Buying A Home In Miramar Beach Florida

So, you're moving here or thinking about moving over here to the Destin Fort Walton Beach area, and you're considering moving to Miramar Beach, and you're wondering if I'm going to purchase a home here in Miramar Beach, what's this really going to cost me? Well, in this video we're going to go over exactly that. And if this is going to be a second home, I'm going to leave a little bonus here at the end for some other expenses you may not be thinking of.

So, let's talk about Miramar Beach. First things first, why do people want to move out here? Well, it's really nice location. Why? It's right East of Destin which is one of the big tourist hotspots with tons and tons of things to do. You've got great nightlife in the area. Most of us locals go out to Destin in Miramar to go hang out during the evening times for good Libations and atmosphere. You also have a really, really good job market here thanks to all the tourism that does come in. And, of course, the beautiful, beautiful beaches in Miramar Beach.

So, let's talk about housing first. Housing is going to be a bit more expensive comparatively across the area because of its location. Your median sales price for a single-family home is around $650,750. That's the median. Now, it's a high all the way up to $5.9 million. And man, that thing is gorgeous. All the way down to a low of $210,000. Now, if you're looking for a condo in this area because there are lots of condos here, the median price for a condo is $392,500. That's a high all the way up to 3 million and a low of $125,000. Now, just know that that condo is not looking at the gulf. It may just have a partial water view, somewhere inland. Now, if you want to compare that to the national average, your single-family homes somewhere around $217,000 approximation.

So, what to expect with your Single-Family Homes? You're going to have a more of a modern look, It's got a good amount of Mediterranean-looking houses or styles of houses here, especially on the higher end. If you're looking at condos, think of larger complexes with a whole lot of amenities. Now, that's less so as you get down past the average price and when you push further to the Bay. There are smaller communities out there with less amenities. Now if we're looking at the cost, what this is going to cost you things that you have to worry about? First thing first is a down payment. Some areas only have conventional financing because they're in what they call a CBRS donor, Cobra Zone as we call it. And, that won't allow FHA or VA type of loans. It's only conventional. Although there's a majority of Miramar Beach where, that's not the case, where you can use a VA or FHA loan. Expect that this is a second home, this is not your primary home. The most banking institutions are going to expect you to put down 25%. So, just be ready for that. Know that your EMD or earnest money deposit will need to be put down. Now that's anywhere between 1,000 to 1 percent of whatever the purchase price is. And, that's just good faith money to say, hey I'm serious with this contract, that money could come back to you just in case it falls through, as long as it's not your fault. Know that you are going to have an appraisal. That appraisals are typically around 500 bucks, where the bank's going to go out to make sure this is worth, whatever that you agreed to pay for. You also have inspections. Inspections could be WDO, also known as termite inspection. You have a home, your regular Home Inspection, wind mitigation, four-point. Now four points, use for anything over 30 years old. The insurance is just going to require you to have that.

So, let's talk about closing costs or at least some of the closing costs. You have HOA fees.  HOA fees are pretty typical here in the Miramar Beach area. So, anticipate that probably have those. You'll have lender fees. If you're not paying cash. You'll have of course the government. It's got to get their hand in there, right? Insurance, taxes, and funding fees if applicable.

Now, thinking about renting out here. You're only staying here part-time. Well, I got some other fees for you as well. You're going to probably have a rental management fee. That rental management fee could be where between 8 to 25 percent of whatever that you're getting in per business, okay? And, those will really just depend on whether it's a long-term tenant or short-term tenant of where that kind of falls in there.

If you want some more information on it, reach out to us or your local real estate agent here in our area. They should be able to give you some better information about that. Also know that you will need repairs, because it's a home, and you'll probably need upkeep. You also have utilities that you be paying for. Now, if you're in a condo, not all of those utilities fall on you, but usually, the electrical will. For another cost, don't forget, you're going to have maintenance on this unit. Cleaning, appliance repairs, replacements of linens, kitchen utensils, etc. Especially if you're using this as a vacation rental. And of course, don't forget your marketing expenses. Sometimes depending on who you hired to manage your rental or if you're doing it yourself. You will have marketing expenses. Pro-tip for this one is to go ahead and look up on Facebook Marketplace, and that's actually a pretty nice place to advertise your stuff for little to no money.

Alright, well, that's all that we have for you for buying a house here in Miramar Beach, and what is really going to cost you? If you have any questions about anything. I mentioned here, please feel free to call/text us at 850.320.7757 or email us at Admin@WhittemoreGroupRE.com