Buying a home out of state

6 Replies

Hey everyone on BP, I would like to see if anyone has some experience or insight on a real estate move that I'm looking into.

I’m currently residing and working in Connecticut. We want to relocate to Florida. I work in healthcare so finding a job in Florida will be a smooth transition. We want to buy a single family home as an investment as well as live in for a few years before our kids start school. In the future we would sell or have it become a rental property.

Would I have to buy the property and close before changing jobs?

I know doing extensive planning and research on the areas and neighborhoods is advised. I would lay eyes on the property before making any offers. I’m a bit puzzled on acquiring a property from a distance and any tips on this topic would be much appreciated.

@Patrick Houlihan your need to sell a house to purchase another depends on your financial situation at the time. First things first, I think you should narrow down your initial search for your move to Florida.  Once you have nailed down a city, then you start to make contact with people in the area (mainly a realtor). Any house you purchase should be thought of as an investment property, so be sure to speak to your realtor about your future plans to invest in real estate.  

At some point you should make a trip down there to see everything for yourself, but you will have tools at your disposal via the internet to gather any pertinent information you need before you move. 

@Kesete Thompkins

Yes I completely agree with you. We are very open to the whole state. Our initial move is dependent on where my career takes me. Family wants to settle in Florida so the initial move/investment is not specific to a certain area at this time but I do see your thought process. Connecting with a realtor in the area is very helpful too.

I don't have to sell a home here in CT. I'm renting. From a lending/financial standpoint, I was thinking about buying the home while I'm still working in CT to show the lender/underwriters that I have consistent employment and ability to repay the loan.

@Patrick Houlihan you are in a position of power because you have options and you don't have restrictions in CT or FL. Once you narrow down your search, you'll be fine. Honestly, you may want to rent when you first move to FL because you may not truly love the area you are in. I'd say to rent for about a year before purchasing so that you get exactly what you want. There are few things worst than living in a home that you don't really want or see yourself in for an extended time. 

@Patrick Houlihan I agree with @Kesete Thompkins advise! Rent before you buy. Plus then you'll know where you want to live and be able to buy the home as a homestead (aka put less down and reap all the tax benefits you can). I sent you a private message, happy to help you however I can.