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Tips for families seeking long-term residential property

Regardless of market conditions at the time, buying a home can lead to dissatisfaction without exercising due diligence. Dissatisfied home buyers can then lead to higher vacancy rates in a subdivision, push property values lower and put a damper on future land development in the area. One experienced home buyer shares residential real estate tactics that improve the chances of Florida residents getting into a home they love and can afford.

Buyers need to have a firm idea of their high and low prices in mind. Lifestyle and family size dictate to some degree the amount of square footage needed at the moment, but planning for the long-term is equally important. An barely affordable house for a two-income family may end up being too much in case one spouse loses a job. Likewise, an easily afforded residential property on one paycheck may not offer the desired space and amenities for a growing family or increasing incomes.

Another key area is knowing when to put trust in experts. A trusted realtor's advice is generally a safe bet, and appraisals offer a guide to purchase points for residential real estate. However, buyers also need to take the time to perform visual inspections, such as checking plumbing and looking for signs of water damage.

Purchasing a property in Florida necessarily involves a number of professionals. It is important for buyers to carefully choose those who will advise them on pricing, neighborhoods, contract terms and title issues. A knowledgeable realtor with a support staff may be able to handle the sale of a single-family home alone, but other professionals are often needed for anything more complex. A attorney with experience practicing real estate law is best positioned to answer questions about foreclosures, short sale buys and complicated contract terms.

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