Synergistic Real Estate Blog
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What Should an Investor Check in a Florida Condominium Reserve Study Before Buying?
An investor buying a Florida condominium unit should read the condominium reserve study the way they would read a rental's operating statement: for what is coming due and whether anyone has saved for it. In Florida, condominium buildings with three or more habitable stories must have a Structural Integrity Reserve Study (SIRS), and special assessments arise from the gap between what the study indicates the building needs and what the association is actually collecting. Highlights A Florida Structural Integrity Reserve Study (SIRS) estimates how many years the major components of a...
Lithia, Florida: Trails, Springs, and Room to Spread Out East of Tampa
There's a spring in Lithia that sits at 72 degrees on the hottest day in August. There are hills, which Florida mostly lacks, left behind by an old phosphate mine that is now a state park. And there are streets where the elementary school is four blocks over, and a...
Florida’s 10 Percent Non-Homestead Cap and the Year-Two Tax Bill
Florida's 10 percent non-homestead cap limits how much the assessed value of an investment property can increase each year, but it does not apply to school district levies and does not survive a sale. A sale triggers reassessment at full just value on the following...
What Should You Know Before Buying an Investment Property in Tampa Bay?
Before buying a Tampa Bay investment property, verify four things: what it will cost to carry after taxes reset, what it will actually rent for, whether the association permits leasing, and what condition the major systems are in. Investors buy for different reasons....
Will Disclosing Storm Damage Hurt My Florida Home Sale?
Disclosing storm damage costs most Florida sellers less than they fear, and far less than disclosing late. A buyer who learns about a repaired roof before writing an offer builds it into the number. A buyer who learns about it eleven days before closing has been...
What Is a Truth in Millage (TRIM) Notice, and What Should Florida Buyers and Sellers Do With It?
A Truth in Millage (TRIM) notice is the Notice of Proposed Property Taxes that every Florida county property appraiser mails each August under Chapter 200 of the Florida Statutes. Most homeowners glance at the bottom number and set the page aside. That works fine in...
Citrus Park, Florida: What Buyers Should Know About This Tampa Suburb
Citrus Park was farmland a hundred years ago. Today, it's one of Hillsborough County's more established suburban pockets, sitting northwest of downtown Tampa between Westchase, Carrollwood, and Keystone. The character hasn't fully disappeared either. Oak canopies...
Florida’s Homestead Exemption: What New Tampa Bay Homeowners Should Know
Buying a home in Tampa Bay comes with a paperwork checklist that doesn't end at closing. One item near the top of that list, and easy to overlook in the rush of moving boxes, is the Florida homestead exemption. It's not automatic. You have to apply for it, and the...
Who Pays Closing Costs in Florida? Tampa Bay Buyer & Seller Breakdown
Who pays closing costs in Florida? The honest answer is both sides do, but which fees land on which side depends on local custom, not state law. Across the Tampa Bay area, that custom looks different from what it does in Miami or Fort Lauderdale, which catches many...
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