Destin Florida Homes - How Much Would it Cost to Buy a Home Here?

So, you are moving out to Destin Florida and you want to know how much it is going to cost you to buy a home. Well, in this blog, we are going tell you about what costs you would expect when purchasing a home. So, let's get started:

1. Home Prices

In Destin, there are plenty of options available when it comes to purchasing property. You aren't limited to just single-family homes or just condos. No, you have the option to find what works best for you. Destin has several single-family homes, condos, and townhomes on the market.

The median price for a single-family home is $587,500. While this seems like a fairly high price, you have to remember where you would be living. Destin is surrounded by activities and the white sand beaches everyone loves, so that price is definitely worth it. If you are looking for a waterfront single-family home, expect to pay right around a million dollars. 

As for townhomes, the median price is $289,900. These tend to be some of the more popular options because they offer great value without necessarily breaking the bank. Additionally, some buyers use these properties as investment properties or secondary residences. Condos are a bit more expensive with a median price of $365,000. These are also used as vacation rentals or secondary residences for many. 

2. HOA Fees

the second expense that you should be fully aware of when purchasing in Destin is the Homeowners Association (HOA) fees. These fees vary greatly depending on where you purchase, but you can pay as low of $200 a year, all the way up to $8,000 a quarter! Obviously, the $8,000 a quarter is the outlier, but most places you will purchase will have an HOA fee. These fees are mostly determined by what amenities are offered. 

3. Down Payment

For obvious reason, this tends to be one of the larger expenses that a buyer will have to make, but it is important to consider. Based on what type of loan you are taking out, that number changes. If you are using a VA loan, then you do not need to put any money down. As for the FHA loan, you are required to put down a very low down payment of only 3.5% of the purchase price. As a quick note, many condos and townhomes do not qualify for a VA or FHA loan, so you will need to discuss this with your real estate professional. As for a conventional loan, the down payment amount can vary from 5% to 20%. That percentage is determined by what you require to make the purchase. If this is your second home and you are using a conventional loan, that down payment is usually around 25%.

4. Closing Costs

What is often overlooked and forgotten during the purchasing process are the closing costs. These costs have some variability based on a number of factors, but you should expect to pay approximately $5,000-$10,000.

5. Insurance

Insurance is a big deal here in Florida because we have these little things called hurricanes that come through every once in a while. Depending on the type of home you buy, you can expect to pay $1,200-$3,200 a year on your insurance. The biggest factors that determine the cost of insurance is the size of the house, it's position, and if it is located in a flood zone or not. Furthermore, if you are looking to purchase in Destin, be sure to ask your real estate professional to check if the property is in a CBRS zone (pronounced Cobra). These zones were classified to be surge zones, even if there is minimal flooding, and call for a higher insurance premium. So be aware of this possibility.