• Disclosure of any military ordinance within one mile of the home
• A booklet about the home energy rating program
• An advisory about the risk of wire fraud when electronically transferring funds
• Disclosing water-conserving fixtures

It is common for escrow companies to send buyers secure instructions that include passcodes in order to combat wire fraud.

Comply With Municipal Inspections

There are specific municipal inspections that are required before a property sale in some neighborhoods and cities. You’ll want to look into any required inspections in your municipality as you’re getting ready to sell.

Acknowledge That Your Agent Works With Other Clients

It’s also required in California that people must be informed that real estate brokers and agents “may represent more than one buyer or seller.” This includes buyers who might have an interest in the same property. They also need to make sure that buyers and sellers know that they might have several different property listings at one time and that they are going to market all of the listings to interested buyers.

Essentially, this is a law that requires that real estate agents disclose what their job consists of.

What Is the Cost of Selling a House in California?

It can be quite expensive to sell a house in California. Between realtor commissions, repairs, moving fees, closing costs, and more, you might find that your total expenses amount to 8.9% or more of the sale price of your home.

Total out-of-pocket costs for selling a California home are going to vary depending on your situation. The average cost is the above listed 8.9% of the final sale price. This means that if you sell your house for the median home value in the state, which is $700,800, the cost of selling your home will amount to $62,371.20.

Let’s take a look at some of the common expenses you will be faced with as well as their estimated cost ranges:

• Sale preparation: $700-$14,300
• Realtor fees: $20,500 to $47,700
• Buyer incentives: $7,100 to $21,000
• Closing costs: $4,000 to $6,700
• Relocation expenses: $8,600 to $12,200

This brings the grand total up to a range of $40,100 to $87,700. With real estate commissions being the highest cost item in the above list, some people might consider selling their home FSBO. However, there are definitely risks to going that route which we will outline further below.

You can save money on every aspect of this process by selling your home to an iBuyer. While you might end up accepting an offer that is lower than you would get for the home on the open market, you avoid having to pay all of these exorbitant fees while also making the process a lot less stressful.

You can learn more about what an iBuyer is here.

Taxes on Selling a House in California

There are a lot of different factors that influence what your tax burden will be when you sell your California home. This includes how long you lived in the home, how much the home sold for, and how much profit you’re taking home.

When selling a house, you have to consider both federal taxes and state taxes. In terms of federal taxes, you can usually exclude most or all of the profit you made so long as it was your primary residence. However, if it was a rental property or a second home, then you’ll have to consider capital gains taxes.

That being said, if you made more than $250,000 in gains on the sale of your home then anything beyond that will be subject to capital gains taxes.

As far as state taxes go, there are real estate transfer taxes in California. Who ends up paying this tax is largely negotiable.

However, traditionally there is a standard in both Northern and Southern California. In Northern California, it is normal for the buyer to take care of this tax. In Southern California, it is common for the seller to pay it.

The transfer tax in most of California is $1.10 per every $1,000 of the property’s sale price. This means that the tax rate is 0.11%. There are also additional city transfer taxes in some places, such as San Francisco, Los Angeles, and Riverside.

How to Sell a House in California By Owner

The median home value in California is $700,800. Considering that the average realtor commission in the state is between 3 and 7%, a huge chunk of your potential profits ends up going to real estate agents and brokers. For this reason, you might end up learning how to sell your house yourself in California.

If you are willing to put in the time and effort to sell your own home, this is a viable option. However, there are a number of risks to sell your California home “for sale by owner” (FSBO).

It typically takes longer for FSBO homes to sell than it does for agent-listed homes. On top of that, FSBO homes sell for less than those that are sold with the help of a real estate agent. When you factor in the fact that you’ll usually still have to cover the commission of the buyer’s agent, this can start looking like a less appealing proposition.

You’ll have a number of responsibilities if you choose to sell your home on your own on the open market. These include:

• Competitively and accurately pricing your home
• Getting your home prepared for the market by cleaning, making repairs, and staging your home
• Marketing your home by taking high-quality photos, writing a listing description, promoting your home, and listing it on a variety of sites
• Making sure buyers are financially qualified for a home to avoid the deal falling through
• Negotiating repair concessions, contingencies, the final price, and all of the other aspects of the purchase agreement
• Properly completing all of the paperwork that is necessary as a part of a California real estate transaction

You can advertise your home in a number of different ways. You can put out a yard sign, post your home on Craigslist and other similar websites, and list your home on FSBO websites. There are also flat-fee MLS listing services you can use so that your home will be listed on your local Multiple Listing Service.

There are other alternatives to listing with an agent, though, if you’re hoping to sell your home in a hassle-free way. If anything, going the FSBO route is likely going to be more stressful than having an agent do the heavy lifting for you.

One increasingly popular option is selling your home to an iBuyer. These are real estate investors who will make a cash offer on your home. Because they will be buying your house as-is, you won’t have to put the time and money into making repairs, cleaning, and staging.

You also don’t have to deal with endless showings and open houses. On top of that, the whole process is way faster than selling your home the traditional way since you don’t have to go through the lengthy process of a buyer getting financing from a lender.

If you’re choosing between hiring a real estate agent and selling to an iBuyer, check out this article.

Are You Selling a House in California?

If you’re selling a house in California but don’t want to deal with realtor commissions, showings, open houses, and the overall headache of the selling process, there’s another path you can take. When you sell your home to an iBuyer, the process is quick, simple, and hassle-free.

Would you rather just sell your house and move on rather than having it take over your life for months or even years? If so, you can get a free home valuation here to learn how much an iBuyer will pay for your home in cash!

The post Facts About Selling a House By Yourself in California appeared first on iBuyer Blog.

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