7 Things to Consider When Buying a Luxury Home in Jacksonville, Florida
When homebuyers are ready to spend their money on a luxury property, they face a lengthy checklist. For better or worse, real estate investments require a lot of know-how. Finding the perfect home without a solid understanding of local markets, housing considerations, and accompanying context is challenging. If you are looking for a new property in the sunshine state, here are seven things to consider when buying a luxury home in Jacksonville, Florida.
The economic outlook
Responsible homebuyers are wise to learn about the area’s economic outlook, even before they start to look for listings. So, what information does a quick survey provide?
The projected job growth over the next ten years is 44%, roughly 10 points above the national average. With a booming housing market, where prices have increased 140% over the past decade, investing in Florida is rather lucrative.
Conveniently, the state doesn’t have a personal income tax, and the cost of living in Jacksonville is comparatively lower than neighboring cities such as Orlando and Miami, at 11% and 32%, respectively. Nevertheless, residents enjoy perfect weather, captivating scenery, endless ocean fronts, parks, and infrastructure, all of which make Jacksonville, Florida, a sight to behold.
Entering a sellers’ market
Considering its favorable climate, the infinite number of amenities, and financial incentives, Jacksonville is one of the most attractive real estate markets. Therefore, it’s time to expand your search if you have difficulty finding a resale home that meets your expectations. When most home builders are out of available inventory, try looking for home builders with luxury move-in-ready homes like Terrata Homes.
Privacy and space
Remember that acreage homesites offer unmatched privacy if you are on the market for a heavenly Florida getaway. These lots stretch over several acres, providing plenty of room for outdoor amenities, including gardens, fire pits, garage space, and an outdoor pool. Many such amenities may seem redundant, but family needs evolve. It is better to customize an existing space than relocate your household altogether.
You can find most of these spacious properties away from the noise of downtown Jacksonville. Yet, the local infrastructure makes them a drive away from important area landmarks, shopping centers, restaurants, and other amenities.
Although hurricanes and flooding remain potential realities for most cities in Florida, Jax doesn’t experience nearly as many hurricane warnings as some of its neighboring areas.
To put things in perspective, remember that the city has faced a single category-3 hurricane in over 150 years. In contrast, North Florida has seen 14 storms from category-3 to category-5.
It is important to consider flood insurance as one of the necessary items when budgeting for your home, but keep these statistics in perspective.
State of appliances
While northern states are forgiving towards household appliances, the taxing Florida environment can easily damage them. Most water heaters, HVAC units, and other expensive items can incur a high cost to replace.
For this reason, inspect the degree of wear and tear and, where appropriate, factor in repair costs. As a rule of thumb, all items with ten years or more under their belt are most likely due for a replacement.
First-time homebuyer assistance programs
Most Florida housing programs are available to first-time homebuyers or individuals who haven’t owned or occupied properties for at last three years. These programs offer loans through the Florida First program for federally-backed loans and HFA conventional loan programs.
Suppose borrowers qualify for 30-year, fixed-rate mortgages. In that case, these assistance programs offer lower insurance costs, alone or in combination with a down payment.
The Florida Homeownership Loan Program, for example, offers $10,000 as assistance for a second mortgage at a fixed interest of 3%. Other programs provide qualified borrowers up to 5% of the property’s purchase price toward the down payment and closing costs. Various organizations and agencies offer these programs, so it is essential to conduct research to determine which ones are applicable.
Infrastructure and amenities
Buying a luxury home in Florida is not only a savvy investment but also a chance to build your dream lifestyle as part of an attractive, vibrant community. For this reason, it is vital to take a closer look at your preferences and prioritize accordingly.
If you are moving here with your family, consider that there are many excellent schools in Duval County, Florida. Private or public, you can find most of them in Jacksonville.
For those who want to play golf, it is interesting noting that there are 22 courses in Jacksonville and another 18 within a 20-mile distance.
Jax also offers the nation’s most extensive urban park system, consisting of more than 80,000 acres of parks. These include three national and seven state parks and more than 400 city parks that nicely complement the unspoiled marshes, wetlands, and nearby woods. Regarding outdoor recreation and fun, Jacksonville and the entire surrounding area are like a kaleidoscope run wild.
You can choose a luxury property near some of these amenities, depending on your preferences. Still, it is hardly a compromise, considering their proximity.
With these considerations in mind, you can start looking for the perfect Florida getaway and make the first steps toward purchasing your luxury home in Jacksonville. Good luck with your search, and welcome to the sunshine state!