10 Things to Consider When Buying Your First Home in Key Largo

Team Walters November 6, 2022

10 Things to Consider When Buying Your First Home in Key Largo

Key Largo is a gorgeous coastal neighborhood in the upper portion of the Florida Keys in Monroe County. Surrounded by clear blue waters with warm temperatures year-round, it attracts many families and professionals with its peaceful atmosphere and stunning scenery.
As a beautiful neighborhood with so much to offer, buying a home in Key Largo is incredibly exciting. An endless array of opportunities for entertainment, recreation, and leisure exist throughout the community, and there’s a fantastic property selection to choose from. However, due to its high demand, the Key Largo real estate market can be competitive, and there are some things buyers should know before buying their first home in Key Largo.
Having served within Key Largo and its surrounding neighborhoods for many years, Walters Realty Group has guided countless buyers through purchasing their first Key Largo homes. From chic Key Largo condos for sale to lavish Key Largo houses for sale, they have connected buyers with a diverse array of properties and know all the ins and outs of the local housing market. To help you prepare to purchase a Key Largo property of your own, their team has outlined ten things you need to consider when buying your first home in Key Largo.

There are upfront costs

When buying your first home in Key Largo, it’s essential to be aware of the upfront costs associated with the purchase. You will need to make a down payment, which will most likely be 20% of the property’s total value. While it is sometimes possible to put down less, it will likely result in having to pay private mortgage insurance until you achieve 20% equity in the home, and it may result in lenders offering a higher interest rate on your loan. Buyers must know about these upfront costs and be prepared to pay them when purchasing a home.

You need a financial plan

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In addition to being aware of upfront costs, you need to develop a comprehensive financial plan in place for the future before purchasing your first Key Largo home. You will be responsible for paying a mortgage, homeowners insurance, property taxes, utility bills, and possibly private mortgage insurance as well, in addition to any maintenance or repairs the property needs. A good financial rule is to create a budget that allocates 25%-30% of your gross income toward your housing expenses to ensure you have enough left over to live comfortably without having to stress about the bills.

A safety net is crucial

Homeowners should always have a safety net in place before purchasing a home. You don’t want to fall into a financial crisis down the line if an issue arises in the home that requires an expensive repair, so it’s best to plan for these scenarios and set aside savings for when unfortunate circumstances occur. Something outside the home may even happen, such as someone needing to switch jobs and temporarily taking time off. Financial experts recommend setting aside funds in accessible accounts that can cover up to 6-8 months of expenses so that homeowners are well-prepared for whatever life throws at them and won’t have to worry about running behind on bills.

The market can be competitive

There is a high demand to move into Key Largo, resulting in a real estate market that can be competitive. As a buyer, you want to be prepared to jump at the opportunity to purchase a property as soon as the perfect home presents itself. To show sellers you’re serious, it’s good to get a mortgage pre-approval in advance as an indication that you can afford the home. Sellers are also more likely to favor offers with fewer contingencies, so you may want to consider limiting the amount you include in the offer if you have your heart set on a property.

The neighborhood attracts many visitors

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When buying your first home in Key Largo, you should know what the atmosphere and community are like. While the neighborhood still has lots of hometown charm, it can get busy during peak travel seasons and becomes a hotspot for vacationers. The region is especially lively during these seasons, though there’s no shortage of fun activities to enjoy at any time of the year.

Many housing options are available

Before you decide on a Key Largo home, consider all your different housing options. There is a diverse array of options available, ranging from chic condominiums with low maintenance to extravagant single-family estates. Think about which type of property is the best fit for you and feel free to explore options in both styles until you know what would be the best fit.

Be aware of the climate

Due to its surrounding blue waters and Florida location, it’s important to be aware of the natural climate and possible scenarios that could arise from owning a Key Largo home. Hurricanes and windstorms can occur throughout the region, so pay special attention to whether each property you’re viewing is built to withstand these conditions. Ensure you are choosing an insurance policy that will fully cover any damages done to the home during a storm.

You can prioritize your personal preferences

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There are so many properties to choose from within Key Largo, so wait until the perfect home presents itself instead of settling on a property that is suitable and nothing more. Whether it’s a large backyard space, an open kitchen, or a waterfront view you desire, you’ll be able to find a property that possesses the features you desire most. New homes are always being listed as well, so keep your eye on the market as new properties become available.

Learning property details is critical

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Before you finalize the transaction on your first home in Key Largo, you absolutely must learn all of the property details. Buying a home is a huge commitment, and you want to make sure you are making an informed purchase on a quality property that will prove to be a good financial investment. Always have a home inspection done to search for any potential issues in the home, such as problems with its foundation or wiring, and consider including a home inspection contingency in your offer that allows you to back out of the deal if major damages are found during the inspection. Take note of the home appraisal value as well so you know you're making a purchase at a good market value.

Finding a real estate agent will help

When buying your first home in Key Largo, finding a real estate agent will certainly help. Real estate agents are experts in the communities they serve and know all the details of the housing market. They will be able to show you all the hottest properties in the neighborhood and help you craft an offer that will stand out to sellers to help you close a deal. Furthermore, they will sit beside you at the negotiation table as well, doing everything they can to get you the best price possible.
Buying your first home in Key Largo is a thrilling experience, but don’t let all the excitement stop you from getting prepared. To succeed in Key Largo’s housing market and find a home that’s perfect for you, spend time developing a financial plan and learning about its property selection before making a final decision.
If you’re planning to purchase a Key Largo home and are in need of a qualified real estate agent to assist you, contact Walters Realty Group today. With insight into all the best Key Largo homes for sale, their team will show you phenomenal properties in the neighborhood and help you find a home you’ll love.
For more information, Walters Realty Group can be contacted by phone at (305) 923-1337, by email at [email protected], or by visiting the contact form on their website.

*Header photo courtesy of Shutterstock

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