Roughly 1,000 people per day decide to move to Florida. Many older Americans like to retire there because of the great weather and tax benefits. If you are buying property in Miami and moving from New York, here are some things you need to understand.
When moving from New York to Miami, you may need to prove to the state of New York that you no longer live there to avoid having to pay additional taxes. You can do this by:
Florida, like most states, has its nuances, and it’s important to know what they are when buying real estate.
Verify the home size. Sometimes Florida real estate counts porches and garages as “space.” Check the actual square footage of livable “air-conditioned” space before buying.
If you are considering buying a condo, check the deed for restrictions. Many homeowners’ associations restrict residents in many ways. Carefully review governing documents for any restrictions, obligations, and requirements. These rules can vary from pets and renting out your home to special assessments and other issues. You can be fined if you do not follow the rules. Also, be sure to determine what the HOA pays for in terms of routine maintenance and upkeep. Knowing who will be responsible for extensive repairs such as a leaky roof is essential.
Find a local Miami attorney to help you with purchasing your home. It’s not enough to rely on your real estate agent or sellers in the area. Find someone who will protect your interests in the purchase.
When buying oceanfront property, there are also special considerations to take into account. For example, Florida law has restrictions on harvesting sea resources and protections for sea life such as turtles and manatees during mating season.
If you are coming from another state, Florida property tax rates may be different than what you are used to. Consult the laws regarding property taxes and estimate what you will have to pay each year before deciding on the property you want to buy.
Before purchasing property in Miami, consult your trusted real estate attorney. They are experienced and can help guide you in the right direction to find your dream home and avoid any legal missteps.
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