For Consumers

Home Buying Tips for the Keys

1. Get your finances in order first. Check your credit, set a budget based on the full monthly cost (mortgage, property taxes, insurance and any condo or HOA fees), and get pre-approved by a lender before you start touring.
2. Price out insurance early. In the Keys, windstorm and flood insurance can be a major part of your monthly cost. Get quotes from a licensed insurance agent before you make an offer, and ask whether the seller has an elevation certificate and a wind mitigation report.
3. Know the flood zone. Look up any property on the FEMA Flood Map Service Center and ask how its elevation affects insurance and any future renovations.
4. Choose your REALTOR^® before you tour. You will be asked to sign a written buyer agreement before touring homes with a real estate professional. It spells out the services you will receive and how your agent will be paid, and its terms are negotiable. Learn about written buyer agreements.
5. Separate your needs from your wants. Dockage, boat access, elevation, parking and storage can matter as much as square footage in the Keys. Decide what is non-negotiable before you start looking.
6. Don’t skip inspections. Consider a general home inspection plus, where they apply, wind mitigation and four-point inspections (often requested by insurers) and a seawall or dock evaluation for waterfront homes.
7. Verify permits and use rules. Confirm that past improvements were permitted, and check with the City of Marathon or Monroe County about what you can build or change. Vacation rental rules vary by location, so never assume a property can be rented short-term.
8. Buying a condo? Read the association documents. Ask for the budget, reserves, recent meeting minutes and any planned special assessments. Florida’s newer condominium safety laws require many associations to complete structural inspections and reserve studies, which can affect fees.
9. Protect yourself from wire fraud. Before sending any money, confirm wiring instructions by calling your title company or closing agent at a phone number you know is genuine, never one from an email.
10. Plan for closing costs. Budget for title insurance, lender fees, prepaid insurance and taxes, and other closing costs in addition to your down payment.

Choosing a REALTOR^®: Questions to Ask

It is perfectly normal to interview more than one professional. Here are good questions to start with.

• Are you a REALTOR^®, and are you licensed in Florida? You can verify any license, and see any disciplinary history, through the Florida Department of Business and Professional Regulation.
• How long have you worked in the Middle and Lower Keys, and how many buyers or sellers like me have you helped recently?
• Do you have experience with the type of property I want? Waterfront homes, condos, vacant land and investment properties each come with their own issues.
• What services will you provide, and how will you be paid? Compensation is not set by law or by the Association. It is negotiable between you and your agent and should be spelled out in your written agreement.
• What kind of brokerage relationship will we have? In Florida, real estate licensees are presumed to work as transaction brokers unless a single-agent or no-brokerage relationship is established in writing. Ask what each option means for the level of representation you receive.
• Will I work with you directly, or with a team? Ask who will show homes, negotiate and answer your calls.
• How and how often will you communicate with me? Agree on phone, text or email and on how quickly you can expect a response.
• Can you recommend lenders, inspectors and insurance agents, and do you have any business relationship with them?
• Selling? Ask how you will price my home and market it, including how it will be exposed through the MLS and online.
• Can I speak with past clients?

Before You Sign an Agreement

• Read the whole agreement and ask about anything you don’t understand.
• Check how long it lasts, what services are included, how compensation works and how the agreement can be ended.
• Trust your instincts. You should feel comfortable asking questions, saying no and changing your priorities.